<SEC-DOCUMENT>0001752724-20-037693.txt : 20200226
<SEC-HEADER>0001752724-20-037693.hdr.sgml : 20200226
<ACCEPTANCE-DATETIME>20200226165235
ACCESSION NUMBER:		0001752724-20-037693
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200226
PERIOD START:           	20191231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GAMCO Natural Resources, Gold & Income Trust
		CENTRAL INDEX KEY:			0001438893
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22216
		FILM NUMBER:		20656639

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GAMCO Natural Resources, Gold & Income Trust by Gabelli
		DATE OF NAME CHANGE:	20120106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Natural Resources, Gold & Income Trust
		DATE OF NAME CHANGE:	20080717

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Gold & Income Trust
		DATE OF NAME CHANGE:	20080630
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <repPdEnd>2019-12-31</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <name>OPPENHEIMER &amp; CO. INC.</name>
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        <name>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</name>
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        <name>CANTOR FITZGERALD &amp; CO.</name>
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        <name>Pan American Silver CVR</name>
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        <name>CITIGROUP GLOBAL MARKETS INC.</name>
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        <name>OPPENHEIMER &amp; CO. INC.</name>
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        <name>INTL TRADING INC</name>
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            <unrealizedAppr>1419.15</unrealizedAppr>
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      <invstOrSec>
        <name>Labrador Iron Ore Royalty Corp</name>
        <lei>N/A</lei>
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        <name>SG COWEN SECURITIES CORPORATION</name>
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        <fairValLevel>2</fairValLevel>
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            <unrealizedAppr>-5924.79</unrealizedAppr>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>-28846.02</unrealizedAppr>
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      <invstOrSec>
        <name>Helmerich &amp; Payne Inc</name>
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        <title>Helmerich &amp; Payne Inc</title>
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          <ticker value="HP"/>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>NEW YORK STOCK EXCHANGE</name>
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        <valUSD>-29440.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>OPPENHEIMER &amp; CO. INC.</name>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO LLC</name>
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        <title>BUNGE LTD</title>
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                <issuerName>Bunge Ltd</issuerName>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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            <dbtSecRefInstrument>
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        <name>MKM PARTNERS LLC</name>
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        <lei>254900HROIFWPRGM1V77</lei>
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        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-03-19</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>NATIONAL BANK OF CANADA</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
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          <other otherDesc="INTERNAL" value="55903Q004"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <putOrCall>Call</putOrCall>
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            <unrealizedAppr>-8199.72</unrealizedAppr>
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      <invstOrSec>
        <name>RBC CAPITAL MARKETS LLC</name>
        <lei>549300LCO2FLSSVFFR64</lei>
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        <fairValLevel>2</fairValLevel>
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            <unrealizedAppr>-62189.04</unrealizedAppr>
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      <invstOrSec>
        <name>CF Industries Holdings Inc</name>
        <lei>529900CG8YAQFZ2JMV97</lei>
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      <invstOrSec>
        <name>IMPERIAL CAPITAL LLC</name>
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      <invstOrSec>
        <name>OPPENHEIMER &amp; CO. INC.</name>
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      <invstOrSec>
        <name>Valero Energy Corp</name>
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      <invstOrSec>
        <name>Franco-Nevada Corp</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>BANK OF MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>OSISKO GOLD ROYALTIES LTD</title>
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      <invstOrSec>
        <name>Pilgrim's Pride Corp</name>
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        <name>Newmont Goldcorp Corp</name>
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        <name>SG COWEN SECURITIES CORPORATION</name>
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            <unrealizedAppr>-8758.55</unrealizedAppr>
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        <name>Zoetis Inc</name>
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        <name>PRETIUM RESOURCES INC</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
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            <dbtSecRefInstrument>
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              <title>Pretium Resources Inc</title>
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                <ticker value="PVG"/>
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            <currencyInfo convRatio="62.50000000" curCd="USD"/>
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        <name>IDEXX Laboratories Inc</name>
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        <name>GOLDMAN SACHS &amp; CO LLC</name>
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        <name>NEW YORK STOCK EXCHANGE</name>
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                <issuerName>VanEck Vectors Gold Miners ETF</issuerName>
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      <invstOrSec>
        <name>RBC CAPITAL MARKETS LLC</name>
        <lei>549300LCO2FLSSVFFR64</lei>
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                <issuerName>ConocoPhillips</issuerName>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <name>Rio Tinto PLC</name>
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        <name>BANK OF MONTREAL</name>
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        <name>FBN SECURITIES, INC.</name>
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        <name>Fortuna Silver Mines Inc</name>
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        <name>OPPENHEIMER &amp; CO. INC.</name>
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        <name>Schlumberger Ltd</name>
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        <name>U.S. BANCORP PIPER JAFFRAY INC</name>
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        <name>NOMURA SECURITIES INTERNATIONAL INC</name>
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        <name>JEFFERIES GROUP LLC</name>
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        <name>MORGAN STANLEY &amp; COMPANY LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
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      <invstOrSec>
        <name>INTL TRADING INC</name>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL BANK OF CANADA</name>
        <lei>BSGEFEIOM18Y80CKCV46</lei>
        <title>ALAMOS GOLD INC</title>
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          <other otherDesc="INTERNAL" value="011532045"/>
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        <balance>-2180.00000000</balance>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Alamos Gold Inc</issuerName>
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            <delta>XXXX</delta>
            <unrealizedAppr>-50006.94</unrealizedAppr>
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      <invstOrSec>
        <name>OPPENHEIMER &amp; CO. INC.</name>
        <lei>254900VH02JQR2L8XD64</lei>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <unrealizedAppr>-23331.58</unrealizedAppr>
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      <invstOrSec>
        <name>JEFFERIES GROUP LLC</name>
        <lei>NY9Q8VBNB6D1L6YV0J84</lei>
        <title>BHP BILLITON LTD</title>
        <cusip>000000000</cusip>
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        <balance>-90.00000000</balance>
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        <valUSD>-66620.97000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>JEFFERIES GROUP LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>BHP Group Ltd</issuerName>
                <issueTitle>BHP Group Ltd</issueTitle>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>47.5</exercisePrice>
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            <expDt>2020-02-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-31794.36</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS INC.</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>HOLLYFRONTIER CORP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="436106010"/>
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        <balance>-15.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1046.05000000</valUSD>
        <pctVal>-0.00081289707</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>CITIGROUP GLOBAL MARKETS INC.</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>5973.38</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>RBC CAPITAL MARKETS LLC</name>
        <lei>549300LCO2FLSSVFFR64</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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            <delta>XXXX</delta>
            <unrealizedAppr>-22742.16</unrealizedAppr>
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      <invstOrSec>
        <name>Northern Dynasty Minerals Ltd</name>
        <lei>N/A</lei>
        <title>Northern Dynasty Minerals Ltd</title>
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        <balance>67085.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Mosaic Co/The</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>Mosaic Co/The</title>
        <cusip>61945C103</cusip>
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          <isin value="US61945C1036"/>
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        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
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      <invstOrSec>
        <name>BANK OF MONTREAL</name>
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      <invstOrSec>
        <name>Apache Corp</name>
        <lei>72ZZ1XRHOOU9P9X16K08</lei>
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      <invstOrSec>
        <name>OPPENHEIMER &amp; CO. INC.</name>
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        <name>BANK OF MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
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        <name>ONEOK Inc</name>
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        <name>MKM PARTNERS LLC</name>
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        <lei>529900BLZT9AG15BKB77</lei>
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      <invstOrSec>
        <name>CBOE GLOBAL MARKETS, INC.</name>
        <lei>529900RLNSGA90UPEH54</lei>
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        <name>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</name>
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        <name>Centamin PLC</name>
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        <name>Saracen Mineral Holdings Ltd</name>
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        <name>NEW YORK STOCK EXCHANGE</name>
        <lei>549300HIIRNTNKXV3M12</lei>
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        <name>FMC Corp</name>
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        <name>BANK OF MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>OSISKO GOLD ROYALTIES LTD</title>
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        <name>NEW YORK STOCK EXCHANGE</name>
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        <name>U.S. BANCORP PIPER JAFFRAY INC</name>
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        <name>CREDIT SUISSE SECURITIES (USA), LLC</name>
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        <name>Belo Sun Mining Corp</name>
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      <invstOrSec>
        <name>CREDIT SUISSE SECURITIES (USA), LLC</name>
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        <name>Detour Gold Corp</name>
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        <lei>549300WR7IX8XE0TBO16</lei>
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        <name>U.S. BANCORP PIPER JAFFRAY INC</name>
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        <name>SSR Mining Inc</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
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        <name>Evolution Mining Ltd</name>
        <lei>254900BCFW5QO5LW8F27</lei>
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        <name>SOCIETE GENERALE SA</name>
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      <invstOrSec>
        <name>STIFEL, NICOLAUS &amp; COMPANY, INCORPORATED</name>
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        <name>Pretium Resources Inc</name>
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        <name>CBOE GLOBAL MARKETS, INC.</name>
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        <name>Nutrien Ltd</name>
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        <name>SOCIETE GENERALE SA</name>
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        <name>UBS SECURITIES LLC</name>
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        <name>JEFFERIES GROUP LLC</name>
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        <name>OPPENHEIMER &amp; CO. INC.</name>
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        <name>NATIONAL BANK OF CANADA</name>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TREASURY BILL</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>United States Treasury Bill</title>
        <cusip>912796WR6</cusip>
        <identifiers>
          <isin value="US912796WR64"/>
        </identifiers>
        <balance>7545000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7534209.97000000</valUSD>
        <pctVal>5.854918252227</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-02-04</maturityDt>
          <couponKind>None</couponKind>
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          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CBOE GLOBAL MARKETS, INC.</name>
        <lei>529900RLNSGA90UPEH54</lei>
        <title>KIRKLAND LAKE GOLD LTD</title>
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        <identifiers>
          <ticker value="KL 4 C50"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG00Q0WY1Z3"/>
        </identifiers>
        <balance>-180.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-34200.00000000</valUSD>
        <pctVal>-0.02657719986</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CBOE GLOBAL MARKETS, INC.</counterpartyName>
              <counterpartyLei>529900RLNSGA90UPEH54</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>Kirkland Lake Gold Ltd</issuerName>
                <issueTitle>Kirkland Lake Gold Ltd</issueTitle>
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                  <isin value="CA49741E1007"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>50</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-04-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>77738.26</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FBN SECURITIES, INC.</name>
        <lei>549300IZFVXL9ZPJFM37</lei>
        <title>BARRICK GOLD CORP</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="067901156"/>
        </identifiers>
        <balance>-483.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-72793.12000000</valUSD>
        <pctVal>-0.05656834208</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>FBN SECURITIES, INC.</counterpartyName>
              <counterpartyLei>549300IZFVXL9ZPJFM37</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Barrick Gold Corp</issuerName>
                <issueTitle>Barrick Gold Corp</issueTitle>
                <identifiers>
                  <cusip value="067901108"/>
                  <isin value="CA0679011084"/>
                  <ticker value="GOLD"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>17.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-02-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-31273.33</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-02-25</ncom:dateSigned>
      <ncom:nameOfApplicant>GAMCO Natural Resources, Gold &amp; Income Trust</ncom:nameOfApplicant>
      <ncom:signature>John C. Ball</ncom:signature>
      <ncom:signerName>John C. Ball</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
