[SCHEDULE 13D/A] GAMCO Natural Resources, Gold & Income Trust SEC Filing

Rhea-AI Filing Summary

Saba Capital Management and related persons report holding 1,353,496 common shares of GAMCO Natural Resources, Gold & Income Trust (GNT), representing 8.36% of the outstanding shares based on 16,198,039 shares as of 6/30/25. The filing is Amendment No. 3 to a Schedule 13D and updates Items 3, 5 and 7. Funds used to acquire the shares came from investor subscriptions, capital appreciation and margin borrowings, and approximately $6,876,341 was paid for the shares reported. The filing states the shares were acquired in the open market and that Saba-advised funds have rights to dividends and sale proceeds.

Positive

• Transparent disclosure of beneficial ownership totaling 1,353,496 shares (8.36%)
• Source of funds clearly described with total consideration of approximately $6,876,341
• Open-market acquisition disclosure indicates no private placement or negotiated purchase

Negative

• None.

Insights

Securities Analyst

TL;DR: Saba discloses an 8.36% beneficial stake acquired with ~$6.88M; transaction appears to be open-market accumulation, not an activist demand.

The Schedule 13D/A reports a non-trivial 8.36% ownership by Saba Capital, Saba GP and Boaz Weinstein, aggregated at 1,353,496 shares. The filing clarifies source of funds and that purchases were effected in the open market and are held in advisory accounts that receive dividends and sale proceeds. This is material disclosure under Section 13D because it notifies the market of concentrated ownership, but the filing contains no statements of intent to seek control or propose transactions. Impact is informational: it may attract investor attention but does not by itself change corporate governance or operational plans.

Corporate Governance Expert

TL;DR: The amended Schedule 13D provides required beneficial ownership detail and provenance of funds, without announcing activist plans.

The amendment updates Items 3, 5 and 7 and confirms shared voting and dispositive power for the reporting persons. Signatures and a cited power of attorney are included, supporting regulatory completeness. The filing does not disclose litigation, regulatory issues, or any proposed nominations or transactions. From a governance perspective, this is a standard disclosure of concentrated shareholding that merits monitoring but does not itself signal a change in board composition or strategy.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

GAMCO Natural Resources, Gold & Income Trust

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

36465E101

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/18/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 36465E101

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,353,496.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,353,496.00

11

Aggregate amount beneficially owned by each reporting person

1,353,496.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.36 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 16,198,039 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.

SCHEDULE 13D

CUSIP No. 36465E101

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,353,496.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,353,496.00

11

Aggregate amount beneficially owned by each reporting person

1,353,496.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.36 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 16,198,039 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.

SCHEDULE 13D

CUSIP No. 36465E101

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,353,496.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,353,496.00

11

Aggregate amount beneficially owned by each reporting person

1,353,496.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.36 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 16,198,039 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: GAMCO Natural Resources, Gold & Income Trust
(c)	Address of Issuer's Principal Executive Offices: One Corporate Center, Rye, NEW YORK , 10580.
Item 1 Comment: This Amendment No. 3 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $6,876,341 was paid to acquire the Common Shares reported herein.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 16,198,039 shares of common stock outstanding as of 6/30/25, as disclosed in the company's N-CSRS filed 9/4/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected from the filing of the Schedule 13D/A on 9/3/25 by the Reporting Persons to 9/18/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 3 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	09/22/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/22/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/22/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

How many GNT shares does Saba Capital report owning?

The Reporting Persons disclose beneficial ownership of 1,353,496 shares, representing 8.36% of outstanding common shares.

What amount was paid for the GNT shares reported by Saba Capital?

The filing states that approximately $6,876,341 was paid to acquire the reported shares.

Were the GNT shares acquired in private transactions or the open market?

The filing states the transactions were all in the open market and are set forth in Schedule A.

Does the filing state Saba Capital intends to seek control of GNT?

No such intent is disclosed; the amendment updates ownership and related items but does not announce plans to change control or propose actions.

What percentage outstanding share count was used to calculate the 8.36%?

Percentages were calculated using 16,198,039 shares outstanding as of 6/30/25, per the company N-CSRS filed 9/4/25.