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

Rhea-AI Filing Summary

GAMCO Natural Resources, Gold & Income Trust (GNT) – Form 4 filing dated 26-Jun-2025

10% owner Saba Capital Management, L.P., together with its managing member Boaz Weinstein, reported two open-market sales of GNT common stock:

• 24-Jun-2025: 1,875 shares sold at $6.28
• 25-Jun-2025: 4,029 shares sold at $6.28

Following the transactions, Saba’s indirect beneficial ownership declined from 1,712,853 to 1,706,949 shares (a reduction of 0.35%). No derivative securities were reported. The filing was made jointly by Saba Capital and Boaz Weinstein, both still classified as 10% owners. No 10b5-1 plan box was checked, indicating the sales were not disclosed as pre-arranged trading under Rule 10b5-1.

The Form 4 contains no additional narrative or footnotes explaining the rationale for the sales.

Positive

• None.

Negative

• Insider selling by a 10% owner – Saba Capital disposed of 5,904 shares, which investors may interpret as a modest negative signal despite the small size.

Insights

Financial Analyst

TL;DR: Minor insider sale by 10% holder; negligible ownership change; limited market impact.

The reported sale of 5,904 shares worth roughly $37k represents only 0.35% of Saba Capital’s position. Ownership remains above 1.7 million shares, keeping Saba a significant stakeholder. Because the trades were small and priced at market, they neither signal a substantial change in Saba’s investment thesis nor affect the fund’s float in a material way. Absence of a 10b5-1 plan suggests discretionary timing, but without commentary the motive is unknown. Overall, I view the event as routine portfolio rebalancing with minimal financial impact on GNT.

Corporate Governance Expert

TL;DR: Insider discretionary selling; governance neutral but watch future filings for trend.

Regulatory compliance appears proper—joint filing, manual signatures, timely submission. The lack of a 10b5-1 safe-harbor designation means trades were executed at the discretion of the insiders, so future sequential sales could raise signaling concerns. However, today’s volume is too small to imply control changes or governance risk. Continuous monitoring of subsequent Form 4s is recommended to detect pattern selling that might warrant shareholder attention.

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)
06/24/2025

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	06/24/2025		S		1,875	D	$6.28	1,710,978	I	-
Common Stock	06/25/2025		S		4,029	D	$6.28	1,706,949	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	06/26/2025
	Boaz Weinstein	06/26/2025
	** 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

Who filed the recent Form 4 for GNT?

The filing was made jointly by Saba Capital Management, L.P. and Boaz Weinstein, both 10% owners.

How many GNT shares were sold and on what dates?

A total of 5,904 shares were sold: 1,875 on 24-Jun-2025 and 4,029 on 25-Jun-2025.

At what price were the GNT shares sold?

All reported shares were sold at $6.28 per share.

What is Saba Capital’s remaining ownership in GNT after the transactions?

Following the sales, Saba Capital reports beneficial ownership of 1,706,949 shares.

Was a Rule 10b5-1 trading plan disclosed for these sales?

No. The 10b5-1 checkbox was left blank, indicating the trades were not executed under a pre-arranged plan.