[Form 4] GAMCO Natural Resources, Gold & Income Trust Insider Trading Activity

Rhea-AI Filing Summary

Form 4 highlights: On 06/23/2025, 10% owner Saba Capital Management, L.P., together with its managing partner Boaz Weinstein, sold 4,497 common shares of GAMCO Natural Resources, Gold & Income Trust (GNT) at $6.45 per share. Following the sale, the group still beneficially owns 1,712,853 shares, reported as indirect ownership.

The filing discloses no derivative transactions and provides no additional commentary. The reported sale represents a minor reduction (about 0.26% of the reporting person’s stated position) and does not materially change the group’s 10%+ ownership status.

Positive

• None.

Negative

• Insider selling: 10% holder Saba Capital disposed of 4,497 GNT shares at $6.45, which can be viewed as a mildly negative signal despite small size.

Insights

Securities Analyst

TL;DR: Minor insider sale; 10% holder keeps 1.7 M shares, negligible impact on control, mildly negative sentiment.

The transaction involves a modest disposition—4,497 shares worth roughly $29,000—by Saba Capital, which continues to hold more than 1.7 million shares. Relative to its stake, the sale is immaterial and does not signal a strategic exit. However, any insider selling by a large shareholder tends to be interpreted cautiously by the market, especially when no offsetting purchases are reported. With no change in derivative exposure and no accompanying corporate event, I view the disclosure as a routine, low-impact filing with a slight negative tone due to the direction of trade.

Corporate Governance Expert

TL;DR: Governance unchanged; filing confirms continued 10% ownership, sale too small to affect influence.

From a governance standpoint, Saba Capital and Boaz Weinstein remain significant shareholders and therefore still subject to Section 16 reporting. The 0.26% trim does not alter their ability to influence shareholder votes or proposals. No 10b5-1 plan box was checked, suggesting the trade was discretionary. Given the continuity of ownership, I consider the filing not impactful to control dynamics but note that discretionary insider sales often raise minor concerns around future intentions.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GAMCO Natural Resources, Gold & Income Trust [ GNT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/23/2025		S		4,497	D	$6.45	1,712,853	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	06/24/2025
	Boaz Weinstein	06/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many GNT shares did Saba Capital sell on 06/23/2025?

The Form 4 reports a sale of 4,497 common shares.

At what price were the GNT shares sold according to the Form 4?

The shares were sold at $6.45 per share.

How many GNT shares does Saba Capital own after the reported sale?

Post-transaction, Saba Capital reports 1,712,853 shares held indirectly.

Does Saba Capital remain a 10% owner of GNT after this sale?

Yes. Despite the small sale, Saba Capital still exceeds the 10% ownership threshold.

Were any derivative securities involved in this Form 4 filing?

No. The filing lists no derivative security transactions.