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

Rhea-AI Filing Summary

Form 4 highlights: On 07/07/2025, 10 % owner Saba Capital Management, L.P. (managed by Boaz Weinstein) sold 31,293 common shares of GAMCO Natural Resources, Gold & Income Trust (GNT) at $6.43 per share (code “S”). Following the sale, the reporting group still beneficially owns 1,662,379 shares, held indirectly. The transaction reduces the group’s position by roughly 1.9 % but leaves it well above the 10 % threshold, indicating continued substantial ownership.

Positive

• Continued significant ownership: Saba Capital still holds 1,662,379 shares, maintaining its 10 %+ stake and influence.

Negative

• Insider selling: Disposal of 31,293 shares at $6.43 may signal reduced short-term confidence, albeit only ~1.9 % of holdings.

Insights

Securities Analyst

TL;DR: 10 % owner trims 1.9 % of stake; signal mildly negative but not thesis-changing.

The Form 4 shows a modest insider sale by Saba Capital at $6.43. Given the post-transaction holding of 1.66 million shares, the divestiture is small relative to total ownership and unlikely to materially affect control. Insider selling can imply reduced conviction, yet the scale suggests portfolio rebalancing rather than a strategic exit. Volume is also minor versus GNT’s average daily volume, limiting immediate market impact. I view the filing as informational, with a slightly negative sentiment but neutral investment implications.

Portfolio Manager

TL;DR: Minor insider sale; maintains large position—neutral for positioning.

From a portfolio-allocation angle, disposing of 31 k shares (~$0.2 m) is routine for a closed-end fund activist like Saba. The fund still holds over 1.6 m shares, so its influence on GNT’s discount-narrowing campaigns remains intact. No derivative positions were reported, and there’s no indication of a 10b5-1 plan. I would not alter weighting based solely on this filing.

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)
07/07/2025

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	07/07/2025		S		31,293	D	$6.43	1,662,379	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	07/08/2025
	Boaz Weinstein	07/08/2025
	** 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 07/07/2025?

The Form 4 reports a sale of 31,293 common shares.

What price did the insider receive for the GNT shares?

Shares were sold at $6.43 each.

How many GNT shares does Saba Capital own after the transaction?

Post-sale, the group beneficially owns 1,662,379 shares.

Does Saba Capital remain a 10 % owner of GNT?

Yes. The remaining 1.66 million shares keep Saba Capital above the 10 % ownership threshold.

Were any derivative securities involved in this Form 4?

No derivative acquisitions or dispositions were reported in Table II.