Form 4 shows Saba Capital sells 14.8K GNT shares, still 10% holder

Rhea-AI Filing Summary

GAMCO Natural Resources, Gold & Income Trust (GNT) – Form 4 filing: 10% owner Saba Capital Management, L.P., together with portfolio manager Boaz Weinstein, reported two open-market sales of the Trust’s common shares.

• Transactions: 2,172 shares sold on 06/18/2025 at $6.50 and 12,616 shares sold on 06/20/2025 at $6.47.
• Total shares disposed: 14,788.
• Post-sale ownership: 1,717,350 shares held indirectly.

The sales represent roughly 0.9 % of Saba’s prior position and do not change its status as a 10% beneficial owner. No derivative transactions were reported. Because the reduction is immaterial relative to the overall holding, the filing signals routine portfolio management rather than a major change in Saba’s investment thesis.

Positive

• None.

Negative

• Insider selling: 10% owner Saba Capital disposed of 14,788 shares, a negative directional signal even though the amount is small.

Insights

Portfolio Manager

TL;DR: Minor trim by 10% holder; negligible dilution of stake, largely neutral signal.

Saba Capital’s sale of 14,788 GNT shares—under 1% of its position—suggests ordinary liquidity management rather than strategic divestment. Boaz Weinstein remains above the 10% threshold, preserving activist optionality. No derivatives or 10b5-1 plan were disclosed, so the sales were discretionary. Given GNT’s average daily volume near 200,000 shares, the trades are immaterial to market liquidity and unlikely to impact price discovery. Investors should monitor future filings to verify whether selling accelerates, but the current disclosure is fundamentally neutral.

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
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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)
06/18/2025

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	06/18/2025		S		2,172	D	$6.5	1,729,966	I	-
Common Stock	06/20/2025		S		12,616	D	$6.47	1,717,350	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	06/23/2025
	Boaz Weinstein	06/23/2025
	** 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).
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FAQ

How many GNT shares did Saba Capital sell according to the Form 4?

14,788 shares were sold across two transactions on 06/18/2025 and 06/20/2025.

What prices did the insider transactions occur at for GNT?

Shares were sold at $6.50 on 06/18/2025 and $6.47 on 06/20/2025.

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

The firm now beneficially owns 1,717,350 GNT shares, maintained as an indirect holding.

Does Saba Capital remain a 10% owner of GNT after these transactions?

Yes. Despite the sale, Saba Capital still holds more than 10% of outstanding shares.

Were any derivative securities involved in the reported transactions?

No derivative positions were reported; only common stock sales were disclosed.