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

Rhea-AI Filing Summary

Saba Capital and affiliated persons report beneficial ownership of 1,190,374 common shares of GAMCO Natural Resources, Gold & Income Trust, representing 7.35% of the outstanding class based on 16,198,039 shares outstanding as of 6/30/2025. The filing is Amendment No. 4 and updates Items 3, 5 and 7. Funds used to acquire the shares totaled approximately $6,047,611, derived from investor subscriptions, capital appreciation and margin borrowings. The reporting persons state the shares were acquired in the open market (transactions recorded in Schedule A) and that funds and accounts advised by Saba Capital have rights to dividends and sale proceeds. The filing indicates no specified alternative purpose for the holdings and no contracts or arrangements with respect to the issuer.

Positive

• Clear disclosure of beneficial ownership: 1,190,374 shares (7.35%) with the calculation basis specified
• Source of funds quantified: Approximately $6,047,611 paid, and sources described as subscriptions, capital appreciation and margin borrowings
• No legal or regulatory issues disclosed for the reporting persons in the prior five years

Negative

• No stated purpose for the holdings, leaving uncertainty about any potential strategic intent
• Shared voting and dispositive power only, indicating no sole control over voting or disposition of the shares

Insights

Securities Analyst

TL;DR: Saba reports a 7.35% stake in GNT acquired with roughly $6.05m; open-market purchases and no stated activist purpose.

The Schedule 13D/A discloses that Saba Capital, its GP and Boaz Weinstein collectively hold 1,190,374 shares (7.35%). The filing clarifies source of funds and notes recent open-market transactions through 9/24/2025 recorded in Schedule A. The absence of a stated purpose and the declaration that contracts or arrangements are "Not Applicable" suggest this filing documents a passive economic position rather than an announced strategic campaign. For investors, the holding size is material relative to the small share base but the filing does not signal changes to corporate control or governance.

Corporate Governance Expert

TL;DR: A sizable passive stake reported with disclosure completeness; no agreements or legal issues disclosed.

The amendment updates Items 3, 5 and 7 and confirms organization, background and lack of relevant legal proceedings for the reporting persons. Voting and dispositive power is reported as shared (no sole power). The filing includes an explicit calculation basis for the percentage ownership. From a governance perspective, the filing provides required transparency but does not indicate a nomination, control attempt, or any contractual arrangements with the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

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)

09/24/2025

(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 1,190,374.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,190,374.00

11

Aggregate amount beneficially owned by each reporting person

1,190,374.00

12

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

13

Percent of class represented by amount in Row (11)

7.35 %

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 1,190,374.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,190,374.00

11

Aggregate amount beneficially owned by each reporting person

1,190,374.00

12

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

13

Percent of class represented by amount in Row (11)

7.35 %

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 1,190,374.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,190,374.00

11

Aggregate amount beneficially owned by each reporting person

1,190,374.00

12

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

13

Percent of class represented by amount in Row (11)

7.35 %

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. 4 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 $6,047,611 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
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 9/23/25 by the Reporting Persons to 9/24/25, 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.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 4 - 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:	09/25/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/25/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/25/2025

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 GAMCO Natural Resources (GNT) shares does Saba Capital report owning?

The reporting persons state they beneficially own 1,190,374 shares, equal to 7.35% of the outstanding common shares based on 16,198,039 shares outstanding as of 6/30/2025.

How much did Saba Capital pay to acquire the GNT shares?

The filing reports approximately $6,047,611 was paid to acquire the reported Common Shares.

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

The filing states the transactions from 9/23/2025 to 9/24/2025 were all in the open market and are detailed in Schedule A.

Does Saba Capital state a purpose for its GNT holdings?

Item 4 of the Schedule 13D/A is marked Not Applicable, so no specific purpose for the holdings is stated.

Do the reporting persons have sole voting or dispositive power over the GNT shares?

No; the filing reports 0 sole voting power and 1,190,374 shared voting power, and similarly shared dispositive power only.