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

Rhea-AI Filing Summary

The Reporting Persons — Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein — disclose beneficial ownership of 1,539,524 common shares of GAMCO Natural Resources, Gold & Income Trust (CUSIP 36465E101), representing 9.5% of the outstanding common shares based on 16,198,039 shares outstanding as of March 13, 2025. Funds to acquire the shares came from investor subscriptions, capital appreciation and margin borrowings, and the Reporting Persons paid approximately $7,821,443 to acquire the reported shares. The filing amends Items 3, 5 and 7 of a prior Schedule 13D and states that recent transactions were effected in the open market and are detailed in an attached Schedule A. Item 4 (purpose) and Item 6 (contracts/arrangements) are marked "Not Applicable."

Positive

• Material disclosed stake: Reporting Persons beneficially own 1,539,524 shares, equal to 9.5% of outstanding common shares.
• Transaction transparency: Purchase consideration disclosed at approximately $7,821,443 and source of funds explained.
• Open-market purchases: Recent transactions were made in the open market and are documented in Schedule A.

Negative

• No stated purpose: Item 4 is marked "Not Applicable," so the filing does not disclose any strategic intent or plans.
• No agreements disclosed: Item 6 is "Not Applicable," indicating no contracts or arrangements that would clarify coordination or control.

Insights

Financial Analyst

TL;DR: Saba reports a 9.5% stake (1.54M shares) in GNT acquired for about $7.82M; no stated activist plan.

The filing provides clear, itemized ownership metrics that are material to shareholders because a near-10% position can influence corporate discussions or strategic options. The source of funds disclosure indicates a combination of subscription capital and margin, and the reporting persons confirm dividend and sale proceeds rights for advised accounts. The amendment updates prior disclosure and references open-market purchases summarized in Schedule A. Absence of a stated purpose or agreements limits immediate interpretability of strategic intent.

Corporate Governance Expert

TL;DR: A single investor group holds 9.5% of GNT; no contracts or arrangements disclosed to signal a control effort.

From a governance perspective, the disclosed shared voting and dispositive power over 1,539,524 shares is significant but below a controlling threshold. The filing explicitly states Item 6 is "Not Applicable," meaning no disclosed agreements with management or other shareholders. That limits near-term governance impact, although the stake could make the Reporting Persons a prominent shareholder in future proxy discussions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

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)

09/02/2025

(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 1,539,524.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,539,524.00

11

Aggregate amount beneficially owned by each reporting person

1,539,524.00

12

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

13

Percent of class represented by amount in Row (11)

9.5 %

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 3/13/25, as disclosed in the company's DEF 14A filed 3/20/25.

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 1,539,524.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,539,524.00

11

Aggregate amount beneficially owned by each reporting person

1,539,524.00

12

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

13

Percent of class represented by amount in Row (11)

9.5 %

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 3/13/25, as disclosed in the company's DEF 14A filed 3/20/25.

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 1,539,524.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,539,524.00

11

Aggregate amount beneficially owned by each reporting person

1,539,524.00

12

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

13

Percent of class represented by amount in Row (11)

9.5 %

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 3/13/25, as disclosed in the company's DEF 14A filed 3/20/25.

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. 2 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 $7,821,443 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 3/13/25, as disclosed in the company's DEF 14A filed 3/20/25.
(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 by the Reporting Persons within the past sixty days prior to 9/2/25, 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 2 - 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:	09/03/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/03/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/03/2025

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 disclose beneficial ownership of 1,539,524 shares, representing 9.5% of GNT's outstanding common shares.

What dollar amount did Saba Capital pay to acquire its GNT position?

The filing states approximately $7,821,443 was paid to acquire the reported Common Shares.

Did Saba Capital state a purpose for acquiring the GNT shares?

No. Item 4 of the Schedule 13D/A is marked Not Applicable, so no purpose or plans are disclosed.

Does the filing disclose any agreements or arrangements related to the GNT shares?

No. Item 6 is marked Not Applicable, indicating no contracts, arrangements, or understandings are disclosed.

What was the basis for the percentage calculation of ownership?

Percentages are calculated using 16,198,039 shares outstanding, per the company's DEF 14A filed March 20, 2025, which cited the March 13, 2025 share count.