The Registrant has adopted a code of ethics
that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the
period covered by this Report.
|
Item 3. |
Audit Committee Financial Expert. |
The Registrant's Board has determined that Alan
H. Howard, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange
Commission (the "SEC"). Mr. Howard is "independent" as defined by the SEC for purposes of audit committee financial expert
determinations.
|
Item 4. |
Principal Accountant Fees and Services. |
(a) Audit
Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services
rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements
or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting
Periods, were $37,666 in 2024 and $38,419 in 2025.
(b) Audit-Related
Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably
related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item
4 were $13,093 in 2024 and $14,322 in 2025. These services consisted of one or more of the following: (i) agreed upon procedures related
to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act
of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv)
advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules,
standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory
or standard-setting bodies.
The aggregate fees billed in the Reporting Periods
for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser
whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"),
that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit
Committee were $0 in 2024 and $0 in 2025.
(c) Tax
Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance,
tax advice, and tax planning ("Tax Services") were $3,342 in 2024 and $3,342 in 2025. These services consisted of: (i) review
or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance
regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment
of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies.
The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval
by the Audit Committee were $8,503 in 2024 and $8,860 in 2025.
(d) All
Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the
services reported in paragraphs (a) through (c) of this Item, were $2,544 in
2024
and
$2,803
in
2025.
These
services
consisted
of
a
review
of
the
Registrant's
anti-money
laundering
program.
The
aggregate
fees
billed
in
the
Reporting
Periods
for
Non-Audit
Services
by
the
Auditor
to
Service
Affiliates,
other
than
the
services
reported
in
paragraphs
(b)
through
(c)
of
this
Item,
which
required
pre-approval
by
the
Audit
Committee,
were
$0
in
2024
and
$0
in
2025.
(e)(1)
Audit
Committee
Pre-Approval
Policies
and
Procedures.
The
Registrant's
Audit
Committee
has
established
policies
and
procedures
(the
"Policy")
for
pre-approval
(within
specified
fee
limits)
of
the
Auditor's
engagements
for
non-audit
services
to
the
Registrant
and
Service
Affiliates
without
specific
case-by-case
consideration.
The
pre-approved
services
in
the
Policy
can
include
pre-approved
audit
services,
pre-approved
audit-related
services,
pre-approved
tax
services
and
pre-approved
all
other
services.
Pre-approval
considerations
include
whether
the
proposed
services
are
compatible
with
maintaining
the
Auditor's
independence.
Pre-approvals
pursuant
to
the
Policy
are
considered
annually.
(e)(2)
Note.
None
of
the
services
described
in
paragraphs
(b)
through
(d)
of
this
Item
4
were
approved
by
the
Audit
Committee
pursuant
to
paragraph
(c)(7)(i)(C)
of
Rule
2-01
of
Regulation
S-X.
(f)
None
of
the
hours
expended
on
the
principal
accountant's
engagement
to
audit
the
registrant's
financial
statements
for
the
most
recent
fiscal
year
were
attributed
to
work
performed
by
persons
other
than
the
principal
accountant's
full-time,
permanent
employees.
Non-Audit
Fees.
The
aggregate
non-audit
fees
billed
by
the
Auditor
for
services
rendered
to
the
Registrant,
and
rendered
to
Service
Affiliates,
for
the
Reporting
Periods
were
$1,744,889
in
2024
and
$1,560,693
in
2025.
Auditor
Independence.
The
Registrant's
Audit
Committee
has
considered
whether
the
provision
of
non-audit
services
that
were
rendered
to
Service
Affiliates,
which
were
not
pre-approved
(not
requiring
pre-approval),
is
compatible
with
maintaining
the
Auditor's
independence.
|
Item 5. |
Audit Committee of Listed Registrants. |
Not applicable.
Not applicable.
BNY Mellon California AMT-Free
Municipal Bond Fund, Inc.
ANNUAL FINANCIALS
AND OTHER INFORMATION
Save
time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.bny.com/investments
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
Please note the Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR.
All other required items will be filed with the Securities and Exchange Commission (the “SEC”).
Item
7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
BNY Mellon California AMT-Free Municipal
Bond Fund, Inc.
STATEMENT OF INVESTMENTS
|
|
|
|
|
|
|
|
|
Collateralized
Municipal-Backed Securities — 2.3% |
California
Housing Finance Agency, (Sustainable Bond) (Noble Towers
Apartment)
(Insured; Federal National Mortgage Association) Ser. N |
|
|
|
|
|
California
Housing Finance Agency, Revenue Bonds, Ser. A |
|
|
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|
|
California
Housing Finance Agency, Revenue Bonds, Ser. A |
|
|
|
|
|
Total
Bonds and Notes
(cost
$14,398,255) |
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Municipal Investments — 98.0% |
|
|
Alameda
Corridor Transportation Authority, Revenue Bonds (Insured; Assured
Guaranty
Municipal Corp.) Ser. C |
|
|
|
|
|
Allan
Hancock Joint Community College District, GO, Ser. C(a)
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|
Anaheim
Community Facilities District, Special Tax Bonds, Refunding (Platinum
Triangle)
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|
Anaheim
Community Facilities District, Special Tax Bonds, Refunding (Platinum
Triangle)
|
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|
Bay
Area Toll Authority, Revenue Bonds (Sustainable Bond) Ser. F2 |
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|
Bay
Area Toll Authority, Revenue Bonds, Ser. F1 |
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|
Burbank-Glendale-Pasadena
Airport Authority, Revenue Bonds (Insured; Assured
Guaranty
Municipal Corp.) Ser. B |
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California,
GO, Refunding |
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California,
GO, Refunding |
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California,
GO, Refunding (Insured; Assured Guaranty Municipal Corp.) |
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|
California
Community Choice Financing Authority, Revenue Bonds (Sustainable
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California
Community Choice Financing Authority, Revenue Bonds (Sustainable
|
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|
California
Community Choice Financing Authority, Revenue Bonds (Sustainable
Bond)
(Clean Energy Project)(c)
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|
California
Community Choice Financing Authority, Revenue Bonds (Sustainable
Bond)
(Clean Energy Project) Ser. E1(c)
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|
California
Community Choice Financing Authority, Revenue Bonds (Sustainable
Bond)
(Clean Energy Project) Ser. D(c)
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|
|
California
Community Choice Financing Authority, Revenue Bonds (Sustainable
Bond)
(Clean Energy Project) Ser. G(c)
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|
California
County Tobacco Securitization Agency, Revenue Bonds, Refunding (Kern
County
Tobacco Funding Corp.) |
|
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|
California
County Tobacco Securitization Agency, Revenue Bonds, Refunding (Los
Angeles
County Securitization Corp.) Ser. A |
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|
California
County Tobacco Securitization Agency, Revenue Bonds, Refunding
(Sonoma
County Securitization Corp.) |
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|
California
County Tobacco Securitization Agency, Revenue Bonds, Refunding
(Sonoma
County Securitization Corp.) |
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|
California
Educational Facilities Authority, Revenue Bonds, Refunding (Chapman
University)
Ser. A |
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California
Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda
University)
Ser. A |
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|
STATEMENT OF INVESTMENTS (continued)
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|
|
Long-Term
Municipal Investments — 98.0% (continued) |
California
— 96.3% (continued) |
California
Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda
University)
Ser. A |
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|
California
Health Facilities Financing Authority, Revenue Bonds (Adventist Health
System/West
Obligated Group) Ser. A |
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|
California
Health Facilities Financing Authority, Revenue Bonds (Adventist Health
System/West
Obligated Group) Ser. A |
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|
California
Health Facilities Financing Authority, Revenue Bonds (City of Hope
Obligated
Group) |
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|
|
California
Health Facilities Financing Authority, Revenue Bonds (CommonSpirit
Health
Obligated Group) Ser. A |
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|
|
California
Health Facilities Financing Authority, Revenue Bonds (CommonSpirit
Health
Obligated Group) Ser. A |
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|
California
Health Facilities Financing Authority, Revenue Bonds (Episcopal
Communities
& Services for Seniors Obligated Group) Ser. B |
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|
|
|
California
Health Facilities Financing Authority, Revenue Bonds, Refunding
(Adventist
Health System/West Obligated Group) Ser. A |
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|
California
Health Facilities Financing Authority, Revenue Bonds, Refunding
(Children’s
Hospital Los Angeles Obligated Group) Ser. A |
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|
California
Health Facilities Financing Authority, Revenue Bonds, Refunding
(CommonSpirit
Health Obligated Group) Ser. A |
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|
California
Health Facilities Financing Authority, Revenue Bonds, Refunding
(CommonSpirit
Health Obligated Group) Ser. A |
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California
Health Facilities Financing Authority, Revenue Bonds, Refunding (El
Camino
Healthcare) Ser. A |
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California
Health Facilities Financing Authority, Revenue Bonds, Refunding
(Providence
St. Joseph Health Obligated Group) Ser. A |
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California
Housing Finance Agency, Revenue Bonds, Ser. 2021-1 |
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|
California
Housing Finance Agency, Revenue Bonds, Ser. 2 |
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California
Infrastructure & Economic Development Bank, Revenue Bonds (Equitable
School
Revolving Fund Obligated Group) |
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California
Infrastructure & Economic Development Bank, Revenue Bonds (Equitable
School
Revolving Fund Obligated Group) |
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California
Infrastructure & Economic Development Bank, Revenue Bonds (Equitable
School
Revolving Fund Obligated Group) |
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|
|
California
Infrastructure & Economic Development Bank, Revenue Bonds (Equitable
School
Revolving Fund Obligated Group) Ser. B |
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California
Infrastructure & Economic Development Bank, Revenue Bonds (Equitable
School
Revolving Fund Obligated Group) Ser. B |
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California
Infrastructure & Economic Development Bank, Revenue Bonds (Equitable
School
Revolving Fund Obligated Group) Ser. B |
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|
California
Infrastructure & Economic Development Bank, Revenue Bonds, Refunding
(Academy
of Motion Picture Arts & Sciences Obligated Group) Ser. A |
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California
Municipal Finance Authority, Revenue Bonds (Sustainable Bond)
(Orchard
Park) (Insured; Build America Mutual) |
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California
Municipal Finance Authority, Revenue Bonds (Sustainable Bond) (UCR
North
District Phase 1 Student Housing) (Insured; Build America Mutual) |
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California
Municipal Finance Authority, Revenue Bonds (The Palmdale Aerospace
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California
Municipal Finance Authority, Revenue Bonds (The Palmdale Aerospace
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California
Municipal Finance Authority, Revenue Bonds (Aldersly Project) Ser. B2 |
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California
Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation)
Ser.
A |
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|
Long-Term
Municipal Investments — 98.0% (continued) |
California
— 96.3% (continued) |
California
Municipal Finance Authority, Revenue Bonds (California Baptist
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|
California
Municipal Finance Authority, Revenue Bonds (Channing House Project)
Ser.
B |
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|
California
Municipal Finance Authority, Revenue Bonds (Eskaton Properties
Obligated
Group) |
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California
Municipal Finance Authority, Revenue Bonds (Eskaton Properties
Obligated
Group) |
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|
California
Municipal Finance Authority, Revenue Bonds (Gibson Drive Apartments
Project)
(Insured; Federal National Mortgage Association) Ser. A |
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California
Municipal Finance Authority, Revenue Bonds (HumanGood California
Obligated
Group) |
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California
Municipal Finance Authority, Revenue Bonds (LAX Integrated
Express
Solutions APM Project) |
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|
California
Municipal Finance Authority, Revenue Bonds (LAX Integrated
Express
Solutions APM Project) |
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|
California
Municipal Finance Authority, Revenue Bonds (St. Ignatius College
Preparatory)
Ser. A |
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|
California
Municipal Finance Authority, Revenue Bonds (Town & Country Manor of
the
Christian & Missionary Alliance) |
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California
Municipal Finance Authority, Revenue Bonds (Town & Country Manor of
the
Christian & Missionary Alliance) |
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|
California
Municipal Finance Authority, Revenue Bonds (UCR North District Phase
1
Student Housing) (Insured; Build America Mutual) |
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California
Municipal Finance Authority, Revenue Bonds (United Airlines Project) |
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California
Municipal Finance Authority, Revenue Bonds (Westside Neighborhood
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California
Municipal Finance Authority, Revenue Bonds, Ser. A1(e)
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California
Municipal Finance Authority, Revenue Bonds, Refunding (Biola
University)
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|
California
Municipal Finance Authority, Revenue Bonds, Refunding (Community
Medical
Centers) Ser. A |
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California
Municipal Finance Authority, Revenue Bonds, Refunding (Community
Medical
Centers) Ser. A |
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California
Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower
Medical
Center) Ser. A |
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California
Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower
Medical
Center) Ser. A |
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California
Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower
Medical
Center) Ser. A |
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California
Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower
Medical
Center) Ser. B |
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California
Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood
California
Obligated Group) Ser. A |
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California
Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup
|
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California
Public Finance Authority, Revenue Bonds (Hoag Memorial Hospital
Presbyterian
Obligated Group) Ser. A |
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|
California
Public Finance Authority, Revenue Bonds (Hoag Memorial Hospital
Presbyterian
Obligated Group) Ser. A |
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California
Public Finance Authority, Revenue Bonds, Refunding (Henry Mayo
Newhall
Hospital Obligated Group) |
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|
STATEMENT OF INVESTMENTS (continued)
|
|
|
|
|
|
|
Long-Term
Municipal Investments — 98.0% (continued) |
California
— 96.3% (continued) |
California
School Finance Authority, Revenue Bonds (KIPP SoCal Public Schools
Obligated
Group) Ser. A(d)
|
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California
School Finance Authority, Revenue Bonds (Alliance for College-Ready
Public
Schools Obligated Group) Ser. A(d)
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California
School Finance Authority, Revenue Bonds (Granada Hills Charter High
School
Obligated Group)(d)
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California
School Finance Authority, Revenue Bonds (Granada Hills Charter High
School
Obligated Group)(d)
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California
School Finance Authority, Revenue Bonds (Granada Hills Charter High
School
Obligated Group) Ser. A(d)
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California
School Finance Authority, Revenue Bonds (Granada Hills Charter High
School
Obligated Group) Ser. A(d)
|
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California
School Finance Authority, Revenue Bonds (Green Dot Public Schools
|
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California
School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A(d)
|
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California
School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A(d)
|
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California
School Finance Authority, Revenue Bonds (KIPP Social Projects) Ser. A(d)
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California
School Finance Authority, Revenue Bonds, Ser. A(d)
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California
School Finance Authority, Revenue Bonds, Ser. A(d)
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California
School Finance Authority, Revenue Bonds, Refunding (Aspire Public
Schools
Obligated Group)(b),(d)
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California
School Finance Authority, Revenue Bonds, Refunding (Aspire Public
Schools
Obligated Group)(d)
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California
School Finance Authority, Revenue Bonds, Refunding (Classical
Academies
Oceans) Ser. A(d)
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California
State University, Revenue Bonds, Ser. A |
|
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California
State University, Revenue Bonds, Ser. A |
|
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|
California
Statewide Communities Development Authority, Revenue Bonds (Enloe
Medical
Center Obligated Group), (Insured; Assured Guaranty Municipal Corp.)
Ser.
A |
|
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|
California
Statewide Communities Development Authority, Revenue Bonds (Loma
Linda
University Medical Center Obligated Group) Ser. A(d)
|
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|
|
California
Statewide Communities Development Authority, Revenue Bonds (Loma
Linda
University Medical Center Obligated Group) Ser. A(d)
|
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|
|
California
Statewide Communities Development Authority, Revenue Bonds,
Refunding
(Front Porch Communities & Services Obligated Group) |
|
|
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|
|
California
Statewide Communities Development Authority, Revenue Bonds,
Refunding
(American Baptist Homes) |
|
|
|
|
|
California
Statewide Communities Development Authority, Revenue Bonds,
Refunding
(California Baptist University) Ser. A(d)
|
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|
|
|
California
Statewide Communities Development Authority, Revenue Bonds,
Refunding
(California Baptist University) Ser. A(d)
|
|
|
|
|
|
California
Statewide Communities Development Authority, Revenue Bonds,
Refunding
(Front Porch Communities & Services Obligated Group) |
|
|
|
|
|
California
Statewide Communities Development Authority, Revenue Bonds,
Refunding
(John Muir Health Obligated Group) Ser. A |
|
|
|
|
|
California
Statewide Communities Development Authority, Revenue Bonds,
Refunding
(John Muir Health) Ser. A |
|
|
|
|
|
California
Statewide Communities Development Authority, Revenue Bonds,
Refunding
(Odd Fellows Home of California Project) |
|
|
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|
|
Escondido
Union High School District, GO, Ser. C(f)
|
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|
|
Federal
Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue
Bonds,
Ser. M049 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Municipal Investments — 98.0% (continued) |
California
— 96.3% (continued) |
Foothill-Eastern
Transportation Corridor Agency, Revenue Bonds, Ser. A |
|
|
|
|
|
Foothill-Eastern
Transportation Corridor Agency, Revenue Bonds, Refunding
(Insured;
Assured Guaranty Municipal Corp.)(f)
|
|
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|
|
Golden
State Tobacco Securitization Corp., Revenue Bonds, Refunding (Tobacco
Settlement
Asset) Ser. B |
|
|
|
|
|
Golden
State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. B2(f)
|
|
|
|
|
|
Grossmont
Union High School District, GO (Insured; Assured Guaranty Municipal
|
|
|
|
|
|
Hesperia
Community Redevelopment Agency, Tax Allocation Bonds (Insured;
Assured
Guaranty Municipal Corp.) Ser. A |
|
|
|
|
|
Irvine,
Special Tax Bonds (Community Facilities District No. 2013-3) |
|
|
|
|
|
Irvine,
Special Tax Bonds (Community Facilities District No. 2013-3) |
|
|
|
|
|
Irvine
Unified School District, Special Tax Bonds, (Community Facilities District No.
09-1)
Ser. A |
|
|
|
|
|
Irvine
Unified School District, Special Tax Bonds, (Community Facilities District No.
09-1)
Ser. B |
|
|
|
|
|
Irvine
Unified School District, Special Tax Bonds, (Community Facilities District No.
09-1)
Ser. C |
|
|
|
|
|
Irvine
Unified School District, Special Tax Bonds, (Community Facilities District No.
09-1)
(Insured; Build America Mutual) Ser. A |
|
|
|
|
|
Lancaster
Redevelopment Agency, Tax Allocation Bonds, Refunding (Comb
Redevelopment
Project Areas) (Insured; Assured Guaranty Municipal Corp.) |
|
|
|
|
|
Los
Angeles County Public Works Financing Authority, Revenue Bonds, Refunding,
Ser.
H |
|
|
|
|
|
Los
Angeles Department of Airports, Revenue Bonds, Refunding |
|
|
|
|
|
Los
Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A |
|
|
|
|
|
Los
Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A |
|
|
|
|
|
Los
Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B |
|
|
|
|
|
Los
Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. E |
|
|
|
|
|
Los
Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. E |
|
|
|
|
|
Los
Angeles Department of Water & Power Revenue, Revenue Bonds, Refunding
(Insured;
Build America Mutual) Ser. A |
|
|
|
|
|
Monterey
Peninsula Community College District, GO, Ser. B |
|
|
|
|
|
Norman
Y. Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. A |
|
|
|
|
|
Northern
California Transmission Agency, Revenue Bonds, Refunding (California-
Oregon
Transmission Project) Ser. A |
|
|
|
|
|
Orange
County Community Facilities District, Special Tax Bonds (Community
Facilities
District No. 2021-1) Ser. A |
|
|
|
|
|
Orange
County Community Facilities District, Special Tax Bonds (Esencia Village)
Ser.
A |
|
|
|
|
|
Orange
County Community Facilities District, Special Tax Bonds (Esencia Village)
Ser.
A |
|
|
|
|
|
Orange
County Community Facilities District, Special Tax Bonds (Esencia Village)
Ser.
A |
|
|
|
|
|
Oxnard
Union High School District, GO, Refunding |
|
|
|
|
|
Palomar
Community College District, GO, Ser. B(a)
|
|
|
|
|
|
Palomar
Health, Revenue Bonds, Refunding |
|
|
|
|
|
Pasadena
Public Financing Authority, Revenue Bonds, Refunding (Rose Bowl
|
|
|
|
|
|
Pasadena
Public Financing Authority, Revenue Bonds, Refunding (Rose Bowl
|
|
|
|
|
|
Pasadena
Public Financing Authority, Revenue Bonds, Refunding (Rose Bowl
|
|
|
|
|
|
STATEMENT OF INVESTMENTS (continued)
|
|
|
|
|
|
|
Long-Term
Municipal Investments — 98.0% (continued) |
California
— 96.3% (continued) |
Pasadena
Public Financing Authority, Revenue Bonds, Refunding (Rose Bowl
|
|
|
|
|
|
Pasadena
Public Financing Authority, Revenue Bonds, Refunding (Rose Bowl
|
|
|
|
|
|
Peralta
Community College District, GO, Refunding, Ser. A(b)
|
|
|
|
|
|
Pomona
Redevelopment Agency, Tax Allocation Bonds, Refunding, Ser. Y |
|
|
|
|
|
River
Islands Public Financing Authority, Special Tax Bonds (Community Facilities
District
No. 2023-1) |
|
|
|
|
|
River
Islands Public Financing Authority, Special Tax Bonds (Community Facilities
District
No. 2023-1) |
|
|
|
|
|
Riverside
County Transportation Commission, Revenue Bonds, Refunding, Ser. B1 |
|
|
|
|
|
Sacramento
County Airport System, Revenue Bonds, Refunding, Ser. C |
|
|
|
|
|
Sacramento
County Airport System, Revenue Bonds, Refunding, Ser. C |
|
|
|
|
|
Sacramento
Municipal Utility District, Revenue Bonds, Refunding, Ser. M |
|
|
|
|
|
Sacramento
Unified School District, GO (Insured; Assured Guaranty Municipal Corp.)
Ser.
G |
|
|
|
|
|
San
Diego Association of Governments, Revenue Bonds, Ser. A |
|
|
|
|
|
San
Diego Association of Governments, Revenue Bonds, Ser. A |
|
|
|
|
|
San
Diego County Regional Airport Authority, Revenue Bonds, Ser. A |
|
|
|
|
|
San
Diego County Regional Airport Authority, Revenue Bonds, Ser. B |
|
|
|
|
|
San
Diego County Regional Airport Authority, Revenue Bonds, Refunding, Ser. B |
|
|
|
|
|
San
Francisco City & County Airport Commission, Revenue Bonds, Refunding (SFO
Fuel
Co.) Ser. A |
|
|
|
|
|
San
Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. D |
|
|
|
|
|
San
Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. E |
|
|
|
|
|
San
Jose Evergreen Community College District, GO, Ser. C |
|
|
|
|
|
San
Mateo Foster Public Financing Authority, Revenue Bonds, (Clean Water
Program)
|
|
|
|
|
|
San
Mateo Foster Public Financing Authority, Revenue Bonds, (Clean Water
Program)
|
|
|
|
|
|
South
San Francisco Unified School District, GO |
|
|
|
|
|
Southern
California Tobacco Securitization Authority, Revenue Bonds, Refunding
(San
Diego County Tobacco Asset Securitization) |
|
|
|
|
|
Tender
Option Bond Trust Receipts (Series 2019-XF0761), (Los
Angeles
Department of Harbors, Revenue Bonds, Refunding (Sustainable Bond)
Ser.
C) Non-Recourse, Underlying Coupon Rate 4.00% (d),(e),(g)
|
|
|
|
|
|
Tulare
Local Health Care District, GO, Refunding (Insured; Build America Mutual) |
|
|
|
|
|
Tulare
Local Health Care District, GO, Refunding (Insured; Build America Mutual) |
|
|
|
|
|
Tulare
Local Health Care District, GO, Refunding (Insured; Build America Mutual) |
|
|
|
|
|
Tulare
Local Health Care District, GO, Refunding (Insured; Build America Mutual) |
|
|
|
|
|
University
of California, Revenue Bonds, Refunding, Ser. BH |
|
|
|
|
|
University
of California Regents Medical Center, Revenue Bonds, Refunding, Ser. L |
|
|
|
|
|
Vernon
Electric System, Revenue Bonds, Ser. A |
|
|
|
|
|
Vernon
Electric System, Revenue Bonds, Ser. A |
|
|
|
|
|
Yosemite
Community College District, GO, Ser. D(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue
|
|
|
|
|
|
|
|
Guam
Government Waterworks Authority, Revenue Bonds, Refunding, Ser. A |
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Municipal Investments — 98.0% (continued) |
U.S.
Related — 0.8% (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term Municipal Investments
(cost
$552,600,003) |
|
|
|
|
|
Total
Investments (cost $566,998,258)
|
|
|
|
Liabilities,
Less Cash and Receivables |
|
|
|
|
|
|
|
|
|
Zero
coupon until a specified date at which time the stated coupon rate becomes effective until maturity. |
|
|
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. |
|
|
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. |
|
|
Security
exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt
from
registration,
normally to qualified institutional buyers. At May 31, 2025, these securities amounted to $58,559,170 or 11.1% of net assets.
|
|
|
The
Variable Rate is determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not,
be established by
reference
to one or more financial indices. |
|
|
Security
issued with a zero coupon. Income is recognized through the accretion of discount. |
|
|
Collateral
for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.
|
See notes to financial
statements.
STATEMENT
OF ASSETS AND LIABILITIES
May 31, 2025
|
|
|
|
|
|
|
|
Investments
in securities—See Statement of Investments |
|
|
|
|
|
|
|
|
|
|
Receivable
for shares of Common Stock subscribed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due
to BNY Mellon Investment Adviser, Inc. and affiliates—Note
3(c)
|
|
|
Payable
for inverse floater notes issued—Note
4
|
|
|
Payable
for investment securities purchased |
|
|
Payable
for shares of Common Stock redeemed |
|
|
Interest
and expense payable related to inverse floater notes issued—Note
4
|
|
|
Directors’
fees and expenses payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition
of Net Assets ($): |
|
|
|
|
|
|
Total
distributable earnings (loss) |
|
|
|
|
|
|
Net
Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value Per Share ($) |
|
|
|
|
|
See notes to financial statements.
Year Ended May 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholder
servicing costs—Note 3(c)
|
|
Interest
and expense related to inverse floater notes issued—Note
4
|
|
|
|
|
|
|
|
Directors’
fees and expenses—Note 3(d)
|
|
Chief
Compliance Officer fees—Note 3(c)
|
|
Distribution
Plan fees—Note 3(b)
|
|
Prospectus
and shareholders’ reports |
|
Loan
commitment fees—Note 2 |
|
|
|
|
|
|
|
|
|
|
Less—reduction
in fees due to earnings credits—Note 3(c)
|
|
|
|
|
|
|
|
Realized
and Unrealized Gain (Loss) on Investments—Note 4 ($):
|
|
Net
realized gain (loss) on investments |
|
Net
change in unrealized appreciation (depreciation) on investments |
|
Net
Realized and Unrealized Gain (Loss) on Investments |
|
Net
Increase in Net Assets Resulting from Operations |
|
See notes to financial statements.
STATEMENT
OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain (loss) on investments |
|
|
Net
change in unrealized appreciation (depreciation) on investments |
|
|
Net
Increase (Decrease) in Net Assets Resulting from Operations |
|
|
|
|
|
|
Distributions
to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Stock Transactions ($): |
|
|
Net
proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions
reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(Decrease) in Net Assets from Capital Stock Transactions |
|
|
Total
Increase (Decrease) in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
Shares
issued for distributions reinvested |
|
|
|
|
|
|
Net
Increase (Decrease) in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Shares
issued for distributions reinvested |
|
|
|
|
|
|
Net
Increase (Decrease) in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Shares
issued for distributions reinvested |
|
|
|
|
|
|
Net
Increase (Decrease) in Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
Shares
issued for distributions reinvested |
|
|
|
|
|
|
Net
Increase (Decrease) in Shares Outstanding |
|
|
|
|
During
the period ended May 31, 2024, 596 Class C shares representing $7,555 were automatically converted to 596 Class A shares.
|
|
|
During
the period ended May 31, 2025, 3,657 Class Z shares representing $50,022 were exchanged for 3,659 Class I shares and during the period
ended May 31,
2024,
50,728 Class Z shares representing $673,243 were exchanged for 50,789 Class A shares. |
See notes to financial statements.
The
following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover
rate) reflects financial results for
a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset
value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption
at net asset value on the last day
of the period. Net asset value total return includes adjustments in accordance with accounting principles generally
accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon
those net asset values may differ from the net asset
value and returns for shareholder transactions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Dividends
from net realized gain on investments |
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets |
|
|
|
|
|
Ratio
of interest and expense related to floating rate
notes
issued to average net assets |
|
|
|
|
|
Ratio
of net investment income to average net assets |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
Based
on average shares outstanding. |
|
|
Exclusive
of sales charge. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
See notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Dividends
from net realized gain on investments |
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets |
|
|
|
|
|
Ratio
of interest and expense related to floating rate
notes
issued to average net assets |
|
|
|
|
|
Ratio
of net investment income to average net assets |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
Based
on average shares outstanding. |
|
|
Exclusive
of sales charge. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
See notes to financial statements.
FINANCIAL
HIGHLIGHTS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Dividends
from net realized gain on investments |
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets |
|
|
|
|
|
Ratio
of interest and expense related to floating rate
notes
issued to average net assets |
|
|
|
|
|
Ratio
of net investment income to average net assets |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
Based
on average shares outstanding. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
See notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Dividends
from net realized gain on investments |
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets |
|
|
|
|
|
Ratio
of interest and expense related to floating rate
notes
issued to average net assets |
|
|
|
|
|
Ratio
of net investment income to average net assets |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
Based
on average shares outstanding. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
See notes to financial statements.
FINANCIAL
HIGHLIGHTS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gain (loss) on investments |
|
|
|
|
|
Total
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Dividends
from net realized gain on investments |
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Net
asset value, end of period |
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Ratios/Supplemental
Data (%): |
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Ratio
of total expenses to average net assets |
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Ratio
of net expenses to average net assets |
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Ratio
of interest and expense related to floating rate
notes
issued to average net assets |
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Ratio
of net investment income to average net assets |
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Net
Assets, end of period ($ x 1,000) |
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Based
on average shares outstanding. |
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Amount
inclusive of reduction in fees due to earnings credits. |
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Amount
inclusive of reduction in expenses due to undertaking. |
See notes to financial statements.
NOTES
TO FINANCIAL STATEMENTS
NOTE
1—
Significant
Accounting Policies:
BNY Mellon
California AMT-Free Municipal Bond Fund, Inc. (the “fund”), which is registered under the Investment Company Act of 1940,
as amended (the “Act”), is a diversified open-end management investment company. The fund’s investment objective is
to seek as high a level of current
income, exempt from federal and California state income taxes, as is consistent with the preservation of capital. BNY
Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The
Bank of New
York Mellon Corporation (“BNY”),
serves as the fund’s investment adviser. Insight North America LLC (the “Sub-Adviser”),
an indirect wholly-owned subsidiary of BNY and an
affiliate of the Adviser, serves as the fund’s sub-adviser.
BNY Mellon
Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s
shares. The fund is authorized to
issue 700 million shares of $.001 par value Common Stock. The fund currently has authorized five classes of shares:
Class A (100 million shares authorized), Class C (100 million shares authorized), Class I (150 million shares authorized), Class Y (150
million shares authorized) and Class Z (200 million shares authorized). Class A and Class C shares are sold primarily to retail investors
through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally are subject
to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of
$250,000 or more may be charged a contingent deferred sales charge (“CDSC”) of 1.00% if redeemed within one year. Class C
shares are subject to a CDSC imposed
on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares
eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments
and other financial service providers (including BNY and its affiliates), acting on behalf of customers having a qualified trust
or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares
are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees.
Class Z shares are sold at net asset
value per share to certain shareholders of the fund. Class Z shares generally are not available for new accounts
and bear Shareholder Services Plan fees. Class I, Class Y and Class Z shares are offered without a front-end sales charge or CDSC.
Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain
transfer agency costs and certain voting rights. Income, 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.
As of May
31, 2025, MBC Investments Corporation, an indirect subsidiary of BNY, held all of the outstanding Class Y shares of the fund.
The Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative
U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules
and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The
fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment
Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
The fund enters
into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.
The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio
valuation: The fair value of a financial instrument
is the amount that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair
value hierarchy that prioritizes
the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements).
Additionally,
GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether
such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs
and techniques used during annual and interim periods.
Various inputs
are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized
in the three broad levels listed below:
Level 1—unadjusted
quoted prices in active markets for identical investments.
Level 2—other
significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit
risk, etc.).
Level 3—significant
unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
NOTES
TO FINANCIAL STATEMENTS (continued)
The
inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in
valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques
used to value the fund’s investments are as follows:
The fund’s
Board of Directors (the “Board”) has designated the Adviser as the fund’s valuation designee to make all fair value
determinations with respect to the fund’s portfolio
investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.
Investments
in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by the Board.
Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of
the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked
prices (as calculated by the Service
based upon its evaluation of the market for such securities). Municipal investments (which constitute a
majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration
of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values
from dealers; and general market
conditions. The Service is engaged under the general oversight of the Board. All of the preceding securities
are generally categorized within Level 2 of the fair value hierarchy.
When market
quotations or official closing prices are not readily available, or are determined not to accurately reflect fair value, such as when
the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally
traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance
with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental
analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which
the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities
are either categorized within Level 2 or 3 of the
fair value hierarchy depending on the relevant inputs used.
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 May 31, 2025 in valuing the fund’s investments:
|
|
Level
1 -
Unadjusted
Quoted
Prices |
Level
2- Other
Significant
Observable
Inputs |
Level
3-
Significant
Unobservable
Inputs
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Investments
in Securities:†
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Collateralized
Municipal-Backed Securities |
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Other
Financial Instruments: |
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See
Statement of Investments for additional detailed categorizations, if any. |
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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 is recognized on the accrual basis. Securities purchased or sold
on a when-issued or delayed delivery basis may be settled a month or more after the trade date.
The fund follows
an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and
certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal
of, municipal obligations held by the fund.
NOTES
TO FINANCIAL STATEMENTS (continued)
(c) Market
Risk: The value of the securities in which the fund
invests may be affected by political, regulatory, economic and social developments,
and developments that impact specific economic sectors, industries or segments of the market. 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.
Interest Rate Risk:
Prices of bonds and other fixed rate fixed-income securities tend to move inversely with changes in interest rates. Typically,
a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the fund’s investments in
these securities to decline. A wide
variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation
and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may
increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. During periods of very low interest rates,
which occur from time to time due to market forces or actions of governments and/or their central banks, including the Board of Governors
of the Federal Reserve System in the U.S., the fund may be subject to a greater risk of principal decline from rising interest rates.
When interest rates fall, the fund’s investments in new securities may be at lower yields and may reduce the fund’s income.
Changing interest rates may have
unpredictable effects on markets, may result in heightened market volatility and may detract from fund
performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with
longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods
of time. Unlike investment grade bonds, however, the prices of high yield (“junk”)
bonds may fluctuate unpredictably and not necessarily
inversely with changes in interest rates.
Municipal Securities Risk:
The amount of public information available about municipal securities is generally less than that for corporate
equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely
affect the yield and/or value of the fund’s investments in municipal securities. Other factors include the general conditions of
the municipal securities market,
the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic,
business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United
States in which the fund invests may have an impact on the fund’s share price. Any such credit impairment could adversely impact
the value of their bonds, which could negatively impact the performance of the fund.
State-Specific Risk:
The fund is subject to the risk that California’s economy, and the revenues underlying its municipal obligations, may
decline. Investing primarily in the municipal obligations of a single state makes the fund more sensitive to risks specific to that state
and may entail more risk than investing in the municipal
obligations of multiple states as a result of potentially less diversification.
(d) Dividends
and distributions to shareholders: It is the policy
of the fund to declare dividends daily from net investment income. Such
dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may
make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as
amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy
of the fund not to distribute such
gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may
differ from GAAP.
(e) Federal
income taxes: It is the policy of the fund to continue
to qualify as a regulated investment company, if such qualification is in
the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable
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 May 31, 2025, 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 May 31, 2025, the fund did not incur any interest or penalties.
Each tax year
in the four-year period ended May 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing
authorities.
At May 31,
2025, the components of accumulated earnings on a tax basis were as follows: undistributed tax-exempt income $1,377,608,
accumulated capital losses $7,309,291 and unrealized depreciation $36,315,759.
The fund is
permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as
either short-term or long-term capital losses.
NOTES
TO FINANCIAL STATEMENTS (continued)
The
accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains,
if any, realized subsequent to May
31, 2025. The fund has $7,309,291 of long-term capital losses which can be carried forward for an unlimited
period.
The tax character
of distributions paid to shareholders during the fiscal years ended May 31, 2025 and May 31, 2024 were as follows:
tax-exempt income $15,768,335 and $16,205,843, and ordinary income $0 and $7,168, respectively.
(f) Operating
segment reporting: In this reporting period, the
fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting
(Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial
statement disclosures only and did not affect the fund’s financial position or the results of its operations. The ASU 2023-07 is
effective for public entities for
fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented
within the financial statements.
Since its
commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest
and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund’s prospectus.
The accounting policies of the fund
are consistent with those described in these Notes to Financial Statements. The chief operating decision
maker (“CODM”) is represented by BNY Investments, the management of the Adviser, comprising Senior Management and Directors.
The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments
or to make distributions to fund shareholders. Detailed financial information for the fund is disclosed within these financial statements
with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Statement of Investments,
results of operations and significant segment expenses on the Statement of Operations and other information about the fund’s
performance, including total return, portfolio turnover and ratios within the Financial Highlights.
NOTE
2—
Bank
Lines of Credit:
The fund participates
with other long-term open-end funds managed by the Adviser in a $738 million unsecured credit facility led by Citibank,
N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by BNY (the “BNY Credit
Facility”), each to be utilized
primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”).
The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $618 million and is available to all
long-term open-ended funds, including
the fund, and (ii) Tranche B is an amount equal to $120 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 BNY 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 May 31, 2025, the fund did not borrow under either Facility.
NOTE
3—
Management
Fee, Sub-Advisory Fee
and Other Transactions with Affiliates:
(a) Pursuant
to a management agreement (the “Agreement”) with the Adviser, the management fee is computed at the annual rate of .45%
of the value of the fund’s average daily net assets and is payable monthly. The Agreement provides that if in any fiscal year, the
aggregate expenses of 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 these expenses from payments to be made to the Adviser,
or the Adviser will bear such excess expense. During the period ended May 31, 2025, there was no expense reimbursement pursuant
to the Agreement.
Pursuant to
a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee
at an annual rate of .216% of the value of the fund’s average daily net assets.
During the
period ended May 31, 2025, the Distributor retained $40 from commissions earned on sales of the fund’s Class A shares and $7,006
from CDSC fees on redemptions 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 May 31, 2025, Class C shares were charged $24,106 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
NOTES
TO FINANCIAL STATEMENTS (continued)
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 May 31, 2025, Class
A and Class C shares were charged $164,350 and $8,035, 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 May 31, 2025,
Class Z shares were charged $241,287 pursuant to the Shareholder Services Plan.
The fund has
arrangements with BNY Mellon Transfer, Inc., (the “Transfer Agent”) and The Bank of New York Mellon (the “Custodian”),
both a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances
are maintained, which are used to offset Transfer Agent and Custodian fees. For financial reporting purposes, the fund includes transfer
agent net earnings credits, if any, and custody net earnings credits, if any, as an expense offset in the Statement of Operations.
The fund compensates
the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services
for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees
are related to fund subscriptions and redemptions. During the period ended May 31, 2025, the fund was charged $87,585 for transfer
agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset
by earnings credits of $9,622.
The fund compensates
the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined
based on net assets, geographic region and transaction activity. During the period ended May 31, 2025, the fund was charged $12,356
pursuant to the custody agreement. These fees were offset by earnings credits of $12,356.
The fund compensates
the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to
the fund’s check writing privilege. During the period ended May 31, 2025, the fund was charged $8,612 pursuant to the agreement,
which is included in Shareholder servicing costs
in the Statement of Operations.
During the
period ended May 31, 2025, the fund was charged $24,505 for services performed by the fund’s Chief Compliance Officer and
his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.
The components
of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of:
Management fee of $202,687, Distribution Plan fees of $1,790, Shareholder Services Plan fees of $13,786, Custodian fees of $3,435,
Chief Compliance Officer fees of $2,880, Transfer Agent fees of $14,868 and Checkwriting fees of $1,889.
(d) Each
board member of the fund 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 and secured borrowings
of inverse floater securities, during the period ended May 31, 2025, amounted to $69,662,748 and $112,578,368, 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
Certifi
NOTES
TO FINANCIAL STATEMENTS (continued)
cates
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 May 31, 2025, was approximately
$9,309,205, with a related weighted average annualized interest rate of 3.77%.
At May 31,
2025, the cost of investments for federal income tax purposes was $559,373,530; accordingly, accumulated net unrealized depreciation
on investments was $36,315,759, consisting of $3,590,542 gross unrealized appreciation and $39,906,301 gross unrealized
depreciation.
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the
Shareholders and the Board of Directors of BNY Mellon California AMT-Free Municipal Bond Fund, Inc.
Opinion on the Financial Statements
We have audited
the accompanying statement of assets and liabilities of BNY Mellon California AMT-Free Municipal Bond Fund, Inc. (the “Fund”),
including the statement of investments,
as of May 31, 2025, and the related statement of operations for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then
ended and the related notes (collectively
referred to as the “financial
statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Fund at May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of
the two years in the period then
ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted
accounting principles.
These financial
statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial
statements based on our audits. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)
and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required
to have, nor were we engaged to perform,
an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain
an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of
the Fund’s internal control over financial reporting.
Accordingly, we express no such opinion.
Our audits
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025, by correspondence with the custodian,
brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included
evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that our audits provide a reasonable basis for our opinion. 
We have served
as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine
the specific year.
New
York, New York
July 23, 2025
IMPORTANT
TAX INFORMATION (Unaudited)
In
accordance with federal tax law, the fund hereby reports all the dividends paid from net investment income during the fiscal year ended
May 31, 2025 as “exempt-interest dividends” (not generally subject to regular federal income tax, and for individuals who
are California residents, California
personal income taxes). Where required by federal tax law rules, shareholders will receive notification of their
portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for
the 2025 calendar year on Form 1099-DIV, which will
be mailed in early 2026.
Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Item
9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
(Unaudited)
Each
board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and
meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund’s
Chief Compliance Officer. Compensation
paid by the fund during the period to the board members and the Chief Compliance Officer are
within Item 7. Statement of Operations as Directors’ fees and expenses and Chief Compliance Officer fees, respectively. The aggregate
amount of Directors’ fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $86,702.
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
©
2025 BNY Mellon Securities Corporation
Code-6124NCSRAR0525
|
Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
|
Item 13. |
Portfolio Managers for Closed-End Management Investment Companies. |
Not applicable.
|
Item 14. |
Purchases of Equity Securities By Closed-End Management Investment Companies and Affiliated Purchasers.
|
Not applicable.
|
Item 15. |
Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures
applicable to Item 15.
|
Item 16. |
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 17. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
|
Item 18. |
Recovery of Erroneously Awarded Compensation. |
Not applicable.
(a)(1) Code of ethics referred to in Item 2.
(a)(3) Not applicable.
SIGNATURES
Pursuant
to
the
requirements
of
the
Securities
Exchange
Act
of
1934
and
the
Investment
Company
Act
of
1940,
the
Registrant
has
duly
caused
this
Report
to
be
signed
on
its
behalf
by
the
undersigned,
thereunto
duly
authorized.
BNY
Mellon
California
AMT-Free
Municipal
Bond
Fund,
Inc.
By: /s/
David
J.
DiPetrillo
David
J.
DiPetrillo
President
(Principal
Executive
Officer)
Date: July
24,
2025
Pursuant
to
the
requirements
of
the
Securities
Exchange
Act
of
1934
and
the
Investment
Company
Act
of
1940,
this
Report
has
been
signed
below
by
the
following
persons
on
behalf
of
the
Registrant
and
in
the
capacities
and
on
the
dates
indicated.
By: /s/
David
J.
DiPetrillo
David
J.
DiPetrillo
President
(Principal
Executive
Officer)
Date: July
24,
2025
By: /s/
James
Windels
James
Windels
Treasurer
(Principal
Financial
Officer)
Date: July
22,
2025
EXHIBIT
INDEX
|
(a)(1) |
Code of ethics referred to in Item 2. |
|
(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) |
