<SEC-DOCUMENT>0001387131-22-003423.txt : 20220309
<SEC-HEADER>0001387131-22-003423.hdr.sgml : 20220309
<ACCEPTANCE-DATETIME>20220309122406
ACCESSION NUMBER:		0001387131-22-003423
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220309
DATE AS OF CHANGE:		20220309
EFFECTIVENESS DATE:		20220309

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:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22216
		FILM NUMBER:		22724574

	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>N-CSR
<SEQUENCE>1
<FILENAME>gnt-ncsr_123121.htm
<DESCRIPTION>CERTIFIED ANNUAL SHAREHOLDER REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<div>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">UNITED
STATES</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Washington, D.C. 20549</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>FORM
N-CSR</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Investment Company Act file number<U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-22216 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 24pt">GAMCO&nbsp;Natural Resources, Gold &amp; Income Trust</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 40%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 24pt Arial, Helvetica, Sans-Serif"></FONT></P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">One Corporate Center<BR>
 Rye, New York 10580-1422</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 40%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices) (Zip code)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Bruce N. Alpert<BR>
Gabelli Funds, LLC<BR>
One Corporate Center<BR>
 Rye, New York 10580-1422<U> </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><U></U></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 40%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><U></U>
(Name and address of agent for service)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code:<U> 1-800-422-3554</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Date of fiscal year end: <U>December 31</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Date of reporting period: <U>December 31,
2021</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Form N-CSR is to be used by management
investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report
that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking
roles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">A registrant is required to disclose the
information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond
to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget
(&ldquo;OMB&rdquo;) control number. Please direct comments concerning the accuracy of the information collection burden estimate
and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &sect; 3507.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Item 1. Reports to Stockholders.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal">(a)</FONT></TD><TD><FONT STYLE="font-weight: normal">The Report to Shareholders is attached herewith.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Page; Sequence: 2 -->
    <div style="margin-bottom: 6pt; border-bottom: Black 1pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&nbsp;</td><td style="width: 34%">&nbsp;</td><td style="width: 33%">&nbsp;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></div>
    <!-- Field: /Page -->

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<P STYLE="margin: 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 20pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 14pt"><B>Annual
Report &mdash; December 31, 2021</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt"><B>(Y)our
Portfolio Management Team</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 157.1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;<IMG SRC="gntncsr123121001.jpg" ALT=""></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><IMG SRC="gntncsr123121002.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Caesar
    M. P. Bryan</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center; padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Vincent
    Hugonnard-</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Roche</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>To Our Shareholders,</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">For the year ended
December 31, 2021, the net asset value (NAV) total return of the GAMCO Natural Resources, Gold &amp; Income Trust (the Fund) was
7.9%, compared with total returns of 20.5% and (6.6)% for the Chicago Board Options Exchange (CBOE) Standard &amp; Poor&rsquo;s
(S&amp;P) 500 Buy/Write Index and the Philadelphia Gold &amp; Silver (XAU) Index, respectively. The total return for the Fund&rsquo;s
publicly traded shares was 12.0%. The Fund&rsquo;s NAV per share was $6.03, while the price of the publicly traded shares closed
at $5.35 on the New York Stock Exchange (NYSE). See page 3 for additional performance information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.35in">Enclosed are the financial statements, including the
schedule of investments, as of December 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investment Objective and Strategy (Unaudited)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">The GAMCO Natural Resources,
Gold &amp; Income Trust is a non-diversified, closed-end management investment company. The Fund&rsquo;s investment objective is
to provide a high level of current income. The Fund&rsquo;s secondary investment objective is to seek capital appreciation consistent
with the Fund&rsquo;s strategy and primary objective. Under normal market conditions, the Fund will attempt to achieve its objectives
by investing 80% of its assets in equity securities of companies principally engaged in natural resource and gold industries, and
by writing covered call options on the underlying equity securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"></P>

<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As
    permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund&rsquo;s annual and
    semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports.
    Instead, the reports will be made available on the Fund&rsquo;s website (www.gabelli.com), and you will be notified by mail
    each     time a report is posted and provided with a website link to access the report. If you already elected to receive
    shareholder     reports electronically, you will not be affected by this change and you need not take any action. To elect to
    receive all     future reports on paper free of charge, please contact your financial intermediary, or, if you invest
    directly with the Fund,     you may call 800-422-3554 or send an email request to info@gabelli.com.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">The Fund&rsquo;s strategy
is to invest at least 80% of its assets in securities of companies principally engaged in the natural resources and gold industries.
The Fund will invest at least 25% of its assets in the securities of companies principally engaged in the exploration, production
or distribution of natural resources, such as base metals, metals, paper, food, agriculture, forestry products, water, gas, oil,
sustainable energy and other commodities as well as related transportation companies and equipment manufacturers. The Fund will
invest at least 25% of its assets in the securities of companies principally engaged in the exploration, mining, fabrication, processing,
distribution, or trading of gold or the financing, managing, controlling or operating of companies engaged in &ldquo;gold-related&rdquo;
activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Performance Discussion (Unaudited)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">During the first quarter
of 2021, two opposing forces drove the gold price: the continued expansion of the Federal Reserve balance sheet towards $8 trillion
and the drop in money supply velocity. At the same time, real interest rates, which are currently correlated to the price of gold,
continued their slow ascent. This positive trend continued in the second quarter the dynamics for the price of gold remained largely
favorable; the Federal Reserve balance sheet continued to expand, rising to $8.1 trillion in June. M2 velocity continued to decline,
and real rates largely remained negative.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">During the third quarter,
some of the dynamics around the price of gold remained favorable. The Federal Reserve balance sheet continued to expand, rising
to $8.45 trillion in September, and real rates stayed largely negative, with the 10 year TIPS cratering to -1.2% in July and finishing
the quarter at -0.89%. In the fourth quarter the dynamics around the price of gold remained favorable, gold bullion picked up
4.1% as the tapering of the bond buying program became a reality, and inflation management took the forefront. The Federal Reserve
balance sheet peaked in December at a new high of $8.79 trillion, and the latest December PCE reading reached 4.67%. Despite this
pressure on rates, it would take significant action from the Federal Reserve to push real rates into positive territory. In fact,
they remained significantly negative, averaging -1.03% during the quarter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">One top contributor
to performance in 2021 was Newmont Corp. (4.2% of net assets as of December 31, 2021), a company involved in the production and
exploration of gold, copper, silver, zinc, and lead. The company benefitted from progress in several projects in Australia, Africa,
and South America and continued to perform well in a challenging landscape. Another contributor was Franco-Nevada Corp. (3.4%),
a gold-focused royalty and streaming company, continued to benefit from successful mining and development projects. Gold Fields
Ltd. (1.1%), a South Africa based gold mining company continued to see strong momentum on top of positive results from its nine
operating mines and new projects in Chile.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">Detractors from the
portfolio included Northern Star Resources Ltd. (2.8%), one of the worst performing gold miners in 2021, down 31% vs. an 11% decline
in the Gold Miners Index as it continued to struggle with increasing mine production. Agnico Eagle Mines Ltd. (2.3%), saw a slowdown
in growth and earnings and continued to struggle with an unstable dividend track record.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in"></P>

<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: bold 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Comparative Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<center>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:1%;padding-Right:1%;padding-top:1%;padding-bottom:1%;width:98%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B><U>Average
Annual Returns through December 31, 2021 (a) (Unaudited) </U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 115.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">1 Year</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">3 year</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">5 year</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">10 year</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Since <BR>
Inception <BR>
(1/27/11)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">GAMCO Natural Resources, Gold and Income Trust
    (GNT)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%; font-weight: bold; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 8pt">NAV Total Return (b)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">7.94</FONT></TD><TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">10.57</FONT></TD><TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">5.26</FONT></TD><TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">0.75</FONT></TD><TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 8pt">(0.80</FONT></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-size: 8pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 8pt">Investment Total Return (c)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12.23</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4.76</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.23</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1.80</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">CBOE S&amp;P 500 Buy/Write Index</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20.47</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7.84</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7.54</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7.26</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Philadelphia Gold &amp; Silver Index</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(6.62</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24.74</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1.90</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2.54</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)(d)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Dow Jones U.S. Basic Materials Index</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27.78</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21.88</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13.68</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10.65</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(d)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">S&amp;P Global Agribusiness Equity Index</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24.07</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18.22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6.75</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(d)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Returns
                                         represent past performance and do not guarantee future results. Investment returns and
                                         the principal value of an investment will fluctuate. The Fund's use of leverage may magnify
                                         the volatility of net asset value changes versus funds that do not employ leverage. When
                                         shares are sold, they may be worth more or less than their original cost. Current performance
                                         may be lower or higher than the performance data presented. Visit www.gabelli.com for
                                         performance information as of the most recent month end. The CBOE S&amp;P 500 Buy/Write
                                         Index is an unmanaged benchmark index designed to reflect the return on a portfolio that
                                         consists of a long position in the stocks in the S&amp;P 500 Index and a short position
                                         in a S&amp;P 500 (SPX) call option. The Philadelphia Gold &amp; Silver Index is an unmanaged
                                         indicator of stock market performance of large North American gold and silver companies.
                                         The Dow Jones U.S. Basic Materials Index measures the performance of the basic materials
                                         sector of the U.S. equity market. The S&amp;P Global Agribusiness Equity Index is designed
                                         to provide exposure to twenty-four of the largest publicly traded agribusiness companies,
                                         comprised of a mix of Producers, Distributors &amp; Processors, and Equipment &amp; Materials
                                         Suppliers companies. Dividends are considered reinvested. You cannot invest directly
                                         in an index.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Total
                                         returns and average annual returns reflect changes in the NAV per share and reinvestment
                                         of distributions at NAV on the ex-dividend date and are net of expenses. Since inception
                                         return is based on an initial NAV of $19.06.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Total
                                         returns and average returns reflect changes in closing market values on the NYSE and
                                         reinvestment of distributions. Since inception return is based on an initial offering
                                         price of $20.00.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">From
                                         January 31, 2011, the date closest to the Fund&rsquo;s inception for which data are available.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1pt; text-align: left"><FONT STYLE="font-size: 8pt"><B>Investors should carefully
consider the investment objectives, risks, charges, and expenses of the Fund before investing.</B></FONT></P>
</div>
</center>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1pt"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: bold 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>COMPARISON OF CHANGE
IN VALUE OF A $10,000 INVESTMENT IN&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>GAMCO NATURAL RESOURCES, GOLD &amp; INCOME TRUST
(INVESTMENT TOTAL RETURN), CBOE S&amp;P <BR>
500 BUY/WRITE INDEX &amp; PHILADELPHIA STOCK EXCHANGE GOLD AND SILVER INDEX (Unaudited)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: center; border: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average
    Annual Total Returns*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1
    Year</FONT></TD>
    <TD STYLE="width: 19%; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5
    Year</FONT></TD>
    <TD STYLE="width: 26%; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10
    Year</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investment</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.01%</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.76%</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.23%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="gntncsr123121003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">* Past performance is not predictive
of future results. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the sale of Fund shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: bold 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Summary of Portfolio Holdings (Unaudited) </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following table presents portfolio holdings as a percent
of total investments as of December 31, 2021:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B>GAMCO Natural Resources, Gold
&amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Long Positions</B></FONT></TD>
    <TD STYLE="width: 5%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Short Positions</B></FONT></TD>
    <TD STYLE="width: 5%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Metals and Mining</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.7</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Call Options Written</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4.6</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Energy and Energy Services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.9</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Put Options Written</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.1</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S. Government Obligations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.2</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4.7</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agriculture</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.3</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Health Care</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.3</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Machinery</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.0</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Specialty Chemicals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.5</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Food and Beverage</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.1</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund files a complete schedule of portfolio holdings with
the Securities and Exchange Commission (the SEC) for the first and third quarters of each fiscal year on Form N-PORT. Shareholders
may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund&rsquo;s Form N-PORT
is available on the SEC&rsquo;s website at www.sec.gov and may also be reviewed and copied at the SEC&rsquo;s Public Reference
Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B>Proxy Voting</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund files Form N-PX with its complete
proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund&rsquo;s
proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities is available without charge,
upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422;
or (iii) visiting the SEC&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 154.85pt 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 154.85pt 0pt 0"><FONT STYLE="font-size: 12pt"><B>Schedule of Investments
&mdash; December 31, 2021</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market <BR>
Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">COMMON STOCKS &mdash; 80.9%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">Agriculture &mdash; 7.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; vertical-align: top">36,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 61%; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Archer-Daniels-Midland Co.(a)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,319,360</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,433,240</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">16,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Bunge Ltd.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,403,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,493,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">59,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Corteva Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,755,870</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,813,160</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">57,490</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt">Nutrien Ltd.(a)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4,455,429</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4,323,248</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">10,933,769</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">11,063,408</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Energy and Energy Services &mdash; 19.9%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">11,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">APA Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">670,382</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">309,235</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">23,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Baker Hughes Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,006,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">553,380</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">43,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">BP plc, ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,713,570</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,145,090</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">26,845</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Chevron Corp.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,504,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,150,261</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">18,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">ConocoPhillips(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500,880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,306,458</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">21,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Coterra Energy Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">548,674</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">404,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">16,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Devon Energy Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">808,066</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">704,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">6,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Diamondback Energy Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">678,623</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">701,025</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">61,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Eni SpA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,086,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">855,617</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">18,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">EOG Resources Inc.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,026,152</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,625,589</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">67,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Exxon Mobil Corp.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,731,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,111,968</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">30,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Halliburton Co.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,048,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">697,535</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Hess Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">434,387</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">407,165</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">63,982</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Kinder Morgan Inc.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,280,898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,014,755</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">19,695</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Marathon Petroleum Corp.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,397,709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,260,283</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,749</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Occidental Petroleum Corp.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166,663</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">13,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">ONEOK Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">868,232</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">763,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">12,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">Phillips 66(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,341,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">884,012</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">6,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Pioneer Natural Resources Co.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,281,663</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,200,408</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">134,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Royal Dutch Shell plc, Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,298,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,952,527</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">39,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Schlumberger NV(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,698,598</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,183,025</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">21,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Suncor Energy Inc.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">841,298</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">525,630</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Sunoco LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">24,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">The Williams Companies Inc.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,294,466</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">637,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">44,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">TotalEnergies SE, ADR(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,622,388</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,176,240</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">14,000</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt">Valero Energy Corp.(a)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,451,260</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,051,540</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">40,519,905</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">29,993,916</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Food and Beverage &mdash; 2.1%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">40,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Mowi ASA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,056,544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">947,931</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">26,000</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt">Tyson Foods Inc., Cl. A(a)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,341,960</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,266,160</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,398,504</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,214,091</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Health Care &mdash; 7.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">17,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Bayer AG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">924,174</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">936,416</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">27,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">Elanco Animal Health Inc.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">947,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">766,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">6,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in">IDEXX Laboratories Inc.&dagger;(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,583,528</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,543,374</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">19,300</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt">Zoetis Inc.(a)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,898,541</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4,709,779</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">10,353,313</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">10,955,829</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market <BR>
Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">Machinery &mdash; 5.0%</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; vertical-align: top">10,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 61%; text-align: left">AGCO Corp.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,501,555</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,160,200</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">95,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">CNH Industrial NV</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,658,381</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,845,850</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">13,000</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deere &amp; Co.(a)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4,792,509</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4,457,570</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">7,952,445</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">7,463,620</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">Metals and Mining &mdash; 36.8%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">46,716</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Aclara Resources Inc.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,782</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,181</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">48,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Agnico Eagle Mines Ltd.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,181,276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,587,918</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">267,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Alamos Gold Inc., Cl. A(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,204,080</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,057,075</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">192,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>B2Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,017,025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">754,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">191,294</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Barrick Gold Corp.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,485,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,634,586</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">475,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Belo Sun Mining Corp.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">360,402</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">BHP Group Ltd., ADR(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,105,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,810,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">175,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Centamin plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253,517</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210,389</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">75,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Dundee Precious Metals Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">331,462</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">463,655</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">96,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Eldorado Gold Corp.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,258,376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">902,275</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">103,185</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Endeavour Mining plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,530,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,262,002</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">95,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Equinox Gold Corp.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">740,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">645,580</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">451,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Evolution Mining Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,229,133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,332,188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">28,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Franco-Nevada Corp.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,018,832</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,899,778</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">99,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Freeport-McMoRan Inc.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,882,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,131,270</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">62,137</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Fresnillo plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,279,735</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">750,894</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">118,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Gold Fields Ltd., ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,431,677</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,302,315</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">748,733</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Gold Road Resources Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">742,330</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">855,243</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">39,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Harmony Gold Mining Co. Ltd., ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">266,029</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,211</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">340,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Hochschild Mining plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,167,718</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">598,729</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">128,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">K92 Mining Inc.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">890,405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">727,554</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">241,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Kinross Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,809,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,405,439</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">49,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Kirkland Lake Gold Ltd.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,269,871</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,076,525</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Labrador Iron Ore Royalty Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,294</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">296,692</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">105,952</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Newcrest Mining Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,308,317</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,887,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">78,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Newmont Corp.(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,968,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,849,964</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">67,085</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Northern Dynasty Minerals Ltd.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142,578</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,883</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">461,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Northern Star Resources Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,092,185</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,156,153</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">314,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">OceanaGold Corp.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">893,858</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">547,804</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">79,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Osisko Gold Royalties Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,075,465</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">976,325</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">7,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pan American Silver Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,790</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Perseus Mining Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,878,228</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">707,179</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">62,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pretium Resources Inc.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">759,654</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">880,625</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Rio Tinto plc, ADR(a)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,163,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,347,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">5,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Royal Gold Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">632,053</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">578,655</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">63,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">SilverCrest Metals Inc.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">575,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">498,330</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">59,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">SSR Mining Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">977,332</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,044,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">39,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Victoria Gold Corp.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">468,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">439,345</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">71,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Wesdome Gold Mines Ltd.&dagger;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">751,338</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">650,591</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Westgold Resources Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</div>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">See accompanying
notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 8; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural Resources, Gold &amp; Income Trust&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Schedule of Investments (Continued)
&mdash; December 31, 2021</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Cost</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Market <BR>
Value</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">COMMON STOCKS (Continued)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Metals and Mining (Continued)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">54,550</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 61%; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Wheaton Precious Metals Corp.(a)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">2,778,570</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">2,341,832</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">78,000</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Yamana Gold Inc.</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">495,300</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">329,160</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-left: 0.125in; text-indent: -0.125in"></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">63,822,790</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">55,572,110</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Specialty Chemicals &mdash; 2.5%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">16,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">CF Industries Holdings Inc.(a)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">961,435</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,132,480</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">8,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">FMC Corp.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">965,678</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">923,076</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">43,000</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">The Mosaic Co.(a)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2,430,003</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">1,689,470</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">4,357,116</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">3,745,026</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">TOTAL COMMON STOCKS</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">141,337,842</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">122,008,000</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">RIGHTS &mdash;
    0.0%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Metals and Mining &mdash; 0.0%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">90,000</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Pan American Silver Corp., CVR&dagger;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">20,700</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">70,083</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">WARRANTS &mdash; 0.0%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Energy and Energy Services &mdash; 0.0%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">1,012</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Occidental Petroleum Corp., expire 08/03/27&dagger;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">5,009</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">12,761</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Principal <BR>
Amount</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">CONVERTIBLE CORPORATE BONDS &mdash; 0.6%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Metals and Mining &mdash; 0.6%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">200,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Fortuna Silver Mines Inc., 4.650%, 10/31/24</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">200,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">217,314</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">350,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Osisko Gold Royalties Ltd., 4.000%, 12/31/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">273,022</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">283,987</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">350,000</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Pretium Resources Inc., 2.250%, 03/15/22</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">350,000</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">352,205</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">823,022</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">853,506</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">TOTAL CONVERTIBLE CORPORATE BONDS</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">823,022</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">853,506</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">CORPORATE BONDS &mdash; 0.3%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Metals and Mining &mdash; 0.3%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">500,000</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">IAMGOLD Corp., 5.750%, 10/15/28(b)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">500,000</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">492,015</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Principal <BR>
    Amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Cost</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Market <BR>
Value</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">U.S. GOVERNMENT OBLIGATIONS &mdash; 18.2%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%; text-align: left; vertical-align: top"><FONT STYLE="font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: top; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">27,390,000</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 61%; text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">U.S. Treasury Bills, 0.005% to 0.065%&dagger;&dagger;,
    01/18/22 to 05/19/22(c)</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">27,387,269</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">27,387,063</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt"><B>TOTAL INVESTMENTS BEFORE OPTIONS WRITTEN &mdash; 100.0%</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">170,073,842</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">150,823,428</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8"><FONT STYLE="font-size: 8pt"><B>OPTIONS WRITTEN &mdash; (4.7)%</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-left: 10pt"><FONT STYLE="font-size: 8pt">(Premiums received $5,662,265)</FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(7,020,269</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8"><FONT STYLE="font-size: 8pt"><B>Other Assets and Liabilities (Net)</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(153,980</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8"><FONT STYLE="font-size: 8pt"><B>PREFERRED SHARES</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">(1,170,102 preferred shares
outstanding)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(29,252,550</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8"><FONT STYLE="font-size: 8pt"><B>NET ASSETS &mdash; COMMON SHARES</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">(18,960,489 common shares outstanding)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">114,396,629</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8"><FONT STYLE="font-size: 8pt"><B>NET ASSET VALUE PER COMMON SHARE</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">($114,396,629 &divide; 18,960,489 shares outstanding)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">6.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 191pt 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Securities,
                                         or a portion thereof, with a value of $62,243,676 were deposited with the broker as collateral
                                         for options written.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Security
                                         exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This
                                         security may be resold in transactions exempt from registration, normally to qualified
                                         institutional buyers.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">At
                                         December 31, 2021, $8,530,000 of the principal amount was pledged as collateral for options
                                         written.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.95pt"><FONT STYLE="font-size: 8pt">&dagger;</FONT></TD><TD><FONT STYLE="font-size: 8pt">Non-income producing security.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.95pt"><FONT STYLE="font-size: 8pt">&dagger;&dagger;</FONT></TD><TD><FONT STYLE="font-size: 8pt">Represents annualized
                                         yields at dates of purchase.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in; text-align: left"><FONT STYLE="font-size: 8pt">ADR</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">American
                                         Depositary Receipt</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 319.2pt 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.4in; text-align: left"><FONT STYLE="font-size: 8pt">CVR</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Contingent
                                         Value Right</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 319.2pt 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Geographic Diversification</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">% of Total <BR>
    Investments*</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Market Value</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Long Positions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%; text-align: left"><FONT STYLE="font-size: 8pt">North America</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-size: 8pt">80.2</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-size: 8pt">120,981,904</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Europe</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,732,243</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Asia/Pacific</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,296,132</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">South Africa</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,463,526</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Latin America</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.9</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">1,349,623</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total Investments &mdash; Long Positions</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">100.0</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">150,823,428</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Short Positions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">North America</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(6,728,812</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Europe</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(242,090</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Asia/Pacific</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.0</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)**</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(49,367</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total Investments &mdash; Short Positions</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(4.7</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(7,020,269</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD><FONT STYLE="font-size: 8pt">Total
                                         investments exclude options written.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD><FONT STYLE="font-size: 8pt">Amount
                                         represents greater than (0.05)%.</FONT></TD></TR></TABLE>
</div>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural Resources,
Gold &amp; Income Trust&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.2pt"><FONT STYLE="font-size: 12pt"><B>Schedule of Investments
(Continued) &mdash; December 31, 2021</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">As of December 31, 2021, options
written outstanding were as follows:</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Description</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Counterparty</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of <BR>
Contracts</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Notional <BR>
    Amount</B></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise <BR>
Price</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expiration <BR>
Date</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market<BR>
 Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">OTC Call Options Written &mdash; (2.9)%</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; text-align: left">Agnico Eagle Mines Ltd.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: left">Pershing LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">65</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="width: 7%; text-align: right">345,410</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="width: 7%; text-align: right">62.50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">01/21/22</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">268</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Agnico Eagle Mines Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">956,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">52.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,315</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Agnico Eagle Mines Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,195,650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">60.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,214</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Alamos Gold Inc., Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">499,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">8.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Alamos Gold Inc., Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">307,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">9.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,724</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Alamos Gold Inc., Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">403,725</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">8.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Alamos Gold Inc., Cl. A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">845,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">8.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">06/17/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,926</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">APA Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">99,493</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">20.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,942</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">APA Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">201,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">26.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">07/15/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,487</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Archer-Daniels-Midland Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">675,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">60.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,672</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Archer-Daniels-Midland Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">878,670</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">65.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,046</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Archer-Daniels-Midland Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">878,670</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">66.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,385</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>B2Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">510,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">4.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,741</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>B2Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">620</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">243,660</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">4.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,039</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Baker Hughes Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">192,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">29.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Baker Hughes Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">168,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">23.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,387</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Baker Hughes Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">192,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">27.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,617</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Barrick Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">465,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">20.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,528</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Barrick Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">465,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">21.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,737</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Barrick Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">868</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,649,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">21.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,758</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Barrick Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">638</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,212,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">20.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,735</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Bayer AG</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Morgan Stanley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR</FONT></TD>
    <TD STYLE="text-align: right">822,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR</FONT></TD>
    <TD STYLE="text-align: right">48.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,344</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BHP Group Ltd., ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">603,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">70.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BHP Group Ltd., ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">603,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">65.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,756</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BHP Group Ltd., ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">603,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">70.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,481</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BP plc, ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">399,450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">26.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,227</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BP plc, ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">372,820</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">30.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,870</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">BP plc, ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">372,820</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">26.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,714</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Bunge Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">933,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">87.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,051</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Bunge Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">560,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">88.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,221</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CF Industries Holdings Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">530,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">55.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118,861</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CF Industries Holdings Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">601,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">65.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,029</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Chevron Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,091,355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">102.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139,264</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Chevron Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,056,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">102.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,296</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Chevron Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">997,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">116.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,564</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CNH Industrial NV</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">680,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">16.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CNH Industrial NV</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">582,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">18.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,222</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>ConocoPhillips</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">404,208</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">65.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,925</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>ConocoPhillips</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">396,990</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">75.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,597</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>ConocoPhillips</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">505,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">80.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,954</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Corteva Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">945,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">47.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,257</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Corteva Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">945,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">45.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,950</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Corteva Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">921,960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">47.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,123</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Coterra Energy Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">199,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">24.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Coterra Energy Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">199,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">24.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,210</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deere &amp; Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,371,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">370.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,182</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Devon Energy Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">352,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">40.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,979</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Devon Energy Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">352,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">44.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,094</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Diamondback Energy Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">808,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">75.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246,771</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural Resources, Gold &amp; Income Trust&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Schedule of Investments (Continued)
&mdash; December 31, 2021</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Description</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Counterparty</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of <BR>
Contracts</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><B>Notional <BR> Amount</B></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise <BR>
Price</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expiration <BR>
Date</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market <BR>
Value</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; text-align: left">Diamondback Energy Inc.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: left">Pershing LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">25</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="width: 7%; text-align: right">269,625</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="width: 7%; text-align: right">107.50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">03/18/22</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">23,932</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Diamondback Energy Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">215,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">95.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">06/17/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,842</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Elanco Animal Health Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">255,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">34.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,975</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Energy Select Sector SPDR ETF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">249,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">57.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,343</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Eni SpA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Morgan Stanley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR</FONT></TD>
    <TD STYLE="text-align: right">244,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR</FONT></TD>
    <TD STYLE="text-align: right">11.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,506</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Eni SpA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Morgan Stanley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR</FONT></TD>
    <TD STYLE="text-align: right">244,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EUR</FONT></TD>
    <TD STYLE="text-align: right">11.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,658</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">EOG Resources Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">444,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">73.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,318</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">EOG Resources Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">666,225</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">75.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,898</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">EOG Resources Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">515,214</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">98.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,404</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Equinox Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">485</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">327,860</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">8.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,788</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Equinox Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">317,720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">9.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,125</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Exxon Mobil Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">611,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">60.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,243</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Exxon Mobil Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">703,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">61.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Exxon Mobil Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">267</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,633,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">60.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,792</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Exxon Mobil Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">458,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">62.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Exxon Mobil Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">703,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">65.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,326</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">FMC Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">714,285</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">115.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,074</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Gold Fields Ltd., ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">384,650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">10.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,784</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Gold Fields Ltd., ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">423,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">12.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,926</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Gold Fields Ltd., ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">494,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">11.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,269</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Halliburton Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">377,355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">23.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,519</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Halliburton Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">320,180</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">25.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Harmony Gold Mining Co. Ltd., ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">164,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">5.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,143</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Hess Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">111,045</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">65.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,023</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Hess Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">148,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">80.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,186</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Hess Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">148,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">80.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,609</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Kinder Morgan Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">375,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">18.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">213</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Kinder Morgan Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">356,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">17.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,853</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Kinder Morgan Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">285,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">17.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,455</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Kinross Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">557,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">6.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,632</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Kinross Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">637</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">370,097</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">6.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,129</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Kinross Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">371,840</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">6.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,986</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Kinross Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">105,742</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">6.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,348</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Kirkland Lake Gold Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">776,075</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">45.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,999</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Kirkland Lake Gold Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">170</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">713,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">43.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,376</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Kirkland Lake Gold Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">587,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">41.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,269</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Marathon Petroleum Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">383,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">62.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,058</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Marathon Petroleum Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">415,935</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">62.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,217</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Marathon Petroleum Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">383,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">70.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,585</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Mowi ASA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Morgan Stanley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NOK</FONT></TD>
    <TD STYLE="text-align: right">4,199,044</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NOK</FONT></TD>
    <TD STYLE="text-align: right">233.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,563</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Mowi ASA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Morgan Stanley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NOK</FONT></TD>
    <TD STYLE="text-align: right">4,174,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NOK</FONT></TD>
    <TD STYLE="text-align: right">225.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,154</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Newcrest Mining Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Morgan Stanley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUD</FONT></TD>
    <TD STYLE="text-align: right">212,976</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUD</FONT></TD>
    <TD STYLE="text-align: right">27.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/20/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Newcrest Mining Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Morgan Stanley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUD</FONT></TD>
    <TD STYLE="text-align: right">1,040,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUD</FONT></TD>
    <TD STYLE="text-align: right">25.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/17/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,346</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Newcrest Mining Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Morgan Stanley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUD</FONT></TD>
    <TD STYLE="text-align: right">856,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUD</FONT></TD>
    <TD STYLE="text-align: right">26.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/17/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,334</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Newmont Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,550,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">62.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,559</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Newmont Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,159,774</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">60.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,879</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Newmont Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,364,440</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">60.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,896</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Newmont Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">775,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">64.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,726</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Northern Star Resources Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Morgan Stanley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUD</FONT></TD>
    <TD STYLE="text-align: right">1,082,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AUD</FONT></TD>
    <TD STYLE="text-align: right">10.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/17/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,453</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Nutrien Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,466,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">60.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">298,579</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Nutrien Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,504,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">72.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,948</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Nutrien Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Pershing LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,353,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">75.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,379</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural Resources, Gold &amp; Income Trust</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Schedule of Investments (Continued)
&mdash; December 31, 2021</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Description</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Counterparty</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number of <BR>
Contracts</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Notional <BR>
    Amount</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Exercise <BR>
Price</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Expiration <BR>
Date</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Market <BR>
Value</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; text-align: left"><FONT STYLE="font-size: 8pt">ONEOK Inc.</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">42</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">246,792</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">55.00</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">17,653</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">ONEOK Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">264,420</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">67.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,243</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">ONEOK Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">43</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">252,668</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">67.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">04/14/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,854</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Osisko Gold Royalties Ltd.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">367,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,480</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Osisko Gold Royalties Ltd.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">217</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">265,825</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19,983</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Osisko Gold Royalties Ltd.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">280</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">343,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">04/14/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,627</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pan American Silver Corp.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">70</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">174,790</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,144</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Phillips 66</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">289,840</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">80.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">856</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Phillips 66</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">289,840</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">75.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,970</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Phillips 66</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">289,840</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">82.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,951</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pioneer Natural Resources Co.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">454,700</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">160.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56,840</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pioneer Natural Resources Co.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">400,136</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">200.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,452</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Rio Tinto plc, ADR</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">160</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,071,040</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">72.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,898</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Rio Tinto plc, ADR</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">170</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,137,980</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">72.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,196</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Rio Tinto plc, ADR</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">170</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,137,980</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">70.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,186</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Royal Dutch Shell plc, Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Morgan Stanley</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GBP</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">810,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GBp</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1600.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">36,246</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Royal Dutch Shell plc, Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Morgan Stanley</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GBP</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">648,720</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GBp</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1500.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">72,651</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Royal Dutch Shell plc, Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Morgan Stanley</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GBP</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">729,810</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GBp</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1650.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">31,968</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Royal Gold Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">55</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">578,655</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">110.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,214</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Schlumberger NV</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">130</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">389,350</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,684</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Schlumberger NV</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">135</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">404,325</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,673</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Schlumberger NV</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">130</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">389,350</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">04/14/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,207</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">SSR Mining Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">340</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">601,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,216</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">SSR Mining Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">442,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,898</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Suncor Energy Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">75</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">187,725</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27,124</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Suncor Energy Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">75</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">187,725</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,753</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Suncor Energy Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">75</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">187,725</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,779</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Sunoco LP</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">204,150</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29,324</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">The Williams Companies Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">299,460</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,429</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">The Williams Companies Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">48</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">124,992</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,082</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">The Williams Companies Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">82</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">213,528</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,191</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">TotalEnergies SE, ADR</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">150</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">741,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">47.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">41,626</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">TotalEnergies SE, ADR</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">568,790</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">52.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,959</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">TotalEnergies SE, ADR</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">175</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">865,550</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">55.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,851</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Tyson Foods Inc., Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">130</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,133,080</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">88.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/28/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,708</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Tyson Foods Inc., Cl. A</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">130</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,133,080</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">88.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">36,662</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Valero Energy Corp.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">450,660</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">70.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">36,768</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Valero Energy Corp.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">300,440</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">75.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,586</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Valero Energy Corp.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">300,440</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">75.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">04/14/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19,684</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VanEck Vectors Gold Miners ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">405</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,297,215</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">04/14/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">79,464</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Wheaton Precious Metals Corp.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">286</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,227,798</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">42.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">67,128</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Wheaton Precious Metals Corp.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">260</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,116,180</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">44.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">51,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Yamana Gold Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">168,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,619</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Yamana Gold Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">380</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">160,360</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,761</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Zoetis Inc.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">414,851</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">240.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">19,513</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">TOTAL OTC CALL OPTIONS WRITTEN</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt double; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt double; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">4,427,079</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">OTC Put Options Written &mdash; (0.0)%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Energy Select Sector SPDR ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">475</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,636,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">41.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">924</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">TOTAL OTC PUT OPTIONS WRITTEN</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 1pt double; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-top: Black 1pt double; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">924</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural Resources, Gold &amp; Income Trust</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Schedule of Investments (Continued)
&mdash; December 31, 2021</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Description</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of <BR>
Contracts</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Notional <BR> Amount</B></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise <BR>
Price</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expiration <BR>
Date</TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market <BR>
Value</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Exchange Traded Call Options Written &mdash; (1.7)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%; text-align: left">AGCO Corp.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="width: 7%; text-align: right">580,100</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="width: 7%; text-align: right">145.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">01/21/22</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">24,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">AGCO Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">580,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">145.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CNH Industrial NV</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">582,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">17.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deere &amp; Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,714,450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">360.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deere &amp; Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,371,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">350.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Dundee Precious Metals Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">293,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">8.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,894</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Dundee Precious Metals Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">293,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">8.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,411</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Elanco Animal Health Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">255,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">35.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,700</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Elanco Animal Health Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">255,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">35.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Eldorado Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">336,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">11.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,320</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Eldorado Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">336,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">10.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Eldorado Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">229,075</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">10.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,925</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Endeavour Mining plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">1,386,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">33.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Endeavour Mining plc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">1,386,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">31.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,610</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Energy Select Sector SPDR ETF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">222,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">56.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Energy Select Sector SPDR ETF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">222,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">56.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,760</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">FMC Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">208,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">100.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,190</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Franco-Nevada Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">2,378,588</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">135.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,880</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Franco-Nevada Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,521,190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">150.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Freeport-McMoRan Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,544,010</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">35.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,890</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Freeport-McMoRan Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,251,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">40.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Freeport-McMoRan Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,335,360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">40.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,040</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">IDEXX Laboratories Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,514,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">670.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,520</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">IDEXX Laboratories Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,514,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">670.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">IDEXX Laboratories Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,514,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">690.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">04/14/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,020</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">K92 Mining Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">460,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">8.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,854</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">K92 Mining Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">650</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">467,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">8.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">06/17/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,124</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Occidental Petroleum Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">165,243</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">35.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">OceanaGold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">330,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">2.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,929</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">OceanaGold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">330,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">2.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,230</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Pretium Resources Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">528,375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">11.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Pretium Resources Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">352,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">12.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SilverCrest Metals Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">249,165</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">10.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,560</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SilverCrest Metals Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">249,165</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">10.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">05/20/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,490</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">The Mosaic Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">550,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">32.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">The Mosaic Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">550,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">40.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,440</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">The Mosaic Co.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">589,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">35.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,950</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">VanEck Vectors Gold Miners ETF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">960,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">32.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">VanEck Vectors Gold Miners ETF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">445</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,425,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">32.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/04/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,108</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">VanEck Vectors Gold Miners ETF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,297,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">34.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,085</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">VanEck Vectors Gold Miners ETF</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">960,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">34.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Victoria Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">277,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">17.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,619</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Victoria Gold Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">277,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">17.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,322</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Wesdome Gold Mines Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">230,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">12.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,976</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Wesdome Gold Mines Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">178,405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">12.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,676</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Wesdome Gold Mines Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">414,360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CAD</FONT></TD>
    <TD STYLE="text-align: right">13.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">03/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,411</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Zoetis Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">2,342,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">195.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01/21/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">471,840</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Zoetis Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">1,952,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right">200.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">02/18/22</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">352,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL EXCHANGE TRADED CALL OPTIONS WRITTEN</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">2,468,404</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural Resources, Gold &amp; Income Trust&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Schedule of Investments (Continued)
&mdash; December 31, 2021</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Description</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number
    of <BR>
    Contracts</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Notional <BR>
    Amount</B></FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Exercise
    <BR>
    Price</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Expiration
    <BR>
    Date</FONT></TD><TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Market
    <BR>
    Value</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Exchange Traded Put Options Written &mdash; (0.1)%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%; text-align: left"><FONT STYLE="font-size: 8pt">Energy Select Sector SPDR ETF</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">230</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">1,276,500</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">48.00</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">10,350</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Energy Select Sector SPDR ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">245</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,359,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,308</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">iShares Global Clean Energy ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">370</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">783,290</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,540</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">iShares Global Clean Energy ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">340</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">719,780</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">NextEra Energy Partners LP</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">70</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">590,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">70.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">SPDR S&amp;P 500 ETF Trust</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">949,920</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">400.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">540</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">SPDR S&amp;P 500 ETF Trust</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">949,920</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">400.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Utilities Select Sector SPDR Fund</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">130</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">930,540</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">67.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Utilities Select Sector SPDR Fund</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">130</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">930,540</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">67.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,620</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VanEck Agribusiness ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">477,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">85.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VanEck Agribusiness ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">477,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">89.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VanEck Agribusiness ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">477,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">85.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VanEck Agribusiness ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">477,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">89.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,375</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VanEck Vectors Gold Miners ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">69</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">221,007</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">01/21/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">414</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VanEck Vectors Gold Miners ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">275</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">880,825</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">02/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,025</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">VanEck Vectors Gold Miners ETF</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">810</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,594,430</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">USD</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">03/18/22</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">11,340</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">TOTAL EXCHANGE TRADED
    PUT OPTIONS WRITTEN</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">123,862</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">TOTAL OPTIONS WRITTEN</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">7,020,269</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Statement of Assets and Liabilities &nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>December 31, 2021 </B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Assets:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 87%; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Investments
    in securities, at value (cost $170,073,842)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">150,823,428</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Cash</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">516,130</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Deposit at brokers</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">662,181</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Receivable for investments
    in securities sold</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">142,984</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Dividends and interest
    receivable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">184,029</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Deferred offering expense</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">83,353</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Prepaid expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">354</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total
    Assets</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">152,412,459</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Liabilities:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Options written, at
    value (premiums received $5,662,265)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,020,269</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Payable to broker</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">222,543</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Foreign currency overdraft,
    at value (cost $3,022)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,022</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Distributions payable</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,127</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Payable for investment
    securities purchased</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,101,923</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Payable for investment
    advisory fees</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">119,327</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Payable for payroll
    expenses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">54,930</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Payable for accounting
    fees</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Other accrued expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">216,389</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total
    Liabilities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">8,763,280</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Preferred Shares
    $0.001 par value, unlimited number of shares authorized:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Series A Cumulative
    Preferred Shares (5.200%, $25 liquidation value, 1,170,102 shares authorized with 1,170,102 shares outstanding)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">29,252,550</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Net
    Assets Attributable to Common Shareholders</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">114,396,629</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net
    Assets Attributable to Common Shareholders Consist of:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Paid-in capital</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">228,671,691</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total accumulated loss</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(114,275,062</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Net
    Assets</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">114,396,629</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net Asset Value per
    Common Share:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">($114,396,629 &divide; 18,960,489 shares
    outstanding at $0.001 par value; unlimited number of shares authorized)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">6.03</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

</div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Statement of Operations </B>&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>For the Year Ended December 31, 2021 </B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investment Income:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 87%; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Dividends (net of foreign withholding taxes of $166,265)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,512,288</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">68,830</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Total Investment Income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,581,118</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">Expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Investment advisory fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,435,297</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Payroll expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158,678</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Legal and audit fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,552</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Shareholder communications expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,395</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Trustees&rsquo; fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,552</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Accounting fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Shareholder services fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,285</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Custodian fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Dividend expense on securities sold short</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,518</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Service fees for securities sold short (See Note 2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,524</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">704</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Miscellaneous expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">76,653</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Total Expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,063,026</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">Less:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.375in; text-indent: -0.125in">Expenses paid indirectly by broker (See Note 5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,609</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Net Expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,061,417</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Net Investment Income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,519,701</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Net Realized and Unrealized
    Gain/(Loss) on Investments in Securities, Securities Sold Short, Written Options and Foreign Currency:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net realized loss on investments in securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,938,034</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net realized loss on securities sold short</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,857</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net realized gain on written options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,266,707</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Net realized loss on foreign currency transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(31,428</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Net realized gain on investments in securities, securities sold short, written options and foreign currency transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">5,279,388</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in">Net change in unrealized appreciation/depreciation: on investments in securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,997,136</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.375in; text-indent: -0.125in">on written options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">910,047</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.375in; text-indent: -0.125in; padding-bottom: 1pt">on foreign currency translations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(184</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Net change in unrealized appreciation/depreciation on investments in securities, written options and foreign currency translations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,906,999</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Net Realized and Unrealized Gain/(Loss) on Investments in Securities, Securities Sold Short, Written Options and Foreign Currency</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">8,186,387</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Net Increase in Net Assets Resulting from Operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">9,706,088</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt">Total Distributions to Preferred Shareholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,521,133</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt">Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">8,184,955</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

</div>
<BR CLEAR="ALL"><BR>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 106.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Statement of Changes in Net Assets Attributable to Common
Shareholders </B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD COLSPAN="4" STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Year Ended</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD COLSPAN="4" STYLE="font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Year Ended</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD COLSPAN="4" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December 31, 2021</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD COLSPAN="4" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December 31, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Operations:</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net investment income</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">1,519,701</FONT></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-size: 8pt">531,956</FONT></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net realized gain on investments in securities, securities sold
    short, written options and foreign currency transactions</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,279,388</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,877,726</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net change in unrealized appreciation/depreciation on investments
    in securities, written options and foreign currency translations</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2,906,999</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(8,688,040</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net Increase in Net Assets Resulting from Operations</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">9,706,088</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">5,721,642</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Distributions to Preferred Shareholders:</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Accumulated earnings</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,448,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,067,709</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Return of capital</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(73,033</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(454,406</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total Distributions to Preferred Shareholders</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1,521,133</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1,522,115</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net Increase in Net Assets Attributable to Common
    Shareholders Resulting from Operations</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">8,184,955</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">4,199,527</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Distributions to Common Shareholders:</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Return of capital</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(6,890,575</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(9,924,203</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total Distributions to Common Shareholders</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(6,890,575</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(9,924,203</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Fund Share Transactions:</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net increase in net assets from common shares issued upon reinvestment
    of distributions.</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">82,569</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net decrease from repurchase of common shares</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(4,517,773</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(5,416,574</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net increase in net assets from repurchase of preferred shares</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">9,267</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net Decrease in Net Assets from Fund Share Transactions</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(4,517,773</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(5,324,738</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net Decrease in Net Assets Attributable to Common
    Shareholders</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(3,223,393</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(11,049,414</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net Assets Attributable to Common Shareholders:</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Beginning of year</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">117,620,022</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">128,669,436</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">End of year</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">114,396,629</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">117,620,022</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.15in 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural Resources,
Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.15in 0pt 0"><FONT STYLE="font-size: 12pt"><B>Financial Highlights
</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.15in 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Selected data for a common share
of beneficial interest outstanding throughout each year:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Year Ended December 31,</B></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2021</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2020</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2017</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Operating
    Performance:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net asset
    value, beginning of year</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">5.93</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">6.16</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">5.72</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">7.11</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">7.14</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net investment income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.06</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net realized and unrealized
    gain/(loss) on investments and foreign currency transactions</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.46</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.26</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">1.08</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.78</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.59</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total from investment
    operations</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.54</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.28</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">1.11</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.72</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.64</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Distributions
    to Preferred Shareholders: (a)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net investment
    income</FONT> </TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.06</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Return of capital</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.00</FONT></TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)(b)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.02</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.02</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.01</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total distributions
    to preferred shareholders</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.08</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.07</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.07</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.07</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.01</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net
    Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.46</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.21</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">1.04</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.79</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.63</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Distributions
    to Common Shareholders:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net investment income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.06</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net realized gain</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Return of capital</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.36</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.48</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.60</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.60</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.54</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total distributions
    to common shareholders</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.36</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.48</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.60</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.60</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.60</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Fund Share Transactions:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Increase in net asset
    value from common share transactions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(b)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Increase in net asset
    value from repurchase of common shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Increase in net asset
    value from repurchase of preferred shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00</FONT></TD><TD STYLE="text-align: left; white-space: nowrap"><FONT STYLE="font-size: 8pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Offering costs for
    preferred shares charged to paid-in capital</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.06</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total Fund share transactions</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.03</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.04</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.00</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(b)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.00</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt; white-space: nowrap"><FONT STYLE="font-size: 8pt">(b)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.06</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Net
    Asset Value Attributable to Common Shareholders, End of Year</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">6.03</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">5.93</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">6.16</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">5.72</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">7.11</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">NAV total return &dagger;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">7.94</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">5.22</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">19.04</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(11.75</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">8.29</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Market value, end of year</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">5.35</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">5.11</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">5.96</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">4.95</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">6.71</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Investment total return
    &dagger;&dagger;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">12.01</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(5.56</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">33.64</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(18.56</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">9.59</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Ratios
    to Average Net Assets and Supplemental Data:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net assets including
    liquidation value of preferred shares, end of year (in 000&rsquo;s)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">143,649</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">146,873</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">158,002</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">149,051</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">178,668</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net assets attributable
    to common shares, end of year (in 000&rsquo;s)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">114,397</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">117,620</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">128,669</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">119,466</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">148,668</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Ratio of net investment
    income to average net assets attributable to common shares before preferred distributions</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.46</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.93</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.74</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Ratio of operating
    expenses to average net assets attributable to common shares (c)(d)(e)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.80</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.94</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.72</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.68</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.38</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Portfolio turnover
    rate</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">109</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">95</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">109</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">167</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">238</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Cumulative Preferred
    Shares:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">5.200%
    Series A Preferred(f)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Liquidation value,
    end of year (in 000&rsquo;s)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29,253</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29,253</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29,333</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">29,585</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">30,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Total shares outstanding
    (in 000&rsquo;s)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,170</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,170</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,173</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,183</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Liquidation preference per share</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Average market value (g)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25.87</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25.44</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23.56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24.92</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Asset coverage per share</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">122.77</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">125.52</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">134.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">125.95</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">148.89</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Asset
    Coverage</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">491</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">502</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">539</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">504</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">596</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-size: 8pt">&dagger;</FONT></TD><TD><FONT STYLE="font-size: 8pt">Based
                                         on net asset value per share, adjusted for reinvestment of distributions at the net asset
                                         value per share on the ex-dividend dates.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"><FONT STYLE="font-size: 8pt">&dagger;&dagger;</FONT></TD><TD><FONT STYLE="font-size: 8pt">Based
                                         on market value per share, adjusted for reinvestment of distributions at prices obtained
                                         under the Fund&rsquo;s dividend reinvestment plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 158.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 158.5pt"></P>

<!-- Field: Page; Sequence: 17; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 158.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.15in 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural Resources,
Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.15in 0pt 0"><FONT STYLE="font-size: 12pt"><B>Financial Highlights
(Continued)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.15in 0pt 0"><FONT STYLE="font-size: 12pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 2.15in 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Calculated
                                         based on average common shares outstanding on the record dates throughout the years.
                                         (b) Amount represents less than $0.005 per share.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The
                                         Fund received credits from a designated broker who agreed to pay certain Fund operating
                                         expenses. For all years presented, there was no impact on the expense ratios.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Ratio
                                         of operating expenses to average net assets attributable to common shares excluding interest
                                         and dividend expense and service fees on securities sold short for the years ended December
                                         31, 2021, 2020, 2019, 2018, and 2017 was 1.79%, 1.88%, 1.69%, 1.67%, and 1.36%, respectively,
                                         and 1.42%, 1.50%, 1.36%, 1.37%, and 1.31% including liquidation value of preferred shares
                                         for the years ended December 31, 2021, 2020, 2019, 2018, and 2017.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Ratio
                                         of operating expenses to average net assets including liquidation value of preferred
                                         shares for the years ended December 31, 2021, 2020, 2019, 2018, and 2017 would have been
                                         1.43%, 1.55%, 1.39%, 1.38%, and 1.33%, respectively.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The
                                         5.200% Series A was issued October 26, 2017. </FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Based
                                         on weekly prices.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 255.65pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust <BR>
Notes to Financial Statements </B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>1. Organization. </B>The GAMCO Natural Resources,
Gold &amp; Income Trust (the Fund) is a non-diversified closed-end management investment company organized as a Delaware statutory
trust on June 26, 2008 and registered under the Investment Company Act of 1940, as amended (the 1940 Act). Investment operations
commenced on January 27, 2011.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s primary investment objective
is to provide a high level of current income from interest, dividends, and option premiums. The Fund&rsquo;s secondary investment
objective is to seek capital appreciation consistent with the Fund&rsquo;s strategy and its primary objective. The Fund will attempt
to achieve its objectives, under normal market conditions, by investing at least 80% of its assets in equity securities of companies
principally engaged in the natural resources and gold industries. As part of its investment strategy, the Fund intends to generate
current income from short term gains through an option strategy of writing (selling) covered call options of the equity securities
in its portfolio. The Fund may invest in the securities of companies located anywhere in the world.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund may invest a high percentage of its
assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Fund may
be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative,
and may experience increased volatility to the Fund&rsquo;s NAV and a magnified effect in its total return.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #1D1D1B"><B>2. Significant Accounting Policies</B></FONT><B><FONT STYLE="color: #12110C">.
</FONT></B><FONT STYLE="color: #12110C">As an investment company, the Fund follows the investment company accounting and reporting
guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates
and assumptions in the preparation of its financial statements. Actual results could differ from those estimates. The following
is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The global outbreak of the novel coronavirus
disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations, regions, and the markets in general,
and may continue for an unpredictable duration. The effects of this pandemic may materially impact the value and performance of
the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve its investment objectives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #1D1D1B"><B><I>Security Valuation. </I></B></FONT><FONT STYLE="color: #12110C">Portfolio
securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which
market quotations are readily available are valued at the last quoted sale price or a market&rsquo;s official closing price as
of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at
the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued
at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently
available price or, if the Board of Trustees (the Board) so determines, by such other method as the Board shall determine in good
faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are
valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Portfolio securities primarily
traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but
may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of
the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market
quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted
on such day,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 19; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to Financial
Statements (Continued)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 152.05pt 0pt 2.8pt"><FONT STYLE="font-size: 12pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 152.05pt 0pt 2.8pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">the securities are valued using
the closing bid price, unless the Board determines such amount does not reflect the securities&rsquo; fair value, in which case
these securities will be fair valued as determined by the Board. Certain securities are valued principally using dealer quotations.
Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract
is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received
from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers
in the instrument in question by the Adviser.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Securities and assets for which market quotations are
not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but
are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with
the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent
U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information
that could be indicative of the value of the security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The inputs and valuation techniques
used to measure fair value of the Fund&rsquo;s investments are summarized into three levels as described in the hierarchy below:&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">Level 1 &mdash; quoted prices in active markets for identical
securities;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 74.3pt 0pt 0; text-indent: 20.8pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">Level 2 &mdash; other significant observable inputs (including
quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and </TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 74.3pt 0pt 0; text-indent: 20.8pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">Level 3 &mdash; significant unobservable inputs (including the Board&rsquo;s determinations as to the fair value of investments).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 74.3pt 0pt 0; text-indent: 20.8pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">A financial instrument&rsquo;s level within the
fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the
fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated
with investing in those securities. The summary of the Fund&rsquo;s investments in securities and other financial instruments by
inputs used to value the Fund&rsquo;s investments as of December 31, 2021 is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 20; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to Financial
Statements (Continued)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 154.85pt 0pt 0"><FONT STYLE="font-size: 12pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 154.85pt 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Valuation Inputs</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Level 1<BR> Quoted Prices</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 8pt">Level 2 Other <BR> Significant
    <BR> Observable Inputs</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 8pt">Total Market Value <BR> at 12/31/21</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">INVESTMENTS IN SECURITIES:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">ASSETS (Market Value):</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; text-align: left"><FONT STYLE="font-size: 8pt">Common Stocks (a)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">122,008,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt">122,008,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Rights (a)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">70,083</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">70,083</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Warrants (a)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,761</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,761</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Convertible Corporate Bonds (a)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">853,506</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">853,506</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Corporate Bonds (a)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">492,015</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">492,015</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">U.S. Government Obligations</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">27,387,063</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">27,387,063</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">TOTAL INVESTMENTS IN SECURITIES &ndash; ASSETS</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">122,090,844</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">28,732,584</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">150,823,428</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">INVESTMENTS IN SECURITIES:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">LIABILITIES (Market Value):</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 8pt">Equity Contracts</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 8pt">Call Options Written</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1,415,561</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(5,479,922</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(6,895,483</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; padding-left: 20pt"><FONT STYLE="font-size: 8pt">Put Options Written</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(58,129</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(66,657</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(124,786</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">TOTAL INVESTMENTS IN SECURITIES - LIABLITIES</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1,473,690</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(5,546,579</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(7,020,269</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.85pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.85pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Please
                                         refer to the Schedule of Investments (SOI) for the industry classifications of these
                                         portfolio holdings.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">There were no Level 3 investments at December 31,
2021 or December 31, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Additional Information to Evaluate Qualitative
Information.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>General.</I></B>
The Fund uses recognized industry pricing services &ndash; approved by the Board and unaffiliated with the Adviser &ndash; to
value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other
recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international
equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately
sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources
are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the
pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades
that security or similar securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 14.85pt; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B><I>Fair Valuation.</I></B>
Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate,
Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or
for which current bids are not available, or which are restricted as to transfer. When fair valuing a security, factors to consider
include recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the
use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors
do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"></P>

<!-- Field: Page; Sequence: 21; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust <BR>
Notes to Financial Statements (Continued)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Adviser reports quarterly to the Board
the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in
subsequent trades of these fair valued securities to fair values previously recognized.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Derivative Financial Instruments.</I></B>
The Fund may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes
of increasing the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities
it intends to purchase, or hedging against a specific transaction with respect to either the currency in which the transaction
is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options,
futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market
risks. Losses may arise if the Adviser&rsquo;s prediction of movements in the direction of the securities, foreign currency, and
interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or,
in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to
it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks.
Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would
not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative
impact on the Fund&rsquo;s ability to pay distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Collateral requirements differ by type of
derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded derivatives, while collateral
terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations of the Fund under
derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose will be reported
separately in the Statement of Assets and Liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s policy with respect to
offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master agreement does
not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities
across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s derivative contracts held at December 31, 2021,
if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with
the related counterparty.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"><B><I>Options.</I></B> The Fund may purchase or write call or
put options on securities or indices for the purpose of increasing the income of the Fund. As a writer of put options, the Fund
receives a premium at the outset and then bears the risk of unfavorable changes in the price of the financial instrument underlying
the option. The Fund would incur a loss if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of the premium, if the price of the financial instrument increases between
those dates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As a purchaser of put options, the Fund
pays a premium for the right to sell to the seller of the put option the underlying security at a specified price. The seller of
the put has the obligation to purchase the underlying security upon exercise at the exercise price. If the price of the underlying
security declines, the Fund would realize a gain upon sale or exercise. If the price of the underlying security increases or stays
the same, the Fund would realize a loss upon sale or at the expiration date, but only to the extent of the premium paid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 22; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to Financial
Statements (Continued)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If a written call option is exercised, the
premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain
or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In the case of call options,
the exercise prices are referred to as &ldquo;in-the-money,&rdquo; &ldquo;at-the-money,&rdquo; and &ldquo;out-of-the-money,&rdquo;
respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price of the underlying security
will remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of
the underlying security will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-money call
options when the Adviser expects that the premiums received from writing the call option will be greater than the appreciation
in the price of the underlying security above the exercise price. By writing a call option, the Fund limits its opportunity to
profit from any increase in the market value of the underlying security above the exercise price of the option. Out-of-the-money,
at-the-money, and in-the-money put options (the reverse of call options as to the relation of exercise price to market price) may
be utilized in the same market environments that such call options are used in equivalent transactions. Option positions at December
31, 2021 are reflected within the Schedule of Investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund&rsquo;s volume of activity in equity options contracts
during the year ended December 31, 2021 had an average monthly market value of approximately $8,718,702.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">At December 31, 2021, the Fund&rsquo;s derivative liabilities
(by type) are as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross Amounts
    of</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gross Amounts</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Recognized Liabilities</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Available for</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net Amounts of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Presented in the</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Offset in the</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Liabilities Presented
    in</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Statement of</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Statement of Assets</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">the Statement of</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assets and Liabilities</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">and Liabilities</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assets and Liabilities</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OTC Equity Written Options</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4,428,003</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4,428,003</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table presents the Fund&rsquo;s derivative liabilities
by counterparty net of the related collateral segregated by the Fund for the benefit of the counterparty as of December 31, 2021:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">Net Amounts Not Offset in the Statement of</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="12" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assets
    and Liabilities</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net Amounts of</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Liabilities Presented in</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">the Statement of</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Securities Pledged</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash Collateral</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Assets and Liabilities</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">as Collateral</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Pledged</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net
                                         Amount</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Counterparty</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; text-align: left"><FONT STYLE="font-size: 8pt">Pershing LLC</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-size: 8pt">$4,136,546</FONT></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-size: 8pt">$(4,136,546</FONT></TD><TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Morgan Stanley</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">291,457</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(291,457</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$4,428,003</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$(4,428,003</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, the value of equity options written
can be found in the Statement of Assets and Liabilities, under Liabilities, options written, at value. For the year ended December
31, 2021, the effect of equity options written can be found in the Statement of Operations under Net Realized and Unrealized Gain/(Loss)
on Investments, Securities Sold Short, Written Options, and Foreign Currency, within Net realized gain on written options, and
Net change in unrealized appreciation/(depreciation) on written options.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Limitations on the Purchase and Sale of Futures Contracts,
Certain Options, and Swaps.</I></B> Subject to the guidelines of the Board, the Fund may engage in &ldquo;commodity interest&rdquo;
transactions (generally, transactions in</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 23; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to Financial
Statements (Continued)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">futures, certain options, certain currency
transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance with the
rules and regulations of the Commodity Futures Trading Commission (CFTC). Pursuant to amendments by the CFTC to Rule 4.5 under
the Commodity Exchange Act (CEA), the Adviser has filed a notice of exemption from registration as a &ldquo;commodity pool operator&rdquo;
with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a commodity pool
operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund which permit the Fund to engage
in commodity interest transactions that include (i) &ldquo;bona fide hedging&rdquo; transactions, as that term is defined and
interpreted by the CFTC and its staff, without regard to the percentage of the Fund&rsquo;s assets committed to margin and options
premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions
if, immediately thereafter, either (a) the sum of the amount of initial margin deposits on the Fund&rsquo;s existing futures positions
or swaps positions and option or swaption premiums would exceed 5% of the market value of the Fund&rsquo;s liquidating value,
after taking into account unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional
value of the Fund&rsquo;s commodity interest transactions would not exceed 100% of the market value of the Fund&rsquo;s liquidating
value, after taking into account unrealized profits and unrealized losses on any such transactions. Therefore, in order to claim
the Rule 4.5 exemption, the Fund is limited in its ability to invest in commodity futures, options, and certain types of swaps
(including securities futures, broad based stock index futures, and financial futures contracts). As a result, in the future the
Fund will be more limited in its ability to use these instruments than in the past, and these limitations may have a negative
impact on the ability of the Adviser to manage the Fund, and on the Fund&rsquo;s performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Securities Sold Short.</I></B> The
Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be owned and, at times,
borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities at a later
date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to the
extent of the difference between the proceeds received and the value of an open short position on the day of determination. The
Fund records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market
risk of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the
Fund on the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value
of the open positions, which is adjusted periodically as the value of the position fluctuates. For the year ended December 31,
2021, the Fund incurred $4,524 in service fees related to its investment positions sold short and held by the broker. These amounts
are included in the Statement of Operations under Expenses, Service fees for securities sold short.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Investments in Other Investment Companies.
</I></B>The Fund may invest, from time to time, in shares of other investment companies (or entities that would be considered
investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the Acquired Funds)
in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic expenses
of the Acquired Funds in addition to the Fund&rsquo;s expenses. For the year ended December 31, 2021, the Fund&rsquo;s pro rata
portion of the periodic expenses charged by the Acquired Funds was less than 1 basis point.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign Currency Translations.</I></B>
The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities
are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses
are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result
from changes</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 24; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to Financial
Statements (Continued)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">in foreign exchange rates and/or changes in market prices of
securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized
foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade
date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts
of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency
gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date
is included in realized gain/(loss) on investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign Securities.</I></B> The Fund may directly purchase
securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with
investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds,
less complete financial information about companies, and possible future adverse political and economic developments. Moreover,
securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable
U.S. issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign Taxes.</I></B> The Fund may be subject to foreign
taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such
taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets
in which it invests.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Restricted Securities.</I></B> The Fund may invest up to
15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition
is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results
in higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on
national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar
securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under
special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued
liquidity of such securities is not as well assured as that of publicly traded securities, and accordingly the Board will monitor
their liquidity. At December 31, 2021, the Fund did not hold any restricted securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Securities Transactions and Investment Income.</I></B>
Securities transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified
cost method. Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums
and discounts on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date,
if applicable. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are
recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Custodian Fee Credits and Interest
Expense.</I></B> When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian
fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with
the corresponding expense offset, if any, shown as &ldquo;Custodian fee credits.&rdquo; When cash balances are overdrawn, the Fund
is charged an overdraft fee of 110% of the 90 day U.S. Treasury Bill rate on outstanding balances. This amount, if any, would be
included in the Statement of Operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 25; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to Financial
Statements (Continued)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Distributions to Shareholders</I></B>.
Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and
capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as
determined under GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities
and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by
the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency
transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent,
adjustments are made to the appropriate capital accounts in the period when the differences arise. Permanent differences were primarily
due to the tax treatment of currency gains and losses and capitalized dividends on securities sold short. These reclassifications
have no impact on the NAV of the Fund. For the year ended December 31, 2021, reclassifications were made to decrease paid-in capital
by $85,770, with an offsetting adjustment to total accumulated loss.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund declares and pays monthly distributions
from net investment income, capital gains, and paid-in capital. The actual source of the distribution is determined after the end
of the year. Distributions during the year may be made in excess of required distributions. Distributions sourced from paid-in
capital should not be considered as dividend yield or the total return from an investment in the Fund. The Board will continue
to monitor the Fund&rsquo;s distribution level, taking into consideration the Fund&rsquo;s NAV and the financial market environment.
The Fund&rsquo;s distribution policy is subject to modification by the Board at any time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Distributions to shareholders of the Fund&rsquo;s 5.200% Series
A Cumulative Preferred Shares (Series A Preferred) are accrued on a daily basis and are determined as described in Note 5.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The tax character of distributions paid during the years ended
December 31, 2021 and 2020 was as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Year Ended</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Year Ended</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December
    31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December
    31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Common</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Preferred</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Common</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Preferred</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Distributions paid from:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; text-align: left"><FONT STYLE="font-size: 8pt">Ordinary income</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">1,448,100</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">1,067,709</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Return of capital</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">6,890,575</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">73,033</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">9,924,203</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">454,406</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total distributions paid</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">6,890,575</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">1,521,133</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">9,924,203</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">1,522,115</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><I>Provision for Income Taxes.</I></B>
The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986,
as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment
companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no
provision for federal income taxes is required.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 26; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to Financial
Statements (Continued)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">At December 31, 2021, the components of accumulated earnings/losses
on a tax basis were as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; text-align: left"><FONT STYLE="font-size: 8pt">Accumulated capital loss carryforwards</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">(85,202,554</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Net unrealized depreciation on investments, written options, and
    foreign currency translations</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(29,044,286</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other temporary differences<SUP>*</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(21,127</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Qualified late year loss
    deferrals <SUP>**</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(7,095</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(114,275,062</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.95pt"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD><FONT STYLE="font-size: 8pt">Other temporary differences are
                                         due to preferred share class distributions payable.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.95pt"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Under the current law, qualified
                                         late year losses realized after October 31 and prior to the Fund&rsquo;s year end may
                                         be elected as occurring on the first day of the following year. For the year ended December
                                         31, 2021, the Fund elected to defer $7,095 of late year ordinary losses.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At December 31, 2021, the Fund had net capital
loss carryforwards for federal income tax purposes which are available to reduce future required distributions of net capital gains
to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital losses that are carried
forward will retain their character as either short term or long term capital losses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 79%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Long term capital loss carryforward
    with no expiration </FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 18%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(85,202,554)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund utilized $5,790,812 of the capital loss carryforward
for the year ended December 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">At December 31, 2021, the temporary differences
between book basis and tax basis unrealized depreciation were primarily due to the deferral of losses from wash sales for tax purposes,
outstanding basis adjustments on partnerships, and cumulative mark-to-market adjustments on investments in passive foreign investment
companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following summarizes the tax cost of investments, written
options, and the related net unrealized depreciation at December 31, 2021:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gross</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gross</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cost/</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Unrealized</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Unrealized</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net Unrealized</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Premiums)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Appreciation</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Depreciation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Investments and other derivative instruments </FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$172,864,878</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5,006,424</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(34,050,710)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$(29,044,286)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund is required to evaluate tax positions
taken or expected to be taken in the course of preparing the Fund&rsquo;s tax returns to determine whether the tax positions are
&ldquo;more-likely-than-not&rdquo; of being sustained by the applicable tax authority. Income tax and related interest and penalties
would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the
more-likely-than-not threshold. During the year ended December 31, 2021, the Fund did not incur any income tax, interest, or penalties.
As of December 31, 2021, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund&rsquo;s
net assets or results of operations. The Fund&rsquo;s federal and state tax returns for the prior three fiscal years remain open,
subject to examination. On an ongoing basis, the Adviser will monitor the Fund&rsquo;s tax positions to determine if adjustments
to this conclusion are necessary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 27; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to Financial
Statements (Continued)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>3. Investment Advisory Agreement and
Other Transactions. </B>The Fund has entered into an investment advisory agreement (the Advisory Agreement) with the Adviser which
provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis to 1.00% of the value
of the Fund&rsquo;s average weekly net assets including the liquidation value of preferred shares. In accordance with the Advisory
Agreement, the Adviser provides a continuous investment program for the Fund&rsquo;s portfolio and oversees the administration
of all aspects of the Fund&rsquo;s business and affairs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>4. Portfolio Securities.</B> Purchases
and sales of securities during the year ended December 31, 2021, other than short term securities and U.S. Government obligations,
aggregated $140,581,332 and $144,584,220, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B>5.
Transactions with Affiliates and Other Arrangements.</B> During the year ended December 31, 2021, the Fund received credits from
a designated broker who agreed to pay certain Fund operating expenses. The amount of such expenses paid through this directed
brokerage arrangement during this period was $1,609.</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As per the approval of the Board, the Fund
compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser (although the officers may receive
incentive based variable compensation from affiliates of the Adviser). During the year ended December 31, 2021, the Fund accrued
$158,678 in Payroll expenses in the Statement of Operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund pays retainer and per meeting fees
to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit Committee Chairman. Trustees
are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors or employees of the Adviser
or an affiliated company receive no compensation or expense reimbursement from the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>6. Capital.</B> The Fund is authorized
to issue an unlimited number of common shares of beneficial interest (par value $0.001). The Board has authorized the repurchase
of its shares in the open market when the shares are trading at a discount of 10% or more (or such other percentage as the Board
may determine from time to time) from the NAV of the shares. During the years ended December 31, 2021 and December 31, 2020, the
Fund repurchased and retired 872,702 and 1,082,741, respectively, of its common shares at an investment of $4,517,773 and $5,416,574,
respectively, and an average discount of approximately 13.06% and 14.70%, respectively, from its NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Transactions in common shares of beneficial interest for the
years ended December 31, 2021 and December 31, 2020, respectively were as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Year Ended</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Year Ended</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December 31, 2021</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December 31, 2020</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Increase
    in net assets from common shares issued in offering</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">13,820</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">82,569</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net decrease from repurchase of common
    shares</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(872,702</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(4,517,773</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1,082,741</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(5,416,574</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Net decrease</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(872,702</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(4,517,773</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(1,068,921</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(5,334,005</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 154.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 154.85pt 0pt 0"></P>

<!-- Field: Page; Sequence: 28; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Notes to Financial
Statements (Continued)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Fund has an effective shelf registration authorizing the
issuance of $200 million in common or preferred shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s Declaration of Trust, as
amended, authorizes the issuance of an unlimited number of $0.001 par value Preferred Shares. On October 26, 2017, the Fund issued
1,200,000 shares of 5.200% Series A Cumulative Preferred Shares (Series A Preferred), receiving $28,851,132, after the deduction
of offering expenses of $203,868 and underwriting fees of $945,000. The Series A Preferred has a liquidation value of $25 per share,
an annual dividend rate of 5.200%, and is noncallable before October 26, 2022. The Board has authorized the repurchase of the Series
A Preferred in the open market at prices less than $25 liquidation value per share. During the year ended December 31, 2020, the
Fund repurchased and retired 3,200 of the Series A Preferred shares in the open market at an investment of $70,473 and an average
discount of approximately 11.95% from its liquidation preference, respectively. The Fund did not repurchase any Series A Preferred
Shares in 2021. At December 31, 2021, 1,170,102 shares were outstanding and accrued dividends amounted to $21,127.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Series A Preferred is senior to the
common shares and results in the financial leveraging of the common shares. Such leveraging tends to magnify both the risks and
opportunities to common shareholders. Dividends on the Series A Preferred are cumulative. The Fund is required by the 1940 Act
and by the Statement of Preferences to meet certain asset coverage tests with respect to the Series A Preferred. If the Fund fails
to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the Series
A Preferred at the redemption price of $25 per share plus an amount equal to the accumulated and unpaid dividends whether or not
declared on such shares in order to meet the requirements. Additionally, failure to meet the foregoing asset coverage requirements
could restrict the Fund&rsquo;s ability to pay dividends to common shareholders and could lead to sales of portfolio securities
at inopportune times. The income received on the Fund&rsquo;s assets may vary in a manner unrelated to the fixed rate, which could
have either a beneficial or detrimental impact on net investment income and gains available to common shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The holders of Preferred Shares generally
are entitled to one vote per share held on each matter submitted to a vote of shareholders of the Fund and will vote together
with holders of common shares as a single class. The holders of Preferred Shares voting together as a single class also have the
right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board of Trustees.
In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of the Preferred
Shares, voting as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Shares,
and the approval of two-thirds of each class, voting separately, of the Fund&rsquo;s outstanding voting shares must approve the
conversion of the Fund from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940
Act) of the outstanding Preferred Shares and a majority (as defined in the 1940 Act) of the Fund&rsquo;s outstanding voting securities
are required to approve certain other actions, including changes in the Fund&rsquo;s investment objectives or fundamental investment
policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>7. Indemnifications. </B>The Fund enters
into contracts that contain a variety of indemnifications. The Fund&rsquo;s maximum exposure under these arrangements is unknown.
However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund&rsquo;s existing
contracts and expects the risk of loss to be remote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>8. Subsequent Events.</B> Management
has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and
has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 29; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural Resources, Gold &amp; Income Trust&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Report of Independent Registered
Public Accounting Firm </B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To the Board of Trustees and Shareholders of GAMCO Natural Resources,
Gold &amp; Income Trust:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying statement
of assets and liabilities, including the schedule of investments, of GAMCO Natural Resources, Gold &amp; Income Trust (the &quot;Fund&quot;)
as of December 31, 2021, the related statement of operations for the year ended December 31, 2021, the statement of changes in
net assets attributable to common shareholders for each of the two years in the period ended December 31, 2021, including the related
notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to
as the &ldquo;financial statements&rdquo;). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes
in its net assets attributable to common shareholders for each of the two years in the period ended December 31, 2021 and the financial
highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally
accepted in the United States of America.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Basis for Opinion</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility of the Fund&rsquo;s
management. Our responsibility is to express an opinion on the Fund&rsquo;s financial statements based on our audits. We are a
public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB. </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We conducted our audits of these financial
statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess the risks
of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned
as of December 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed
other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">/s/PricewaterhouseCoopers LLP&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 353.2pt 0pt 0">New York, New York <BR>
February 28, 2022</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 353.2pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">We have served as the auditor of one or more investment companies
in the Gabelli/GAMCO Fund Complex since 1986.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 30; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Additional Fund
Information (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following includes information that is incorporated by reference
in the Fund&rsquo;s Registration Statement and is also a summary of certain changes during the most recent fiscal year ended December
31, 2021. This information may not reflect all of the changes that have occurred since you purchased shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During
the Fund&rsquo;s most recent fiscal year, there were no material changes to the Fund&rsquo;s investment objectives or policies
that have not been approved by shareholders or in the principal risk factors associated with an investment in the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>SUMMARY OF FUND EXPENSES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 165.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following includes information set forth in the Fund's Registration
Statement and is also a summary of certain changes during the most recent fiscal year ended December 31, 2021. This information
may not reflect all of the changes that have occurred since you purchased shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">During the Fund's most recent fiscal year,
there were no material changes to the Fund's investment objectives or policies that have not been approved by shareholders or in
the principal risk factors associated with an investment in the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table shows the Fund&rsquo;s
expenses as a percentage of net assets attributable to common shares. All expenses of the Fund are borne, directly or indirectly,
by the common shareholders. The table is based on the capital structure of the Fund as of December 31, 2021. The purpose of the
table and example below is to help you understand all fees and expenses that you, as a holder of common shares, would bear directly
or indirectly.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><I>Shareholder Transaction
    Expenses</I></B></FONT></TD>
    <TD STYLE="width: 19%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales Load (as a percentage of offering price)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Offering Expenses Borne by the Fund</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(as a percentage
    of offering price)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividend Reinvestment Plan Fees</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">None(b)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Annual Expenses (as a percentage of net assets</FONT><BR>
    <FONT STYLE="font-size: 8pt"><U>attributable to common shares)</U></FONT></TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap"><FONT STYLE="font-size: 8pt">Percentages of Net Assets <BR> Attributable to Common Shares</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%; text-align: left"><FONT STYLE="font-size: 8pt">Management Fees</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 8pt">1.26</FONT></TD><TD STYLE="width: 8%; text-align: left"><FONT STYLE="font-size: 8pt">% (c)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Interest on Borrowed Funds</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">-%</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"> &nbsp;(d)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Other Expenses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.55</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">% (e)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Total Annual Expenses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.81</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Dividends on Preferred Shares</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">1.33</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Total Annual Expenses and Dividends on Preferred</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">3.14</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">% (c)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">If common shares are sold to or through underwriters
or dealer managers, a prospectus or prospectus supplement will set forth any applicable sales load and the estimated offering
expense borne by the Fund.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 31; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Additional Fund
Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Shareholders participating in the Fund&rsquo;s Automatic
Dividend Reinvestment Plan do not incur any additional fees. However, shareholders participating in the Voluntary Cash Purchase
Plan that elect to make additional cash purchases under the Voluntary Cash Purchase Plan would pay a $0.75 per share fee, plus
a pro rata share of the brokerage commissions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">The Investment Adviser&rsquo;s fee is an annual rate
of 1.00% of the Fund&rsquo;s average weekly net assets. The value of the Fund&rsquo;s average weekly net assets shall be deemed
to be the average weekly value of the Fund&rsquo;s total assets minus the sum of the Fund&rsquo;s liabilities (such liabilities
do not include the aggregate liquidation preference of any outstanding preferred shares and accumulated dividends, if any, on
those shares and the outstanding principal amount of any debt securities the proceeds of which were used for investment purposes,
plus accrued and unpaid interest thereon). Consequently, if the Fund has preferred shares outstanding, the investment management
fees and other expenses as a percentage of net assets attributable to common shares may be higher than if the Fund does not utilize
a leveraged capital structure.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">The Fund has no current intention of borrowing from a
lender or issuing notes.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">(e)</TD><TD STYLE="text-align: justify">&ldquo;Other Expenses&rdquo; are based on estimated amounts
for the current year.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Example</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following example illustrates the expenses you would pay
on a $1,000 investment in common shares, assuming a 5% annual portfolio total return.*</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1 Year</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 Year</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5 Year</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>10 Year</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Expenses Incurred </FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$32</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$97</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$164</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$344</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.45pt">*</TD><TD STYLE="text-align: justify">The example should not be considered a representation of future expenses. The example is based on total
Annual Expenses and Dividends on Preferred Shares shown in the table above and assumes that the amounts set forth in the table
do not change and that all distributions are reinvested at net asset value. Actual expenses may be greater or less than those
assumed. Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the example.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><I>The example includes Dividends on Preferred
Shares. If Dividends on Preferred Shares were not included in the example calculation, the expenses for the 1-, 3-, 5- and 10-year
periods in the table above would be as follows (based on the same assumptions as above): $18, $57, $98 and $212.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>GAMCO Natural Resources, Gold &amp; Income
Trust</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Market and Net Asset Value Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 73.5pt 0pt 127.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 237.15pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s common shares are listed on the NYSE under the
trading or &ldquo;ticker&rdquo; symbol &ldquo;GNT.&rdquo; The Fund&rsquo;s Series A Preferred shares are listed on the NYSE under
the symbol &ldquo;GNT Pr A.&rdquo; The Fund&rsquo;s common shares</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 32; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Additional Fund
Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">have historically traded at a discount to the Fund&rsquo;s net
asset value. Over the past ten years, the Fund&rsquo;s common shares have traded at a premium to net asset value as high as 11.89%
and a discount as low as (33.42)%. Any additional series of fixed rate preferred shares or subscription rights issued in the future
pursuant to a Prospectus Supplement by the Fund would also likely be listed on the NYSE.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following table sets forth for the quarters
indicated, the high and low sale prices on the NYSE per share of our common shares and the net asset value and the premium or discount
from net asset value per share at which the common shares were trading, expressed as a percentage of net asset value, at each of
the high and low sale prices provided.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 5%">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Corresponding</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net
    Asset</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Corresponding</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Value</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Premium
    or</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(&ldquo;NAV&rdquo;)
    Per</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Discount
    as a %</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Market
    Price</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Share</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>of NAV</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Quarter
    Ended</U></B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Low</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>High</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Low</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 31, 2020</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.19</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.49</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.10</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3.74</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.47%</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(33.42)%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">June 30, 2020 </FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.86</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3.75</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.37</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.33</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9.49)%</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13.39)%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September 30, 2020</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.30</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.75</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.06</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.64</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12.54)%</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15.78)%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December 31, 2020 </FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.22</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.65</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.94</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.53</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12.12%</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(15.91)%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 31, 2021</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.34</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.89</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.18</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.67</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13.59)%</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13.75)%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">June 30, 2021</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.96</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.09</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.38</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.90</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6.58)%</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(13.72)%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">September 30, 2021</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.58</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.02</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.08</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.67</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8.22)%</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(11.46)%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December 31, 2021 </FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.57</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.07</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.15</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.80</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9.43)%</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(12.58)%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The last reported price for our common shares
on December 31, 2021 was $5.35 per share. As of December 31, 2021, the net asset value per share of the Fund&rsquo;s common shares
was $6.03. Accordingly, the Fund&rsquo;s common shares traded at a discount to net asset value of (11.28)% on December 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Unresolved SEC Staff Comments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Fund does not believe that there are
any material unresolved written comments, received 180 days or more before December 31, 2021 from the Staff of the SEC regarding
any of the Fund&rsquo;s periodic or current reports under the Securities Exchange Act of 1934 or the Investment Company Act of
1940, or its registration statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 33; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural
Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Additional Fund
Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 131.15pt 0pt 0"><FONT STYLE="font-size: 12pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>GAMCO Natural Resources,
Gold &amp; Income Trust&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B>Financial Highlights</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Selected data for a common share of beneficial
interest outstanding throughout each year:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year Ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2012</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Operating Performance:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net asset value, beginning of year</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">6.49</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">8.75</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">10.91</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">13.93</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">15.06</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net investment income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.06</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net realized and unrealized gain/(loss) on investments, written
    options, and foreign currency transactions</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">1.47</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1.44</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1.10</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1.58</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.44</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total from investment operations</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">1.48</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1.42</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1.08</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1.52</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.55</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Distributions to Common Shareholders:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net investment income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.01</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.02</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.06</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net realized short term gains</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(1.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net realized long term gains</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Return of capital</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.81</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.83</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1.06</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1.44</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.49</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total distributions to common shareholders</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.84</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.84</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1.08</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1.50</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(1.68</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Fund Share Transactions:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Increase/(Decrease) in net asset value from common share transactions</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.01</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.00</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(a)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(0.00</FONT></TD><TD STYLE="text-align: left; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">)(a)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.00</FONT></TD><TD STYLE="text-align: left; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">(a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Net Asset Value, End of Year</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">7.14</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">6.49</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">8.75</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">10.91</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">13.93</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">NAV total return&dagger;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">23.53</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(17.57</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(11.25</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(11.22</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">3.90</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Market value, end of year</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">6.67</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">5.73</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">8.07</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">10.02</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">13.69</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">Investment total return&dagger;&dagger;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">31.52</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(19.98</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(10.48</FONT></TD><TD STYLE="text-align: left; white-space: nowrap; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">(16.78</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">)%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 8pt">14.25</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Ratios to Average Net Assets and Supplemental
    Data:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net assets, end of year (in 000&rsquo;s)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">149,032</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">135,914</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">184,118</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">229,675</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">290,964</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Ratio of net investment income to average net assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.20</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.21</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.51</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.75</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Ratio of operating expenses excluding the effect of dividends on
    securities sold short to average net assets(b)(c)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.37</FONT></TD><TD STYLE="text-align: left; white-space: nowrap"><FONT STYLE="font-size: 8pt">%(d)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.36</FONT></TD><TD STYLE="text-align: left; white-space: nowrap"><FONT STYLE="font-size: 8pt">%(d)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.25</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.17</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Portfolio turnover rate</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">183.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">58.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">101.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">81.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">51.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
</TABLE>



<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-size: 8pt">&dagger;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Based
                                         on net asset value per share, adjusted for reinvestment of distributions at the net asset
                                         value per share on the ex-dividend dates.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2pt"></TD><TD STYLE="width: 17.9pt"><FONT STYLE="font-size: 8pt">&dagger;&dagger;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Based
                                         on market value per share, adjusted for reinvestment of distributions at prices obtained
                                         under the Fund&rsquo;s dividend reinvestment plan.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Amount
                                         represents less than $0.005 per share.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.15pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Ratio
                                         of operating expenses including interest and dividends on securities sold short to average
                                         net assets attributable to common shares for the year ended December 31, 2016 was 1.39%.
                                         For the years ended December 31, 2015, 2014, 2013, and 2012, the effect on the expense
                                         ratios was minimal.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Ratio
                                         of operating expenses excluding interest and dividends on securities sold short to average
                                         net assets attributable to common shares for the year ended December 31, 2016 was 1.36%.
                                         For the years ended December 31, 2015, 2014, 2013, and 2012, the effect on the expense
                                         ratios was minimal.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The
                                         Fund received credits from a designated broker who agreed to pay certain Fund operating
                                         expenses. For the years ended December 31, 2016 and 2015, there was no impact on the
                                         expense ratios.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>CHANGES OCCURRING DURING THE PRIOR FISCAL PERIOD</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 96.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following information is a summary of
certain changes during the most recent fiscal year ended December 31, 2021. This information may not reflect all of the changes
that have occurred since you purchased shares of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 34; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During
the Fund&rsquo;s most recent fiscal year, there were no material changes to the Fund&rsquo;s investment objectives or policies
that have not been approved by shareholders or in the principal risk factors associated with an investment in the Fund.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INVESTMENT
OBJECTIVES AND POLICIES</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment
Objectives and Policies</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&rsquo;s primary investment objective is to provide a high level of current income from interest, dividends and option premiums.
The Fund&rsquo;s secondary investment objective is to seek capital appreciation consistent with the Fund&rsquo;s strategy and
its primary objective.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
meet the objective of providing a high level of current income, the Fund intends to invest in income producing securities such
as equity securities, convertible securities and other securities and earn short-term gains from a strategy of writing covered
call options on equity securities in its portfolio. The Fund will seek dividend income through investments in equity securities
such as common stock or convertible preferred stock. The Fund will seek interest income through investments in convertible or
corporate bonds.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under
normal market conditions, the Fund will attempt to achieve its objectives by investing at least 80% of its assets, which includes
the amount of any borrowings for investment purposes, in securities of companies principally engaged in the natural resources
and gold industries. The Fund will invest at least 25% of its assets in the securities of companies principally engaged in the
natural resources industry, which includes companies principally engaged in the exploration, production or distribution of natural
resources, such as metals (including both precious metals&mdash;such as silver and platinum&mdash;and base (i.e., non-precious)
metals&mdash;such as copper, lead, nickel and zinc), paper, food, agriculture, forestry products, water, gas, oil, sustainable
energy and other commodities as well as related transportation companies and equipment manufacturers (&ldquo;Natural Resources
Companies&rdquo;). Related transportation companies and equipment manufacturers, such as agriculture transportation vehicles and
farm equipment manufacturers, are vital components of the natural resource industry and are therefore included within the definition
of Natural Resources Companies. The Fund will invest at least 25% of its assets in the securities of companies principally engaged
in the gold industry, which includes companies principally engaged in the exploration, mining, fabrication, processing, distribution
or trading of gold or the financing, managing, controlling or operating of companies engaged in &ldquo;gold-related&rdquo; activities
(&ldquo;Gold Companies&rdquo;). Companies principally engaged in the financing, managing, controlling or operating of companies
engaged in &ldquo;gold-related&rdquo; activities include companies that own or receive royalties on the production of gold; such
companies are vital components of the gold industry and are therefore included within the definition of Gold Companies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may invest without limitation in the securities of domestic and foreign issuers. The Fund expects that its assets will usually
be invested in several countries. To the extent that the natural resources and gold industries are concentrated in any given geographic
region, such as Europe, North America, Latin America or Asia, a relatively high proportion of the Fund&rsquo;s assets may be invested
in that particular region.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principally
engaged, as used in this Annual Report, means a company that derives at least 50% of its revenues or earnings from or devotes
at least 50% of its assets to the indicated businesses.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 35; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity
securities may include common stocks, preferred stocks, convertible securities, warrants, depositary receipts and equity interests
in trusts and other entities. Other Fund investments may include investment companies, including exchange traded funds, securities
of issuers subject to reorganization or other risk arbitrage investments, certain derivative instruments, debt (including obligations
of the U.S. government) and money market instruments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
part of its investment strategy, the Fund intends to provide current income from short-term gains earned through an option strategy
which will normally consist of writing (selling) call options on equity securities in its portfolio (&ldquo;covered calls&rdquo;),
but may, in amounts up to 15% of the Fund&rsquo;s assets, consist of writing uncovered call options on securities not held by
the Fund and indices comprised of Natural Resources Companies or Gold Companies or exchange-traded funds comprised of such issuers
and writing put options on securities of Natural Resource Companies or Gold Companies. When the Fund sells a call option, it generates
current income from short-term gains in the form of the premium paid by the buyer of the call option, but the Fund forgoes the
opportunity to participate in any increase in the value of the underlying equity security above the exercise price of the option.
When the Fund sells a put option, it generates current income from short-term gains in the form of the premium paid by the buyer
of the put option, but the Fund will have the obligation to buy the underlying security at the exercise price if the price of
the security decreases below the exercise price of the option. Any premiums received by the Fund from writing options may result
in short-term capital gains.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may invest up to 20% of its assets in &ldquo;convertible securities,&rdquo; i.e., securities (bonds, debentures, notes, stocks
and other similar securities) that are convertible into common stock or other equity securities, and &ldquo;income securities,&rdquo;
i.e., nonconvertible debt or equity securities having a history of regular payments or accrual of income to holders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under
normal market conditions, the Fund may invest up to 35% of its assets in fixed-income securities. Short-term discounted Treasury
Bills or certain short-term securities of U.S. government sponsored instrumentalities are not subject to this limitation. The
Fund has no requirements as to maturity or duration of its fixed-income investments, and the Fund does not target any particular
average duration or average maturity. The average duration and average maturity of the Fund&rsquo;s fixed-income investments is
expected to vary.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may invest up to 25% of its assets in &ldquo;junk bonds&rdquo; such as convertible debt securities (which generally are rated
lower than investment grade) and fixed-income securities that are rated lower than investment grade, or not rated but of similar
quality as determined by the Investment Adviser.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
selecting securities for the Fund, the Investment Adviser will use a bottom-up, value approach. The Investment Adviser will primarily
focus on company-specific criteria rather than on political, economic or other country-specific factors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No
assurance can be given that the Fund will achieve its investment objectives. The Fund&rsquo;s investment objectives and its policies
of investing at least 25% of its assets in normal circumstances in Natural Resources Companies and in Gold Companies are fundamental
policies that cannot be changed without the affirmative vote of a majority, as defined in the 1940 Act, of the outstanding voting
securities (voting together as a single class) of the Fund (which for this purpose and under the 1940 Act means the lesser of
(i) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (ii) more than
50% of the outstanding shares). If the Fund issues and has outstanding preferred shares, the affirmative vote of the holders</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 36; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of
a majority, as defined in the 1940 Act, of the outstanding preferred shares of the Fund voting as a separate class (which for
this purposes and under the 1940 Act means the lesser of (i) 67% of the preferred shares, as a single class, represented at a
meeting at which more than 50% of the Fund&rsquo;s outstanding preferred shares are represented or (ii) more than 50% of the outstanding
preferred shares) would also be required to change a fundamental policy. Unless specifically stated as such, no other policy of
the Fund is fundamental and each policy may be changed by the Board without shareholder approval and the Fund will provide notice
to shareholders of material changes. The Fund&rsquo;s policy to invest at least 80% of its total assets in in securities of companies
principally engaged in the natural resources and gold industries may be changed by the Board; however, if this policy changes,
the Fund will provide shareholders at least 60 days&rsquo; written notice before implementation of the change in compliance with
SEC rules.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
percentage and ratings limitations stated herein apply only at the time of investment and are not considered violated as a result
of subsequent changes to the value, or downgrades to the ratings, of the Fund&rsquo;s portfolio investments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gabelli
Funds, LLC, a New York limited liability company, with offices at One Corporate Center, Rye, New York 10580-1422, serves as the
investment adviser to the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment
Methodology of the Fund</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
selecting securities for the Fund, the Investment Adviser normally considers the following factors, among others:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         industry of the issuer of a security;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         ability of the Fund to generate current income from short-term gains from writing covered
                                         call options on such securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         interest or dividend income generated by the securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         potential for capital appreciation of the securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         prices of the securities relative to other comparable securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whether
                                         the securities are entitled to the benefits of call protection or other protective covenants;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         existence of any anti-dilution protections or guarantees of the security; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 35pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         number and size of investments of the portfolio as to issuers.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Investment Adviser&rsquo;s investment philosophy with respect to selecting investments in the gold industry and the natural resources
industries is to emphasize quality and value, as determined by such factors as asset quality, balance sheet leverage, management
ability, reserve life, cash flow, and commodity hedging exposure. In addition, in making stock selections, the Investment Adviser
looks for securities that it believes may have a superior yield as well as capital gains potential.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Certain
Investment Practices</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Natural
Resources Industries Concentration.</I> Under normal market conditions, the Fund will invest at least 25% of its assets in Natural
Resources Companies. &ldquo;Natural Resources Companies&rdquo; are those that are principally engaged in the exploration, production
or distribution of natural resources, such as metals (including both precious metals&mdash;such as silver and platinum&mdash;and
base (i.e., non-precious) metals&mdash;such as copper, lead,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 37; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">nickel
and zinc), paper, food and agriculture, forestry products, gas, oil and other commodities as well as related transportation companies
and equipment manufacturers. Related transportation companies and equipment manufacturers, such as agriculture transportation
vehicles and farm equipment manufacturers, are vital components of the natural resource industry and are therefore included within
the definition of Natural Resources Companies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principally
engaged, as used in this Annual Report, means a company that derives at least 50% of its revenues or earnings or devotes at least
50% of its assets to natural resources or gold related activities, as the case may be.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Gold
Industry Concentration. </I>Under normal market conditions the Fund will invest at least 25% of its assets in Gold Companies.
&ldquo;Gold Companies&rdquo; are those that are principally engaged in the exploration, mining, fabrication, processing, distribution
or trading of gold, or the financing, managing, controlling or operating of companies engaged in &ldquo;gold-related&rdquo; activities.
Companies principally engaged in the financing, managing, controlling or operating of companies engaged in &ldquo;gold-related&rdquo;
activities include companies that own or receive royalties on the production of gold; such companies are vital components of the
gold industry and are therefore included within the definition of Gold Companies. The Fund&rsquo;s investments in Gold Companies
will generally be in the common equity of Gold Companies, but the Fund may also invest in other securities of Gold Companies,
such as preferred stocks, securities convertible into common stocks, and securities such as rights and warrants that have common
stock characteristics. The Fund will not invest in gold bullion and therefore the Fund&rsquo;s performance will not track directly
the price of gold.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
selecting investments in Gold Companies for the Fund, the Investment Adviser will focus on stocks that are undervalued, but which
appear to have favorable prospects for growth. Factors considered in this determination will include capitalization per ounce
of gold production, capitalization per ounce of recoverable reserves, quality of management and ability to create shareholder
wealth. Because most of the world&rsquo;s gold production is outside of the United States, the Fund may have a significant portion
of its investments in Gold Companies in securities of foreign issuers, including those located in developed as well as emerging
markets. The percentage of Fund assets invested in particular countries or regions will change from time to time based on the
Investment Adviser&rsquo;s judgment. Among other things, the Investment Adviser will consider the economic stability and economic
outlook of these countries and regions. See &ldquo;Risk Factors and Special Considerations &mdash; Industry Risks.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Covered
Calls and Other Option Transactions. </I>The Fund intends to provide current income from short-term gains earned through an option
strategy which will normally consist of writing (selling) call options on equity securities in its portfolio (&ldquo;covered calls&rdquo;),
but may, in amounts up to 15% of the Fund&rsquo;s assets, consist of writing uncovered call options on additional amounts of such
securities beyond the amounts held in its portfolio, on other securities not held in its portfolio and on indices comprised of
Natural Resources Companies or Gold Companies or on exchange traded funds comprised of such issuers and also may consist of writing
put options on securities of Natural Resources Companies or Gold Companies. Any premiums received by the Fund from writing options
may result in short-term capital gains. Writing a covered call is the selling of an option contract entitling the buyer to purchase
an underlying security that the Fund owns, while writing an uncovered call is the selling of such a contract entitling the buyer
to purchase a security the Fund does not own or in an amount in excess of the amount the Fund owns. When the Fund sells a call
option, it generates current income from short-term gains in the form of the premium paid by the buyer of the call option, but
the Fund forgoes the opportunity</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 38; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to
participate in any increase in the value of the underlying equity security above the exercise price of the option. The writer
of the call option has the obligation, upon exercise of the option, to deliver the underlying security or currency upon payment
of the exercise price during the option period.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
put option is the reverse of a call option, giving the buyer the right, in return for a premium, to sell the underlying security
to the writer, at a specified price, and obligating the writer to purchase the underlying security from the holder at that price.
When the Fund sells a put option, it generates current income from short-term gains in the form of the premium paid by the buyer
of the put option, but the Fund will have the obligation to buy the underlying security at the exercise price if the price of
the security decreases below the exercise price of the option.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
the Fund has written a call option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished
by purchasing a call option with the same terms as the option previously written. However, once the Fund has been assigned an
exercise notice, the Fund will be unable to effect a closing purchase transaction. Similarly, if the Fund is the holder of an
option, it may liquidate its position by effecting a closing sale transaction. This is accomplished by selling an option with
the same terms as the option previously purchased. There can be no assurance that either a closing purchase or sale transaction
can be effected when the Fund so desires.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium it received from
writing the option, or is more than the premium it paid to purchase the option; the Fund will realize a loss from a closing transaction
if the price of the transaction is more than the premium it received from writing the option, or is less than the premium it paid
to purchase the option. Since call option prices generally reflect increases in the price of the underlying security, any loss
resulting from the repurchase of a call option may also be wholly or partially offset by unrealized appreciation of the underlying
security. Other principal factors affecting the market value of a put or a call option include supply and demand, interest rates,
the current market price and price volatility of the underlying security and the time remaining until the expiration date of the
option. Gains and losses on investments in options depend, in part, on the ability of the Investment Adviser to predict correctly
the effect of these factors. The use of certain options transactions cannot serve as a complete hedge since the price movement
of securities underlying certain options will not necessarily follow the price movements of the portfolio securities that may
be subject to the hedge.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An
option position may be closed out only on an exchange that provides a secondary market for an option with the same terms or in
a private transaction. Although the Fund will generally purchase or write options for which there appears to be an active secondary
market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option. In such event,
it might not be possible to effect closing transactions in particular options, in which case the Fund would have to exercise its
options in order to realize any profit and would incur brokerage commissions upon the exercise of call options and upon the subsequent
disposition of underlying securities for the exercise of put options.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Although
the Investment Adviser will attempt to take appropriate measures to minimize the risks relating to the Fund&rsquo;s writing and
purchasing of put and call options, there can be no assurance that the Fund will succeed in any option-writing program it undertakes.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 39; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Uncovered
Calls. </I>When the Fund writes an uncovered call option or put option, it will segregate liquid assets with its custodian
in an amount equal to the amount, adjusted daily, by which such option is in the money or will treat the unsegregated amount
as borrowings. See &ldquo;&mdash; Leverage&rdquo; and &ldquo;Risk Factors and Special Considerations &mdash; Risks Associated
with Uncovered Calls.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Foreign
Securities. </I>The Fund may invest in securities principally traded in securities markets outside the United States. Foreign
investments may be affected favorably or unfavorably by changes in currency rates and in exchange control regulations. There may
be less publicly available information about a foreign company than about a U.S. company, and foreign companies may not be subject
to accounting, auditing and financial reporting standards and requirements comparable to those applicable to U.S. companies. Securities
of some foreign companies may be less liquid or more volatile than securities of U.S. companies, and foreign brokerage commissions
and custodian fees are generally higher than in the United States. Investments in foreign securities may also be subject to other
risks different from those affecting U.S. investments, including local political or economic developments, expropriation or nationalization
of assets and imposition of withholding taxes on dividend or interest payments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>American
Depositary Receipts.</I> The Fund may invest in American Depositary Receipts (&ldquo;ADRs&rdquo;). Such investment may entail
certain risks similar to foreign securities. ADRs are certificates representing an ownership interest in a security or a pool
of securities issued by a foreign issuer and deposited with the depositary, typically a bank, and held in trust for the investor.
The economies of many of the countries in which the issuer of a security underlying an ADR principally engages in business may
not be as developed as the United States&rsquo; economy and may be subject to significantly different forces. Political or social
instability, expropriation or confiscatory taxation, and limitations on the removal of funds or other assets could adversely affect
the value of the Fund&rsquo;s investments in such securities. The value of the securities underlying ADRs could fluctuate as exchange
rates change between U.S. dollars and the currency of the country in which the foreign company is located. In addition, foreign
companies are not registered with the SEC and are generally not subject to the regulatory controls imposed on United States issuers
and, as a consequence, there is generally less publicly available information about foreign companies than is available about
domestic companies. Foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices
and requirements comparable to those applicable to domestic companies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Emerging
Market Countries.</I> The risks described above for foreign securities, including the risks of nationalization and expropriation
of assets, are typically increased to the extent that the Fund invests in companies headquartered in developing, or emerging market,
countries. Investments in securities of companies headquartered in such countries may be considered speculative and subject to
certain special risks. The political and economic structures in many of these countries may be in their infancy and developing
rapidly, and such countries may lack the social, political and economic characteristics of more developed countries. Certain of
these countries have in the past failed to recognize private property rights and have at times nationalized and expropriated the
assets of private companies. Some countries have inhibited the conversion of their currency to another. The currencies of certain
emerging market countries have experienced devaluation relative to the U.S. dollar, and future devaluations may adversely affect
the value of the Fund&rsquo;s assets denominated in such currencies. Some emerging market countries have experienced substantial
rates of inflation for many years. Continued inflation may adversely affect the economies and securities markets of such countries.
In addition, unanticipated political</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 40; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or
social developments may affect the value of the Fund&rsquo;s investments in these countries and the availability of the Fund of
additional investments in these countries. The small size, limited trading volume and relative inexperience of the securities
markets in these countries may make the Fund&rsquo;s investments in such countries illiquid and more volatile than investments
in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making investments
in these countries. There may be little financial or accounting information available with respect to companies located in these
countries, and it may be difficult as a result to assess the value or prospects of an investment in such companies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Restricted
and Illiquid Securities. </I>The Fund may invest in securities that are illiquid. Illiquid securities include securities legally
restricted as to resale, such as commercial paper issued pursuant to Section 4(a)(2) of the Securities Act and securities eligible
for resale pursuant to Rule 144A thereunder. Section 4(a)(2) and Rule 144A securities may, however, be treated as liquid by the
Investment Adviser pursuant to procedures adopted by the Board, which require consideration of factors such as trading activity,
availability of market quotations and number of dealers willing to purchase the security. If the Fund invests in Rule 144A securities,
the level of portfolio illiquidity may be increased to the extent that eligible buyers become uninterested in purchasing such
securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It
may be difficult to sell such securities at a price representing the fair value until such time as such securities may be sold
publicly. Where registration is required, a considerable period may elapse between a decision to sell the securities and the time
when it would be permitted to sell. Thus, the Fund may not be able to obtain as favorable a price as that prevailing at the time
of the decision to sell. The Fund may also acquire securities through private placements under which it may agree to contractual
restrictions on the resale of such securities. Such restrictions might prevent their sale at a time when such sale would otherwise
be desirable.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Income
Securities. </I></B>Income securities include (i) fixed income securities such as bonds, debentures, notes, preferred stock, short
term discounted Treasury Bills or certain securities of the U.S. government sponsored instrumentalities, as well as money market
open-end funds that invest in those securities, which, in the absence of an applicable exemptive order, will not be affiliated
with the Investment Adviser, and (ii) common stocks of issuers that have historically paid periodic dividends. Fixed income securities
obligate the issuer to pay to the holder of the security a specified return, which may be either fixed or reset periodically in
accordance with the terms of the security. Fixed income securities generally are senior to an issuer&rsquo;s common stock and
their holders generally are entitled to receive amounts due before any distributions are made to common shareholders. Common stocks,
on the other hand, generally do not obligate an issuer to make periodic distributions to holders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
market value of fixed income securities, especially those that provide a fixed rate of return, may be expected to rise and fall
inversely with interest rates and in general is affected by the credit rating of the issuer, the issuer&rsquo;s performance and
perceptions of the issuer in the market place. The market value of callable or redeemable fixed income securities may also be
affected by the issuer&rsquo;s call and redemption rights. In addition, it is possible that the issuer of fixed income securities
may not be able to meet its interest or principal obligations to holders. Further, holders of non-convertible fixed income securities
do not participate in any capital appreciation of the issuer.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may also invest in obligations of government sponsored instrumentalities. Unlike non-U.S. government securities, obligations
of certain agencies and instrumentalities of the U.S. government, such as the Government</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 41; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">National
Mortgage Association, are supported by the &ldquo;full faith and credit&rdquo; of the U.S. government; others, such as those of
the Export-Import Bank of the U.S., are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as
those of the Federal National Mortgage Association, are supported by the discretionary authority of the U.S. government to purchase
the agency&rsquo;s obligations; and still others, such as those of the Student Loan Marketing Association, are supported only
by the credit of the instrumentality. No assurance can be given that the U.S. government would provide financial support to U.S.
government sponsored instrumentalities if it is not obligated to do so by law.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund also may invest in common stock of issuers that have historically paid periodic dividends or otherwise made distributions
to common shareholders. Unlike fixed income securities, dividend payments generally are not guaranteed and so may be discontinued
by the issuer at its discretion or because of the issuer&rsquo;s inability to satisfy its liabilities. Further, an issuer&rsquo;s
history of paying dividends does not guarantee that it will continue to pay dividends in the future. In addition to dividends,
under certain circumstances the holders of common stock may benefit from the capital appreciation of the issuer.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
stocks represent the residual ownership interest in the issuer and holders of common stock are entitled to the income and increase
in the value of the assets and business of the issuer after all of its debt obligations and obligations to preferred shareholders
are satisfied. Common stocks generally have voting rights. Common stocks fluctuate in price in response to many factors including
historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor
perceptions and market liquidity.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Non-Investment
Grade Securities. </I></B>The Fund may invest up to 25% of its assets in &ldquo;junk bonds&rdquo; such as convertible debt securities
(which generally are rated lower than investment grade) and fixed-income securities that are rated lower than investment grade,
or not rated but of similar quality as determined by the Investment Adviser. These securities, which may be preferred shares or
debt, are predominantly speculative and involve major risk exposure to adverse conditions. Securities that are rated lower than
&ldquo;BBB&rdquo; by S&amp;P, or lower than &ldquo;Baa&rdquo; by Moody&rsquo;s or unrated securities considered by the Investment
Adviser to be of comparable quality, are commonly referred to by the financial press as &ldquo;junk bonds&rdquo; or &ldquo;high
yield&rdquo; securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Generally,
such non-investment grade securities and unrated securities of comparable quality offer a higher current yield than is offered
by higher rated securities, but also (i) will likely have some quality and protective characteristics that, in the judgment of
the rating organizations, are outweighed by large uncertainties or major risk exposures to adverse conditions and (ii) are predominantly
speculative with respect to the issuer&rsquo;s capacity to pay interest and repay principal in accordance with the terms of the
obligation. The market values of certain of these securities also tend to be more sensitive to individual corporate developments
and changes in economic conditions than higher quality securities. In addition, such non-investment grade securities and comparable
unrated securities generally present a higher degree of credit risk. The risk of loss due to default by these issuers is significantly
greater because such non-investment grade securities and unrated securities of comparable quality generally are unsecured and
frequently are subordinated to the prior payment of senior indebtedness. In light of these risks, the Investment Adviser, in evaluating
the creditworthiness of an issue, whether rated or unrated, will take various factors into consideration, which may include, as
applicable, the issuer&rsquo;s operating history, financial resources and its sensitivity to economic conditions and trends, the
market support for the facility financed by the issue, the perceived ability and integrity of the issuer&rsquo;s management and
regulatory matters.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 42; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, the market value of securities in non-investment grade categories is more volatile than that of higher quality securities,
and the markets in which such lower grade or unrated securities are traded are more limited than those in which higher rated securities
are traded. The existence of limited markets may make it more difficult for the Fund to obtain accurate market quotations for
purposes of valuing its portfolio and calculating its net asset value. Moreover, the lack of a liquid trading market may restrict
the availability of securities for the Fund to purchase and may also have the effect of limiting the ability of the Fund to sell
securities at their fair value to respond to changes in the economy or the financial markets.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-investment
grade and unrated securities of comparable quality also present risks based on payment expectations. If an issuer calls the obligation
for redemption (often a feature of fixed income securities), the Fund may have to replace the security with a lower yielding security,
resulting in a decreased return for investors. Also, as the principal value of bonds moves inversely with movements in interest
rates, in the event of rising interest rates the value of the securities held by the Fund may decline proportionately more than
a portfolio consisting of higher rated securities. Investments in zero coupon bonds may be more speculative and subject to greater
fluctuations in value due to changes in interest rates than bonds that pay interest currently. Interest rates are at historical
lows and there have been recent inflationary price movements; therefore, it is likely that they will rise in the future.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies
involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant
financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial
and legal, necessary for successful investments in issuers experiencing significant business and financial difficulties is unusually
high. There can be no assurance that the Fund will correctly evaluate the value of the assets collateralizing its investments
or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to
a portfolio investment, the Fund may lose all or part of its investment or may be required to accept collateral with a value less
than the amount of the Fund&rsquo;s initial investment.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
part of its investments in non-investment grade securities, the Fund may invest not more than 5% of the total assets of the Fund
in securities of issuers in default. The Fund will make an investment in securities of issuers in default only when the Investment
Adviser believes that such issuers will honor their obligations or emerge from bankruptcy protection and the value of these securities
will appreciate. By investing in securities of issuers in default, the Fund bears the risk that these issuers will not continue
to honor their obligations or emerge from bankruptcy protection or that the value of the securities will not appreciate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issuers in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing
and current anticipated results of operations. In selecting investments for the Fund, the Investment Adviser may also consider
general business conditions, anticipated changes in interest rates and the outlook for specific industries.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 43; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible
that statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis.
Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue
to hold the securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed
income securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back
features that permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises
these rights during periods of declining interest rates, the Fund may have to replace the security with a lower yielding security,
thus resulting in a decreased return for the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic
recession, experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the value
of such securities as well as the ability of certain issuers of such securities to repay principal and pay interest thereon or
to refinance such securities. The market for those securities could react in a similar fashion in the event of any future economic
recession.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Temporary
Defensive Investments. </I></B>When a temporary defensive posture is believed by the Investment Adviser to be warranted (&ldquo;temporary
defensive periods&rdquo;), the Fund may without limitation hold cash or invest all or a portion of its assets in money market
instruments and repurchase agreements in respect of those instruments. The money market instruments in which the Fund may invest
are obligations of the U.S. government, its agencies or instrumentalities; commercial paper rated &ldquo;A-1&rdquo; or higher
by S&amp;P or &ldquo;Prime-1&rdquo; by Moody&rsquo;s; and certificates of deposit and bankers&rsquo; acceptances issued by domestic
branches of U.S. banks that are members of the Federal Deposit Insurance Corporation. During temporary defensive periods, the
Fund may also invest to the extent permitted by applicable law in shares of money market mutual funds. Money market mutual funds
are investment companies and the investments in those companies by the Fund are in some cases subject to certain fundamental investment
restrictions and applicable law. As a shareholder in a mutual fund, the Fund will bear its ratable share of its expenses, including
management fees, and will remain subject to payment of the fees to the Investment Adviser, with respect to assets so invested.
The Fund may find it more difficult to achieve its investment objectives during temporary defensive periods.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>When
Issued, Delayed Delivery Securities and Forward Commitments. </I></B>The Fund may enter into forward commitments for the purchase
or sale of securities, including on a &ldquo;when issued&rdquo; or &ldquo;delayed delivery&rdquo; basis, in excess of customary
settlement periods for the type of security involved. In some cases, a forward commitment may be conditioned upon the occurrence
of a subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring, i.e., a
when, as and if issued security. When such transactions are negotiated, the price is fixed at the time of the commitment, with
payment and delivery taking place in the future, generally a month or more after the date of the commitment. While it will only
enter into a forward commitment with the intention of actually acquiring the security, the Fund may sell the security before the
settlement date if it is deemed advisable. Securities purchased under a forward commitment are subject to market fluctuation,
and no interest (or dividends) accrues to the Fund prior to the settlement date.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Short
Sales.</I></B> The Fund may make short sales as a form of hedging to offset potential declines in long positions in the same or
similar securities, including short sales of securities in the Fund&rsquo;s portfolio at the time of sale</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 44; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(shorting
&ldquo;against the box&rdquo;). The short sale of a security is considered a speculative investment technique. At the time of
the sale, the Fund will own, or have the immediate and unconditional right to acquire at no additional cost, identical or similar
securities or establish a hedge against a security of the same issuer which may involve additional cost, such as an &ldquo;in
the money&rdquo; warrant.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short
sales &ldquo;against the box&rdquo; are subject to special tax rules, one of the effects of which may be to accelerate the recognition
of income by the Fund. Other than with respect to short sales against the box, the Fund will limit short sales of securities to
not more than 5% of the Fund&rsquo;s assets. When the Fund makes a short sale, it must deliver the security to the broker-dealer
through which it made the short sale in order to satisfy its obligation to deliver the security upon conclusion of the sale.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed
security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be
decreased, and any loss will be increased, by the transaction costs incurred by the Fund, including the costs associated with
providing collateral to the broker-dealer (usually cash, U.S. government securities or other highly liquid debt securities) and
the maintenance of collateral with its custodian. Although the Fund&rsquo;s gain is limited to the price at which it sold the
security short, its potential loss is theoretically unlimited.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Repurchase
Agreements. </I></B>Repurchase agreements may be seen as loans by the Fund collateralized by underlying debt securities. Under
the terms of a typical repurchase agreement, the Fund would acquire an underlying debt obligation for a relatively short period
(usually not more than one week) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation
at an agreed price and time. This arrangement results in a fixed rate of return to the Fund that is not subject to market fluctuations
during the holding period. The Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults
on its obligations and the Fund is delayed in or prevented from exercising its rights to dispose of the collateral securities,
including the risk of a possible decline in the value of the underlying securities during the period in which it seeks to assert
these rights. The Investment Adviser, acting under the supervision of the Board, reviews the creditworthiness of those banks and
dealers with which the Fund enters into repurchase agreements to evaluate these risks and monitors on an ongoing basis the value
of the securities subject to repurchase agreements to ensure that the value is maintained at the required level. The Fund will
not enter into repurchase agreements with the Investment Adviser or any of its affiliates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Registered
Investment Companies.</I></B> The Fund may invest in registered investment companies in accordance with the 1940 Act to the extent
consistent with the Fund&rsquo;s investment objectives, including exchange traded funds that concentrate in investments in securities
of companies in the natural resources or gold industries. The 1940 Act generally prohibits the Fund from investing more than 5%
of its assets in any one other investment company or more than 10% of its assets in all other investment companies. However, many
exchange-traded funds are exempt from these limitations.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Investment
Restrictions.</I></B> The Fund has adopted certain investment restrictions as fundamental policies of the Fund. Under the 1940
Act, a fundamental policy may not be changed without the vote of a majority, as defined in the 1940 Act, of the outstanding voting
securities of the Fund (voting together as a single class subject to class approval rights of any preferred shares).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 45; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Portfolio
Turnover.</I></B> The Fund will buy and sell securities to accomplish its investment objectives. The investment policies of the
Fund, including its strategy of writing covered call options on securities in its portfolio, may lead to frequent changes in investments,
particularly in periods of rapidly fluctuating interest or currency exchange rates, and are expected to result in portfolio turnover
that is higher than that of many investment companies, may initially be higher than 100% and may result in the Fund paying higher
commissions than many investment companies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio
turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction
costs on the sale of securities and reinvestment in other securities. The portfolio turnover rate is computed by dividing the
lesser of the amount of the securities purchased or securities sold by the average monthly value of securities owned during the
year (excluding securities whose maturities at acquisition were one year or less). Higher portfolio turnover may decrease the
after-tax return to individual investors in the Fund to the extent it results in a decrease of the long term capital gains portion
of distributions to shareholders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&rsquo;s portfolio turnover rate for the fiscal years ended December 31, 2020 and 2021 was 109% and 95%, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leverage</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may use leverage, including as a result of any issuances of preferred shares or notes pursuant to an applicable Prospectus
Supplement. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue senior securities (which may be
stock, such as preferred shares, and/or securities representing debt) only if immediately after such issuance the value of the
Fund&rsquo;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount of the debt outstanding and exceeds
200% of the amount of preferred shares and debt outstanding. Any such preferred shares may be convertible in accordance with the
SEC staff guidelines, which may permit the Fund to obtain leverage at attractive rates. The use of leverage magnifies the impact
of changes in net asset value. In addition, if the cost of leverage exceeds the return on the securities acquired with the proceeds
of leverage, the use of leverage will diminish rather than enhance the return to the Fund. The use of leverage generally increases
the volatility of returns to the Fund. See &ldquo;Risk Factors and Special Considerations&mdash;Special Risks to Holders of Common
Shares&mdash;Leverage Risk.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
the event the Fund had both outstanding preferred shares and senior securities representing debt at the same time, the Fund&rsquo;s
obligations to pay dividends or distributions and, upon liquidation of the Fund, liquidation payments in respect of its preferred
shares would be subordinate to the Fund&rsquo;s obligations to make any principal and/or interest payments due and owing with
respect to its outstanding senior debt securities. Accordingly, the Fund&rsquo;s issuance of senior securities representing debt
would have the effect of creating special risks for the Fund&rsquo;s preferred shareholders that would not be present in a capital
structure that did not include such securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additionally,
the Fund may enter into derivative transactions that have economic leverage embedded in them. Derivative transactions that the
Fund may enter into and the risks associated with them are described elsewhere in this Annual Report. The Fund cannot assure you
that investments in derivative transactions that have economic leverage embedded in them will result in a higher return on its
common shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 46; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
the extent the terms of such transactions obligate the Fund to make payments, the Fund may earmark or segregate cash or liquid
assets in an amount at least equal to the current value of the amount then payable by the Fund under the terms of such transactions
or otherwise cover such transactions in accordance with applicable interpretations of the staff of the SEC. If the current value
of the amount then payable by the Fund under the terms of such transactions is represented by the notional amounts of such investments,
the Fund would segregate or earmark cash or liquid assets having a market value at least equal to such notional amounts, and if
the current value of the amount then payable by the Fund under the terms of such transactions is represented by the market value
of the Fund&rsquo;s current obligations, the Fund would segregate or earmark cash or liquid assets having a market value at least
equal to such current obligations. To the extent the terms of such transactions obligate the Fund to deliver particular securities
to extinguish the Fund&rsquo;s obligations under such transactions the Fund may &ldquo;cover&rdquo; its obligations under such
transactions by either (i) owning the securities or collateral underlying such transactions or (ii) having an absolute and immediate
right to acquire such securities or collateral without additional cash consideration (or, if additional cash consideration is
required, having earmarked or segregated an appropriate amount of cash or liquid assets). Such earmarking, segregation or cover
is intended to provide the Fund with available assets to satisfy its obligations under such transactions. As a result of such
earmarking, segregation or cover, the Fund&rsquo;s obligations under such transactions will not be considered senior securities
representing indebtedness for purposes of the 1940 Act, or considered borrowings subject to the Fund&rsquo;s limitations on borrowings
discussed above, but may create leverage for the Fund. To the extent that the Fund&rsquo;s obligations under such transactions
are not so earmarked, segregated or covered, such obligations may be considered &ldquo;senior securities representing indebtedness&rdquo;
under the 1940 Act and therefore subject to the 300% asset coverage requirement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">These
earmarking, segregation or cover requirements can result in the Fund maintaining securities positions it would otherwise liquidate,
segregating or earmarking assets at a time when it might be disadvantageous to do so or otherwise restrict portfolio management.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
October 28, 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (&ldquo;Rule
18f-4&rdquo;). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4
will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used
by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities so that a failure to comply with the
limits would result in a statutory violation and require funds whose use of derivatives is more than a limited specified exposure
amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivative
Instruments</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may also utilize other types of derivative instruments primarily for hedging or risk management purposes. These instruments
include futures, forward contracts, options on such contracts and interest rate, total return and other kinds of swaps.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options.
The Fund may, from time to time, subject to guidelines of the Board and the limitations set forth this Annual Report, purchase
or sell (i.e., write) options on securities, securities indices and foreign currencies which are listed on a national securities
exchange or in the over-the-counter (&ldquo;OTC&rdquo;) market, as a means of achieving additional return or of hedging the value
of the Fund&rsquo;s portfolio.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 47; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
call option is a contract that gives the holder of the option the right to buy from the writer of the call option, in return for
a premium, the security or currency underlying the option at a specified exercise price at any time during the term of the option.
The writer of the call option has the obligation, upon exercise of the option, to deliver the underlying security or currency
upon payment of the exercise price during the option period.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
put option is a contract that gives the holder of the option the right, in return for a premium, to sell to the seller the underlying
security at a specified price. The seller of the put option has the obligation to buy the underlying security upon exercise at
the exercise price.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
call option is &ldquo;covered&rdquo; if the Fund owns the underlying instrument covered by the call or has an absolute and immediate
right to acquire that instrument without additional cash consideration (or for additional cash consideration held in a segregated
account by its custodian) upon conversion or exchange of other instruments held in its portfolio. A call option is also covered
if the Fund holds a call option on the same instrument as the call option written where the exercise price of the call option
held is (i) equal to or less than the exercise price of the call option written or (ii) greater than the exercise price of the
call option written if the difference is maintained by the Fund in cash, U.S. government securities or other high-grade short-term
obligations in a segregated account with its custodian. A call option is &ldquo;uncovered&rdquo; if the underlying security covered
by the call is not held by the Fund. A put option is &ldquo;covered&rdquo; if the Fund maintains cash or other liquid securities
with a value equal to the exercise price in a segregated account with its custodian, or else holds a put option on the same instrument
as the put option written where the exercise price of the put option held is equal to or greater than the exercise price of the
put option written.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
the Fund has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished
by purchasing an option of the same series as the option previously written. However, once the Fund has been assigned an exercise
notice, the Fund will be unable to effect a closing purchase transaction. Similarly, if the Fund is the holder of an option it
may liquidate its position by effecting a closing sale transaction. This is accomplished by selling an option of the same series
as the option previously purchased. There can be no assurance that either a closing purchase or sale transaction can be effected
when the Fund so desires.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing
the option, or is more than the premium paid to purchase the option; the Fund will realize a loss from a closing transaction if
the price of the transaction is more than the premium received from writing the option, or is less than the premium paid to purchase
the option. Since call option prices generally reflect increases in the price of the underlying security, any loss resulting from
the repurchase of a call option may also be wholly or partially offset by unrealized appreciation of the underlying security,
and any gain resulting from the repurchase of a call option may also be wholly or partially offset by unrealized depreciation
of the underlying security. Other principal factors affecting the market value of a put or a call option include supply and demand,
interest rates, the current market price and price volatility of the underlying security and the time remaining until the expiration
date of the option. Gains and losses on investments in options depend, in part, on the ability of the Investment Adviser to correctly
predict the effect of these factors. The use of options cannot serve as a complete hedge since the price movement of securities
underlying the options will not necessarily follow the price movements of the portfolio securities subject to the hedge.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 48; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An
option position may be closed out only on an exchange that provides a secondary market for an option of the same series or in
a private transaction. Although the Fund will generally purchase or write only those options for which there appears to be an
active secondary market, there is no assurance that a liquid secondary market on an exchange will exist for any particular option.
In such event it might not be possible to effect closing transactions in particular options, in which case the Fund would have
to exercise its options in order to realize any profit and would incur brokerage commissions upon the exercise of call options
and upon the subsequent disposition of underlying securities for the exercise of put options. If the Fund, as a covered call option
writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying security
until the option expires or it delivers the underlying security upon exercise, or otherwise covers the position.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to the following additional
risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying
security remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the exercise
price (in the case of a call), the Fund will lose its entire investment in the option.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the
price of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed,
the Fund may be unable to exercise an option it has purchased. If the Fund is unable to close out an option that it has purchased
on a security, it will have to exercise the option in order to realize any profit, or the option may expire worthless.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Options
on Securities Indices. </I></B>The Fund may purchase and sell securities index options. One effect of such transactions may be
to hedge all or part of the Fund&rsquo;s securities holdings against a general decline in the securities market or a segment of
the securities market. Options on securities indices are similar to options on stocks except that, rather than the right to take
or make delivery of stock at a specified price, an option on a securities index gives the holder the right to receive, upon exercise
of the option, an amount of cash if the closing level of the securities index upon which the option is based is greater than,
in the case of a call option, or less than, in the case of a put option, the exercise price of the option.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&rsquo;s successful use of options on indices depends upon its ability to predict the direction of the market and is subject
to various additional risks. The correlation between movements in the index and the price of the securities being hedged against
is imperfect and the risk from imperfect correlation increases as the composition of the Fund diverges from the composition of
the relevant index. Accordingly, a decrease in the value of the securities being hedged against may not be wholly offset by a
gain on the exercise or sale of a securities index put option held by the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Futures
Contracts and Options on Futures.</I></B> The Fund may, enter into futures contracts or options on futures contracts. It is anticipated
that these investments, if any, will be made by the Fund primarily for the purpose of hedging against changes in the value of
its portfolio securities and in the value of securities it intends to purchase. Such investments will only be made if they are
economically appropriate to the reduction of risks involved in the management of the Fund. In this regard, the Fund may enter
into futures contracts or options on</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 49; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">futures
for the purchase or sale of securities indices or other financial instruments including but not limited to U.S. government
securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
&ldquo;sale&rdquo; of a futures contract (or a &ldquo;short&rdquo; futures position) means the assumption of a contractual obligation
to deliver the securities underlying the contract at a specified price at a specified future time. A &ldquo;purchase&rdquo; of
a futures contract (or a &ldquo;long&rdquo; futures position) means the assumption of a contractual obligation to acquire the
securities underlying the contract at a specified price at a specified future time. Certain futures contracts, including stock
and bond index futures, are settled on a net cash payment basis rather than by the sale and delivery of the securities underlying
the futures contracts.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No
consideration will be paid or received by the Fund upon the purchase or sale of a futures contract. Initially, the Fund will be
required to deposit with the broker an amount of cash or cash equivalents equal to approximately 1% to 10% of the contract amount
(this amount is subject to change by the exchange or board of trade on which the contract is traded and brokers or members of
such board of trade may charge a higher amount). This amount is known as the &ldquo;initial margin&rdquo; and is in the nature
of a performance bond or good faith deposit on the contract. Subsequent payments, known as &ldquo;variation margin,&rdquo; to
and from the broker will be made daily as the price of the index or security underlying the futures contract fluctuates. At any
time prior to the expiration of the futures contract, the Fund may elect to close the position by taking an opposite position,
which will operate to terminate its existing position in the contract.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An
option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a futures
contract at a specified exercise price at any time prior to the expiration of the option. Upon exercise of an option, the delivery
of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated
balance in the writer&rsquo;s futures margin account attributable to that contract, which represents the amount by which the market
price of the futures contract exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the
option on the futures contract. The potential loss related to the purchase of an option on futures contracts is limited to the
premium paid for the option (plus transaction costs). Because the value of the option purchased is fixed at the point of sale,
there are no daily cash payments by the purchaser to reflect changes in the value of the underlying contract; however, the value
of the option does change daily and that change would be reflected in the net assets of the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Futures
and options on futures entail certain risks, including but not limited to the following: no assurance that futures contracts or
options on futures can be offset at favorable prices; possible reduction of the yield of the Fund due to the use of hedging; possible
reduction in value of both the securities hedged and the hedging instrument; possible lack of liquidity due to daily limits on
price fluctuations; imperfect correlation between the contracts and the securities being hedged; losses from investing in futures
transactions that are potentially unlimited; and the segregation requirements described below.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Limitations
on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. </I></B>Subject to the guidelines of the Board, the
Fund may engage in &ldquo;commodity interest&rdquo; transactions (generally, transactions in futures, certain options, certain
currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions in accordance
with the rules and regulations of the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;). Pursuant to amendments by the
CFTC to Rule 4.5 under the Commodity Exchange Act (&ldquo;CEA&rdquo;), the Investment Adviser has filed a notice of exemption
from registration as a &ldquo;commodity pool operator&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 50; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with
respect to the Fund. The Fund and the Investment Adviser are therefore not subject to registration or regulation as a commodity
pool operator under the CEA. In addition, certain trading restrictions are applicable to the Fund as a result of this status.
These trading restrictions permit the Fund to engage in commodity interest transactions that include (i) &ldquo;bona fide hedging&rdquo;
transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund&rsquo;s
assets committed to margin and options premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter
into such non-bona fide hedging transactions if, immediately thereafter, either (a) the sum of the amount of initial margin deposits
on the Fund&rsquo;s existing futures positions or swaps positions and option or swaption premiums would exceed 5% of the market
value of the Fund&rsquo;s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions,
or (b) the aggregate net notional value of the Fund&rsquo;s commodity interest transactions would not exceed 100% of the market
value of the Fund&rsquo;s liquidating value, after taking into account unrealized profits and unrealized losses on any such transactions.
In addition to meeting one of the foregoing trading limitations, the Fund may not market itself as a commodity pool or otherwise
as a vehicle for trading in the futures, options or swaps markets. Therefore, in order to claim the Rule 4.5 exemption, the Fund
is limited in its ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad
based stock index futures, and financial futures contracts). As a result, the Fund is more limited in its ability to use these
instruments than in the past, and these limitations may have a negative impact on the ability of the Investment Adviser to manage
the Fund, and on the Fund&rsquo;s performance. If the Investment Adviser was required to register as a commodity pool operator
with respect to the Fund, compliance with additional registration and regulatory requirements would increase Fund expenses. Other
potentially adverse regulatory initiatives could also develop.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Swaps.
</I></B>The Fund may enter into total rate of return, credit default or other types of swaps and related derivatives for the purpose
of hedging and risk management. These transactions generally provide for the transfer from one counterparty to another of certain
risks inherent in the ownership of a financial asset such as a common stock or debt instrument. Such risks include, among other
things, the risk of default and insolvency of the obligor of such asset, the risk that the credit of the obligor or the underlying
collateral will decline or the risk that the common stock of the underlying issuer will decline in value. The transfer of risk
pursuant to a derivative of this type may be complete or partial, and may be for the life of the related asset or for a shorter
period. These derivatives may be used as a risk management tool for a pool of financial assets, providing the Fund with the opportunity
to gain or reduce exposure to one or more reference securities or other financial assets (each, a &ldquo;Reference Asset&rdquo;)
without actually owning or selling such assets in order, for example, to increase or reduce a concentration risk or to diversify
a portfolio. Conversely, these derivatives may be used by the Fund to reduce exposure to an owned asset without selling it.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Because
the Fund would not own the Reference Assets, the Fund may not have any voting rights with respect to the Reference Assets, and
in such cases all decisions related to the obligors or issuers of the Reference Assets, including whether to exercise certain
remedies, will be controlled by the swap counterparties.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
rate of return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the
change in market value of the assets underlying the contract, which may include a specified security, basket of securities or
securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or
the total return from other underlying assets.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 51; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
credit default swap consists of an agreement between two parties in which the &ldquo;buyer&rdquo; agrees to pay to the &ldquo;seller&rdquo;
a periodic stream of payments over the term of the contract and the seller agrees to pay the buyer the par value (or other agreed-upon
value) of a referenced debt obligation upon the occurrence of a credit event with respect to the issuer of the referenced debt
obligation. Generally, a credit event means bankruptcy, failure to pay, obligation acceleration or modified restructuring. The
Fund may be either the buyer or seller in a credit default swap. As the buyer in a credit default swap, the Fund would pay to
the counterparty the periodic stream of payments. If no default occurs, the Fund would receive no benefit from the contract. As
the seller in a credit default swap, the Fund would receive the stream of payments but would be subject to exposure on the notional
amount of the swap, which it would be required to pay in the event of a credit event with respect to the issuer of the referenced
debt obligation. Accordingly, if the Fund sells a credit default swap (or a credit default index swap), it intends at all times
to segregate or designate on its books and records liquid assets in an amount at least equal to the notional amount of the swap
(i.e., the cost of payment to the buyer if a credit event occurs).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may also enter into equity contract for difference swap transactions for the purpose of increasing the income of the Fund.
In an equity contract for difference swap, a set of future cash flows is exchanged between two counterparties. One of these cash
flow streams will typically be based on a reference interest rate combined with the performance of a notional value of shares
of a stock. The other will be based on the performance of the shares of a stock. Depending on the general state of short term
interest rates and the returns on the Fund&rsquo;s portfolio securities at the time an equity contract for difference swap transaction
reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or
that the terms of the replacement will not be as favorable as on the expiring transaction.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
rate of return swaps and similar derivatives are subject to many risks, including the possibility that the market will move in
a manner or direction that would have resulted in gain for the Fund had the swap or other derivative not been utilized (in which
case it would have been better had the Fund not engaged in the hedging transactions), the risk of imperfect correlation between
the risk sought to be hedged and the derivative transactions utilized, the possible inability of the counterparty to fulfill its
obligations under the swap and potential illiquidity of the hedging instrument utilized, which may make it difficult for the Fund
to close out or unwind one or more hedging transactions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total
rate of return swaps and related derivatives are a relatively recent development in the financial markets. Consequently, there
are certain legal, tax and market uncertainties that present risks in entering into such arrangements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
is currently little or no case law or litigation characterizing total rate of return swaps or related derivatives, interpreting
their provisions, or characterizing their tax treatment. In addition, additional regulations and laws may apply to these types
of derivatives that have not previously been applied. There can be no assurance that future decisions construing similar provisions
to those in any swap agreement or other related documents or additional regulations and laws will not have an adverse effect on
the Fund that utilizes these instruments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RISK
FACTORS AND SPECIAL CONSIDERATIONS</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investors
should consider the following risk factors and special considerations associated with investing in the Fund, each of which is
noted as either a &ldquo;principal&rdquo; risk or a &ldquo;non-principal&rdquo; risk:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 52; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General
Risks</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Market
Risk (Principal). </I></B>The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably.
Securities may decline in value due to factors affecting securities markets generally or particular industries represented in
the securities markets. The value of a security may decline due to general market conditions which are not specifically related
to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings,
changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of
a security may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased
production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple
asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income
securities. Credit ratings downgrades may also negatively affect securities held by the Fund. Even when markets perform well,
there is no assurance that the investments held by the Fund will increase in value along with the broader market.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, market risk includes the risk that geopolitical and other events will disrupt the economy on a national or global level.
For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic
developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental
disasters can all negatively impact the securities markets, which could cause the Fund to lose value. These events could reduce
consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely
impact the economy. The current contentious domestic political environment, as well as political and diplomatic events within
the United States and abroad, such as the U.S. government&rsquo;s inability at times to agree on a long-term budget and deficit
reduction plan, has in the past resulted, and may in the future result, in a government shutdown, which could have an adverse
impact on the Fund&rsquo;s investments and operations. Additional and/or prolonged U.S. federal government shutdowns may affect
investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a
significant degree. Governmental and quasi-governmental authorities and regulators throughout the world have previously responded
to serious economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to,
direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or sudden
reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could
adversely affect the Fund&rsquo;s investments. Any market disruptions could also prevent the Fund from executing advantageous
investment decisions in a timely manner. To the extent that the Fund focuses its investments in a region enduring geopolitical
market disruption, it will face higher risks of loss, although the increasing interconnectivity between global economies and financial
markets can lead to events or conditions in one country, region or financial market adversely impacting a different country, region
or financial market. Thus, investors should closely monitor current market conditions to determine whether the Fund meets their
individual financial needs and tolerance for risk.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
market conditions may pose heightened risks with respect to the Fund&rsquo;s investment in fixed income securities. Interest rates
in the U.S. are at or near historically low levels. Any interest rate increases in the future could cause the value of the Fund&rsquo;s
assets to decrease. Recently, there have also been signs of inflationary</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 53; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">price
movements. As such, fixed income securities markets may experience heightened levels of interest rate, volatility and liquidity
risk.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchanges
and securities markets may close early, close late or issue trading halts on specific securities or generally, which may result
in, among other things, the Fund being unable to buy or sell certain securities or financial instruments at an advantageous time
or accurately price its portfolio investments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Inflation
Risk (Principal). </I></B>Inflation risk is the risk that the value of assets or income from investments will be worth less in
the future as inflation decreases the value of money. Recently, there have been market indicators of a rise in inflation. As inflation
increases, the real value of the Fund&rsquo;s shares and distributions therefore may decline. In addition, during any periods
of rising inflation, dividend rates of any debt securities issued by the Fund would likely increase, which would tend to further
reduce returns to common shareholders. Inflation rates may change frequently and significantly as a result of various factors,
including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund&rsquo;s investments
may not keep pace with inflation, which may result in losses to Fund shareholders. This risk is greater for fixed-income instruments
with longer maturities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Coronavirus
(&ldquo;COVID-19&rdquo;) and Global Health Event Risk (Principal). </I></B>As of the filing date of this Annual Report, there
is an outbreak of a highly contagious form of a novel coronavirus known as &ldquo;COVID-19.&rdquo; COVID-19 has been declared
a pandemic by the World Health Organization and, in response to the outbreak, the U.S. Health and Human Services Secretary declared
a public health emergency in the United States. COVID-19 had a devastating impact on the global economy, including the U.S. economy,
and resulted in a global economic recession. Many states issued orders requiring the closure of non-essential businesses and/or
requiring residents to stay at home. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have
caused, and are continuing to cause, business shutdowns, cancellations of events and travel, significant reductions in demand
for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall
economic and financial market instability both globally and in the United States. Such effects will likely continue for the duration
of the pandemic, which is uncertain, and for some period thereafter. While several countries, as well as certain states, counties
and cities in the United States, began to relax the early public health restrictions with a view to partially or fully reopening
their economies, many cities, both globally and in the United States, continue to experience, from time to time, surges in the
reported number of cases and hospitalizations related to the COVID-19 pandemic. Increases in cases can and have led to the re-introduction
of restrictions and business shutdowns in certain states, counties and cities in the United States and globally and could continue
to lead to the re-introduction of such restrictions elsewhere. Additionally, the vaccine produced by Johnson &amp; Johnson is
currently authorized for emergency use, and the U.S. Food and Drug Administration (&ldquo;FDA&rdquo;) has granted full approval
to the vaccines produced by Pfizer-BioNTech and Moderna, which will now be marketed as Comirnaty and Spikevax, respectively. However,
it remains unclear how quickly the vaccines will be distributed nationwide and globally or when &ldquo;herd immunity&rdquo; will
be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. Various factors could
lead people to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time.
Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience a
substantial economic downturn or recession, and our business and operations, as well as the business and operations of our portfolio
companies, could be materially adversely</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 54; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">affected
by a prolonged economic downturn or recession in the United States and other major markets. Potential consequences of the current
unprecedented measures taken in response to the spread of COVID-19, and current market disruptions and volatility that may impact
the Fund include, but are not limited to:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">sudden,
unexpected and/or severe declines in the market price of the Fund&rsquo;s securities or net asset value;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">inability
of the Fund to accurately or reliably value its portfolio;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">inability
of the Fund to comply with certain asset coverage ratios that would prevent the Fund from paying dividends to the Fund&rsquo;s
common shareholders;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">inability
of the Fund to pay any dividends and distributions;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">inability
of the Fund to service its debts to the extent the Fund has any notes or credit facilities outstanding;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">inability of the Fund
to maintain its status as a RIC under the Code;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">potentially
severe, sudden and unexpected declines in the value of our investments;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">increased risk of default or bankruptcy by the companies
in which the Fund invests;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">increased
risk of companies in which the Fund invests being unable to weather an extended cessation of normal economic activity and thereby
impairing their ability to continue functioning as a going concern;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">reduced
economic demand resulting from mass employee layoffs or furloughs in response to governmental action taken to slow the spread
of COVID-19, which could impact the continued viability of the companies in which we invest;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">companies
in which the Fund invests being disproportionally impacted by governmental action aimed at slowing the spread of COVID-19 or mitigating
its economic effects;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limited
availability of new investment opportunities; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">general
threats to the Fund&rsquo;s ability to continue investment operations and to operate successfully as a non-diversified, closed-end
investment company.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Despite
actions of the U.S. federal government and foreign governments, the uncertainty surrounding the COVID-19 pandemic and other factors
has contributed to significant volatility and declines in the global public equity markets and global debt capital markets, including
the net asset value of the Fund&rsquo;s shares. These events could have, and/or have had, a significant impact on the Fund&rsquo;s
performance, net asset value, income, operating results and ability to pay distributions, as well as the performance, income,
operating results and viability of issuers in which it invests.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It
is virtually impossible to determine the ultimate impact of COVID-19 at this time. Further, the extent and strength of any economic
recovery after the COVID-19 pandemic abates, including following any &ldquo;second wave,&rdquo; &ldquo;third wave&rdquo; or other
intensifying of the pandemic, is uncertain and subject to various factors and conditions. Accordingly, an investment in the Fund
is subject to an elevated degree of risk as compared to other market environments.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 55; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Total
Return Risk (Principal). </I></B>The Fund utilizes several investment management techniques in an effort to generate positive
total return. The risks of these techniques, such as option writing, leverage, concentration in certain industries, and investing
in emerging markets, are described in the following paragraphs. Taken together these and other techniques represent a risk that
the Fund will experience a negative total return even in market environments that are generally positive and that the Fund&rsquo;s
returns, both positive and negative, may be more volatile than if the Fund did not utilize these investment techniques.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Industry
Risk (Principal). </I></B>The Fund&rsquo;s investments will be concentrated in the natural resources and gold industries. Because
the Fund is concentrated in these industries, it may present more risks than if it were broadly diversified over numerous industries
and sectors of the economy. A downturn in the natural resources or gold industries would have a larger impact on the Fund than
on an investment company that does not concentrate in such industries.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund invests in equity securities of Natural Resources Companies. A downturn in the indicated natural resources industries would
have a larger impact on the Fund than on an investment company that does not invest significantly in such industries. Such industries
can be significantly affected by the supply of and demand for the indicated commodities and related services, exploration and
production spending, government regulations, world events and economic conditions. For example, the COVID-19 pandemic has drastically
reduced the demand for various natural resources, including oil, and has drastically increased the price volatility of natural
resources and companies within the natural resources industry. An extended period of reduced (or negative) prices may significantly
lengthen the time that companies within the natural resources industries would need to recover after a stabilization of prices.
The metals (including both precious metals&mdash;such as silver and platinum&mdash;and base (i.e., non-precious) metals&mdash;such
as copper, lead, nickel and zinc), paper, food and agriculture, forestry products, water, gas, oil, sustainable energy and other
commodities industries can be significantly affected by events relating to international political developments, the success of
exploration projects, commodity prices, and tax and government regulations. The stock prices of Natural Resources Companies, some
of which prior to the COVID-19 pandemic had experienced substantial price increases in recent periods, may also experience greater
price volatility than other types of common stocks. The impact of COVID-19 on securities issued by Natural Resources Companies
was dramatic beginning in February 2020 and ultimately culminating in near-panic selling though the middle of March 2020. Securities
issued by Natural Resources Companies are sensitive to changes in the prices of, and in supply and demand for, the indicated commodities.
The value of securities issued by Natural Resources Companies may be affected by changes in overall market movements, changes
in interest rates, or factors affecting a particular industry or commodity, such as weather, embargoes, tariffs, policies of commodity
cartels and international economic, political and regulatory developments. The Investment Adviser&rsquo;s judgments about trends
in the prices of these securities and commodities may prove to be incorrect. It is possible that the performance of securities
of Natural Resources Companies may lag the performance of other industries or the broader market as a whole.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund also invests in equity securities of Gold Companies. Equity securities of Gold Companies may experience greater volatility
than companies not involved in the gold industry. Investments related to gold are considered speculative and are affected by a
variety of worldwide economic, financial and political factors. The price of gold may fluctuate sharply, which has experienced
substantial increases in recent periods, but which also may be subject to substantial decreases, over short periods of time due
to changes in inflation or</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 56; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expectations
regarding inflation in various countries, the availability of supplies of gold, changes in industrial and commercial demand, gold
sales by governments, central banks or international agencies, investment speculation, monetary and other economic policies of
various governments and government restrictions on private ownership of gold. In times of significant inflation or great economic
uncertainty, Gold Companies have at times outperformed securities markets generally. However, in times of stable economic growth,
traditional equity and debt investments could offer greater appreciation potential and the value of gold and the prices of equity
securities of Gold Companies may be adversely affected, which could in turn affect the Fund&rsquo;s returns. Some Gold Companies
hedge, to varying degrees, their exposure to declines in the price of gold. Such hedging limits a Gold Company&rsquo;s ability
to benefit from future rises in the price of gold. The Investment Adviser&rsquo;s judgments about trends in the prices of securities
of Gold Companies may prove to be incorrect. It is possible that the performance of securities of Gold Companies may lag the performance
of other industries or the broader market as a whole.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Supply
and Demand Risk.</I> A decrease in the production of or exploration of, gold, metals (including both precious metals&mdash;such
as silver and platinum&mdash;and base (i.e., non-precious) metals&mdash;such as copper, lead, nickel and zinc), paper, food and
agriculture, forestry products, gas, oil and other commodities or a decrease in the volume of such commodities available for transportation,
mining, processing, storage or distribution may adversely impact the financial performance of the Fund&rsquo;s investments. Production
declines and volume decreases could be caused by various factors, including catastrophic events affecting production, depletion
of resources, labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance
problems, import supply disruption, increased competition from alternative energy sources or commodity prices. For example, the
COVID-19 pandemic has drastically reduced the demand for various natural resources, including oil, and has drastically increased
the price volatility of natural resources and companies within the natural resources industry. An extended period of reduced (or
negative) prices may significantly lengthen the time that companies within the natural resources industries would need to recover
after a stabilization of prices. Sustained declines in demand for the indicated commodities could also adversely affect the financial
performance of Natural Resources Companies and Gold Companies over the long-term. Factors which could lead to a decline in demand
include economic recession or other adverse economic conditions, higher fuel taxes or governmental regulations, increases in fuel
economy, consumer shifts to the use of alternative fuel sources, changes in commodity prices, or weather.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Depletion
and Exploration Risk.</I> Many Natural Resources Companies and Gold Companies are either engaged in the production or exploration
of particular commodities or are engaged in transporting, storing, distributing and processing such commodities. To maintain or
increase their revenue level, these companies or their customers need to maintain or expand their reserves through exploration
of new sources of supply, the development of existing sources, acquisitions, or long-term contracts to acquire reserves. The financial
performance of Natural Resources Companies and Gold Companies may be adversely affected if they, or the companies to whom they
provide products or services, are unable to cost effectively acquire additional products or reserves sufficient to replace the
natural decline.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Regulatory
Risk.</I> Natural Resources Companies and Gold Companies may be subject to extensive government regulation in virtually every
aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls,
and in some cases the prices they may charge for the products</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 57; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and
services they provide. Various governmental authorities have the power to enforce compliance with these regulations and the permits
issued under them, and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions
or both. Stricter laws, regulations or enforcement policies could be enacted in the future, which would likely increase compliance
costs and may adversely affect the financial performance of Natural Resources Companies and Gold Companies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Commodity
Pricing Risk. </I>The operations and financial performance of Natural Resources Companies and Gold Companies may be directly affected
by the prices of the indicated commodities, especially those Natural Resources Companies and Gold Companies for whom the commodities
they own are significant assets. Commodity prices fluctuate for several reasons, including changes in market and economic conditions,
levels of domestic production, impact of governmental regulation and taxation, the availability of transportation systems and,
in the case of oil and gas companies in particular, conservation measures and the impact of weather. Volatility of commodity prices,
which may lead to a reduction in production or supply, may also negatively affect the performance of Natural Resources Companies
and Gold Companies which are solely involved in the transportation, processing, storing, distribution or marketing of commodities.
Volatility of commodity prices may also make it more difficult for Natural Resources Companies and Gold Companies to raise capital
to the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Catastrophe
Risk. </I>The operations of Natural Resources Companies and Gold Companies are subject to many hazards inherent in the development
of energy infrastructure and the acquisition, exploration, production, mining, processing (including fractionating), refining,
transportation (including trans-loading), storage, servicing or marketing of natural resources, including, but not limited to,
crude oil, refined products, petrochemicals, natural gas, natural gas liquids, coal, metals and renewable energy sources, including
damage to production equipment, pipelines, storage tanks or related equipment and surrounding properties caused by hurricanes,
tornadoes, floods, fires and other natural disasters or by acts of terrorism; inadvertent damage from construction or other equipment;
leaks of natural gas, natural gas liquids, crude oil, refined petroleum products or other hydrocarbons; and fires and explosions.
These risks could result in substantial losses due to personal injury or loss of life, severe damage to and destruction of property
and equipment and pollution or other environmental damage, and might result in the curtailment or suspension of their related
operations. Not all Natural Resources Companies or Gold Companies are fully insured against all risks inherent to their businesses.
If a significant accident or event occurs that is not fully insured, it could adversely affect a Natural Resources Company&rsquo;s
or Gold Company&rsquo;s operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Climate
Change Risk.</I> Climate change, and regulations intended to control its impact, may affect the value of the Fund&rsquo;s investments.
The Fund&rsquo;s current evaluation is that the near term effects of climate change and climate change regulation on the Fund&rsquo;s
investments are not material, but the Fund cannot predict the long term impacts on the Fund or its investments from climate change
or related regulations. The Fund is subject to the special risks associated with climate change. Weather may play a role in the
cash flows of the Natural Resources Companies in which the Fund invests. Although many of the companies in this sector can reasonably
predict seasonal weather patterns, extreme weather conditions, such as those that may result from climate change, many be unpredictable.
The damage done by extreme weather could adversely affect the financial condition of such companies. Additionally, new or strengthened
regulations or legislation could increase the operating costs and/or decrease the revenues of Natural Resources Companies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 58; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Interest
Rate Risk for Natural Resources Companies and Gold Companies. </I>The prices of the equity and debt securities of the Natural
Resources Companies and Gold Companies that the Fund holds in its portfolio are susceptible in the short term to decline when
interest rates rise. Rising interest rates could limit the capital appreciation of securities of certain investments as a result
of the increased availability of alternative investments with yields comparable to those investments. Rising interest rates could
adversely affect the financial performance of Natural Resources Companies and Gold Companies generally by increasing their cost
of capital. This may reduce their ability to execute acquisitions or expansion projects in a cost-effective manner. The risk of
rising interest rates may be more pronounced because certain rates are near historical lows and there have been recent inflationary
price movements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Risks
Associated with Covered Calls and Other Option Transactions (Principal). </I></B>There are several risks associated with transactions
in options on securities. For example, there are significant differences between the securities and options markets that could
result in an imperfect correlation between these markets, causing a given covered call option transaction not to achieve its objectives.
A decision as to whether, when and how to use covered calls (or other options) involves the exercise of skill and judgment, and
even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events. The use of options may
require the Fund to sell portfolio securities at inopportune times or for prices other than current market values, may limit the
amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security it might otherwise sell.
As the writer of a covered call option, the Fund forgoes, during the option&rsquo;s life, the opportunity to profit from increases
in the market value of the security covering the call option above the exercise price of the call option, but has retained the
risk of loss should the price of the underlying security decline. Although such loss would be offset in part by the option premium
received, in a situation in which the price of a particular stock on which the Fund has written a covered call option declines
rapidly and materially or in which prices in general on all or a substantial portion of the stocks on which the Fund has written
covered call options decline rapidly and materially, the Fund could sustain material depreciation or loss in its net assets to
the extent it does not sell the underlying securities (which may require it to terminate, offset or otherwise cover its option
position as well). The writer of an option has no control over the time when it may be required to fulfill its obligation as a
writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in
order to terminate its obligation under the option and must deliver the underlying security at the exercise price.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
can be no assurance that a liquid market will exist when the Fund seeks to close out an option position. Reasons for the absence
of a liquid secondary market for exchange-traded options include the following: (i) there may be insufficient trading interest;
(ii) restrictions may be imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts,
suspensions or other restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen
circumstances may interrupt normal operations on an exchange; (v) the trading facilities of an exchange or the Options Clearing
Corporation (the &ldquo;OCC&rdquo;) may not be adequate to handle current trading volume; or (vi) the relevant exchange could,
for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular
class or series of options). If trading were discontinued, the secondary market on that exchange (or in that class or series of
options) would cease to exist. However, outstanding options on that exchange that had been issued by the OCC as a result of trades
on that exchange would continue to be exercisable in accordance with their terms. The Fund&rsquo;s ability to terminate OTC options
may be more limited than with exchange-traded options and may</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 59; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">involve
the risk that counterparties participating in such transactions will not fulfill their obligations. If the Fund were unable to
close out a covered call option that it had written on a security, it would not be able to sell the underlying security unless
the option expired without exercise.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that
the options markets close before the markets for the underlying securities, significant price and rate movements can take place
in the underlying markets that cannot be reflected in the options markets. Call options are marked to market daily and their value
will be affected by changes in the value of and dividend rates of the underlying common stocks, an increase in interest rates,
changes in the actual or perceived volatility of the stock market and the underlying common stocks and the remaining time to the
options&rsquo; expiration. Additionally, the exercise price of an option may be adjusted downward before the option&rsquo;s expiration
as a result of the occurrence of certain corporate events affecting the underlying equity security, such as extraordinary dividends,
stock splits, merger or other extraordinary distributions or events. A reduction in the exercise price of an option would reduce
the Fund&rsquo;s capital appreciation potential on the underlying security.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Limitation
on Covered Call Writing Risk. </I>The number of covered call options the Fund can write is limited by the number of shares of
the corresponding common stock the Fund holds. Furthermore, the Fund&rsquo;s covered call options and other options transactions
will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such
options are traded. These limitations govern the maximum number of options in each class which may be written or purchased by
a single investor or group of investors acting in concert, regardless of whether the options are written or purchased on the same
or different exchanges, boards of trade or other trading facilities or are held or written in one or more accounts or through
one or more brokers. As a result, the number of covered call options that the Fund may write or purchase may be affected by options
written or purchased by it and other investment advisory clients of the Investment Adviser. An exchange, board of trade or other
trading facility may order the liquidation of positions found to be in excess of these limits, and it may impose certain other
sanctions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Risks
Associated with Uncovered Calls (Principal).</I></B> There are special risks associated with uncovered option writing which expose
the Fund to potentially significant loss. As the writer of an uncovered call option, the Fund has no risk of loss should the price
of the underlying security decline, but bears unlimited risk of loss should the price of the underlying security increase above
the exercise price until the Fund covers its exposure. As with writing uncovered calls, the risk of writing uncovered put options
is substantial. The writer of an uncovered put option bears a risk of loss if the value of the underlying instrument declines
below the exercise price. Such loss could be substantial if there is a significant decline in the value of the underlying instrument.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
combination writing, where the Fund writes both a put and a call on the same underlying instrument, the potential risk is unlimited.
If a secondary market in options were to become unavailable, the Fund could not engage in losing transactions and would remain
obligated until expiration or assignment.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Equity
Risk (Principal). </I></B>Investing in the Fund involves equity risk, which is the risk that the securities held by the Fund will
fall in market value due to adverse market and economic conditions, perceptions regarding the industries in which the issuers
of securities held by the Fund participate and the particular circumstances and performance of particular companies whose securities
the Fund holds. An investment in the Fund represents an indirect economic stake in the securities owned by the Fund, which are
for the most part traded on securities</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 60; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">exchanges
or in the OTC markets. The market value of these securities, like other market investments, may move up or down, sometimes rapidly
and unpredictably. The net asset value of the Fund may at any point in time be less than the amount at the time the shareholder
invested in the Fund, even after taking into account any reinvestment of distributions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Common
Stock Risk (Principal).</I></B> Common stock of an issuer in the Fund&rsquo;s portfolio may decline in price for a variety of
reasons, including if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security
experiences a decline in its financial condition. Common stock in which the Fund will invest is structurally subordinated as to
income and residual value to preferred stock, bonds and other debt instruments in a company&rsquo;s capital structure, in terms
of priority to corporate income, and therefore will be subject to greater dividend risk than preferred stock or debt instruments
of such issuers. In addition, while common stock has historically generated higher average returns than fixed income securities,
common stock has also experienced significantly more volatility in those returns.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Distribution
Risk for Equity Income Portfolio Securities (Principal).</I></B> In selecting equity income securities in which the Fund will
invest, the Investment Adviser will consider the issuer&rsquo;s history of making regular periodic distributions (i.e., dividends)
to its equity holders. An issuer&rsquo;s history of paying dividends or other distributions, however, does not guarantee that
the issuer will continue to pay dividends or other distributions in the future. The dividend income stream associated with equity
income securities generally is not guaranteed and will be subordinate to payment obligations of the issuer on its debt and other
liabilities. Accordingly, an issuer may forgo paying dividends on its equity securities. In addition, because in most instances
issuers are not obligated to make periodic distributions to the holders of their equity securities, such distributions or dividends
generally may be discontinued at the issuer&rsquo;s discretion.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Interest
Rate Risk (Principal). </I></B>The primary risk associated with dividend-and interest-paying securities is interest rate risk.
A decrease in interest rates will generally result in an increase in the investment value of such securities, while increases
in interest rates will generally result in a decline in its investment value. This effect is generally more pronounced for fixed
rate securities than for securities whose income rate is periodically reset. The Fund may be subject to a greater risk of rising
interest rates due to the current period of historically low interest rates and recent inflationary price movements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additionally,
during periods of declining interest rates, the issuer of a preferred stock or fixed income security may be able to exercise an
option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. This is known as
call or prepayment risk. Preferred stock and debt securities frequently have call features that allow the issuer to redeem the
securities prior to their stated maturities. An issuer may redeem such a security if the issuer can refinance it at a lower cost
due to declining interest rates or an improvement in the credit standing of the issuer. During periods of rising interest rates,
the average life of certain types of securities may be extended because of slower than expected principal payments. This may prolong
the length of time the security pays a below market interest rate, increase the security&rsquo;s duration and reduce the value
of the security. This is known as extension risk.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 61; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Preferred
Stock Risk (Principal). </I></B>There are special risks associated with the Fund&rsquo;s investing in preferred securities, including:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Deferral.
                                         </I>Preferred securities may include provisions that permit the issuer, at its discretion,
                                         to defer dividends or distributions for a stated period without any adverse consequences
                                         to the issuer. If the Fund owns a preferred security that is deferring its dividends
                                         or distributions, the Fund may be required to report income for tax purposes although
                                         it has not yet received such income.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Non-Cumulative
                                         Dividends. </I>Some preferred securities are non-cumulative, meaning that the dividends
                                         do not accumulate and need not ever be paid. A portion of the portfolio may include investments
                                         in non-cumulative preferred securities, whereby the issuer does not have an obligation
                                         to make up any arrearages to its shareholders. Should an issuer of a non-cumulative preferred
                                         security held by the Fund determine not to pay dividends or distributions on such security,
                                         the Fund&rsquo;s return from that security may be adversely affected. There is no assurance
                                         that dividends or distributions on non-cumulative preferred securities in which the Fund
                                         invests will be declared or otherwise made payable.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Subordination.
                                         </I>Preferred securities are subordinated to bonds and other debt instruments in an issuer&rsquo;s
                                         capital structure in terms of priority to corporate income and liquidation payments,
                                         and therefore will be subject to greater credit risk than more senior debt security instruments.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Liquidity.
                                         </I>Preferred securities may be substantially less liquid than many other securities,
                                         such as common stocks or U.S. government securities.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Limited
                                         Voting Rights.</I> Generally, preferred security holders (such as the Fund) have no voting
                                         rights with respect to the issuing company unless preferred dividends have been in arrears
                                         for a specified number of periods, at which time the preferred security holders may be
                                         entitled to elect a number of directors to the issuer&rsquo;s board. Generally, once
                                         all the arrearages have been paid, the preferred security holders no longer have voting
                                         rights.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Special
                                         Redemption Rights. </I>In certain varying circumstances, an issuer of preferred securities
                                         may redeem the securities prior to a specified date. For instance, for certain types
                                         of preferred securities, a redemption may be triggered by a change in U.S. federal income
                                         tax or securities laws. A redemption by the issuer may negatively impact the return of
                                         the security held by the Fund.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Foreign
Securities Risk (Principal). </I></B>Because many of the world&rsquo;s Natural Resources Companies and Gold Companies are located
outside of the United States, the Fund may have a significant portion of its investments in securities that are traded in foreign
markets and that are not subject to the requirements of the U.S. securities laws, markets and accounting requirements (&ldquo;Foreign
Securities&rdquo;). Investments in the securities of foreign issuers involve certain considerations and risks not ordinarily associated
with investments in securities of domestic issuers and such securities may be more volatile than those of issuers located in the
United States. Foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements
comparable to those applicable to U.S. companies. The governments of certain countries may prohibit or impose substantial restrictions
on foreign investments in their capital markets or in certain industries, and there may be greater levels of price volatility
in foreign markets. Foreign securities exchanges, brokers and listed companies may be subject to less government supervision and
regulation than exists in the United States. Dividend and interest income may be subject to withholding and other foreign taxes,
which may adversely affect the net return on such investments. There may be difficulty in obtaining or enforcing a court judgment
abroad, and it may be</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 62; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">difficult
to effect repatriation of capital invested in certain countries. With respect to certain countries, there are risks of expropriation,
confiscatory taxation, political or social instability or diplomatic developments that could affect assets of the Fund held in
foreign countries. The dividend income the Fund receives from foreign securities may not be eligible for the special tax treatment
applicable to qualified dividend income. Moreover, certain equity investments in foreign issuers classified as passive foreign
investment companies may be subject to additional taxation risk.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
may be less publicly available information about a foreign company than a U.S. company. Foreign Securities markets may have substantially
less volume than U.S. securities markets and some foreign company securities are less liquid than securities of otherwise comparable
U.S. companies. A portfolio of Foreign Securities may also be adversely affected by fluctuations in the rates of exchange between
the currencies of different nations and by exchange control regulations. Foreign markets also have different clearance and settlement
procedures that could cause the Fund to encounter difficulties in purchasing and selling securities on such markets and may result
in the Fund missing attractive investment opportunities or experiencing loss. In addition, a portfolio that includes Foreign Securities
can expect to have a higher expense ratio because of the increased transaction costs on non-U.S. securities markets and the increased
costs of maintaining the custody of Foreign Securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
in Foreign Securities will expose the Fund to the direct or indirect consequences of political, social or economic changes in
the countries that issue the securities or in which the issuers are located. Certain countries in which the Fund may invest have
historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations,
large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Many of these
countries are also characterized by political uncertainty and instability. The cost of servicing external debt will generally
be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which
are adjusted based upon international interest rates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund also may purchase sponsored ADRs or U.S. dollar-denominated securities of foreign issuers. ADRs are receipts issued by U.S.
banks or trust companies in respect of securities of foreign issuers held on deposit for use in the U.S. securities markets. While
ADRs may not necessarily be denominated in the same currency as the securities into which they may be converted, many of the risks
associated with Foreign Securities may also apply to ADRs. In addition, the underlying issuers of certain depositary receipts,
particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications
to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
following provides more detail on certain pronounced risks with foreign investing:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Foreign
Currency Risk. </I>The Fund may invest in companies whose securities are denominated or quoted in currencies other than U.S.
dollars or have significant operations or markets outside of the United States. In such instances, the Fund will be exposed to
currency risk, including the risk of fluctuations in the exchange rate between U.S. dollars (in which the Fund&rsquo;s shares
are denominated) and such foreign currencies, the risk of currency devaluations and the risks of non-exchangeability and blockage.
As non-U.S. securities may be purchased with and payable in currencies of countries other than the U.S. dollar, the value of these
assets measured in U.S. dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations.
Fluctuations in currency rates may adversely affect</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 63; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 45pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
ability of the Investment Adviser to acquire such securities at advantageous prices and may also adversely affect the performance
of such assets.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Certain
non-U.S. currencies, primarily in developing countries, have been devalued in the past and might face devaluation in the future.
Currency devaluations generally have a significant and adverse impact on the devaluing country&rsquo;s economy in the short and
intermediate term and on the financial condition and results of companies&rsquo; operations in that country. Currency devaluations
may also be accompanied by significant declines in the values and liquidity of equity and debt securities of affected governmental
and private sector entities generally. To the extent that affected companies have obligations denominated in currencies other
than the devalued currency, those companies may also have difficulty in meeting those obligations under such circumstances, which
in turn could have an adverse effect upon the value of the Fund&rsquo;s investments in such companies. There can be no assurance
that current or future developments with respect to foreign currency devaluations will not impair the Fund&rsquo;s investment
flexibility, its ability to achieve its investment objectives or the value of certain of its foreign currency-denominated investments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Tax
Consequences of Foreign Investing. </I>The Fund&rsquo;s transactions in foreign currencies, foreign currency-denominated debt
obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise
to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.
This treatment could increase or decrease the Fund&rsquo;s ordinary income distributions to you, and may cause some or all of
the Fund&rsquo;s previously distributed income to be classified as a return of capital. In certain cases, the Fund may make an
election to treat gain or loss attributable to certain investments as capital gain or loss.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>EMU
and Redenomination Risk. </I>As the European debt crisis progressed, the possibility of one or more Eurozone countries exiting
the European Monetary Union (&ldquo;EMU&rdquo;), or even the collapse of the Euro as a common currency, arose, creating significant
volatility at times in currency and financial markets generally. The effects of the collapse of the Euro, or of the exit of
one or more countries from the EMU, on the U.S. and global economies and securities markets are impossible to predict and any
such events could have a significant adverse impact on the value and risk profile of the Fund&rsquo;s portfolio. Any partial or
complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values
of the Fund&rsquo;s portfolio investments. If one or more EMU countries were to stop using the Euro as its primary currency, the
Fund&rsquo;s investments in such countries may be redenominated into a different or newly adopted currency. As a result, the value
of those investments could decline significantly and unpredictably. In addition, securities or other investments that are redenominated
may be subject to foreign currency risk, liquidity risk and valuation risk to a greater extent than similar investments currently
denominated in Euros. To the extent a currency used for redenomination purposes is not specified in respect of certain EMU-related
investments, or should the Euro cease to be used entirely, the currency in which such investments are denominated may be unclear,
making such investments particularly difficult to value or dispose of. The Fund may incur additional expenses to the extent it
is required to seek judicial or other clarification of the denomination or value of such securities.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Emerging
Markets Risk.</I> The considerations noted above in &ldquo;Foreign Securities Risk&rdquo; are generally intensified for investments
in emerging market countries. Emerging market countries typically have economic and political systems that are less fully developed,
and can be expected to be less stable than those of more developed countries. Investing in securities of companies in emerging
markets may entail special</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 64; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">risks
relating to potential political and economic instability and the risks of expropriation, nationalization, confiscation or the
imposition of restrictions on foreign investment, the lack of hedging instruments and restrictions on repatriation of capital
invested. Economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Emerging securities
markets are substantially smaller, less developed, less liquid and more volatile than the major securities markets. The limited
size of emerging securities markets and limited trading volume compared to the volume of trading in U.S. securities could cause
prices to be erratic for reasons apart from factors that affect the quality of the securities. For example, limited market size
may cause prices to be unduly influenced by traders who control large positions. Adverse publicity and investors&rsquo; perceptions,
whether or not based on fundamental analysis, may decrease the value and liquidity of portfolio securities, especially in these
markets. Other risks include high concentration of market capitalization and trading volume in a small number of issuers representing
a limited number of industries, as well as a high concentration of investors and financial intermediaries; overdependence on exports,
including gold and natural resources exports, making these economies vulnerable to changes in commodity prices; overburdened infrastructure
and obsolete or unseasoned financial systems; environmental problems; less developed legal systems; and less reliable securities
custodial services and settlement practices. Certain emerging markets may also face other significant internal or external risks,
including the risk of war and civil unrest. For all of these reasons, investments in emerging markets may be considered speculative.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Eurozone
Risk. </I>A number of countries in the EU have experienced, and may continue to experience, severe economic and financial difficulties,
increasing the risk of investing in the European markets. In particular, many EU nations are susceptible to economic risks associated
with high levels of debt, notably due to investments in sovereign debt of countries such as Greece, Italy, Spain, Portugal, and
Ireland. As a result, financial markets in the EU have been subject to increased volatility and declines in asset values and liquidity.
Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms,
may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences.
Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies,
financial markets, and asset valuations around the world. Greece, Ireland, and Portugal have already received one or more &ldquo;bailouts&rdquo;
from other Eurozone member states, and it is unclear how much additional funding they will require or if additional Eurozone member
states will require bailouts in the future. One or more other countries may also abandon the euro and/or withdraw from the EU,
placing its currency and banking system in jeopardy. The impact of these actions, especially if they occur in a disorderly fashion,
is not clear but could be significant and far-reaching.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Brexit
Risk. </I>On January 31, 2020, the United Kingdom officially withdrew from the EU, commonly referred to as &ldquo;Brexit&rdquo;.
Following a transition period, the United Kingdom and the EU signed a Trade and Cooperation Agreement (&ldquo;UK/EU Trade Agreement&rdquo;),
which came into full force on May 1, 2021 and set out the foundation of the economic and legal framework for trade between the
United Kingdom and the EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement
may result in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets.
The United Kingdom&rsquo;s exit from the EU is expected to result in additional trade costs and disruptions in this trading relationship.
Furthermore, there is the possibility that either</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 65; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">party
may impose tariffs on trade in the future in the event that regulatory standards between the EU and the UK diverge. The terms
of the future relationship may cause continued uncertainty in the global financial markets, and adversely affect our ability,
and the ability of our portfolio companies, to execute our respective strategies and to receive attractive returns.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
particular, currency volatility may mean that our returns and the returns of our portfolio companies will be adversely affected
by market movements and may make it more difficult, or more expensive, for us to implement appropriate currency hedging. Potential
declines in the value of the British Pound and/or the euro against other currencies, along with the potential downgrading of the
United Kingdom&rsquo;s sovereign credit rating, may also have an impact on the performance of any of our portfolio companies located
in the United Kingdom or Europe.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, certain European countries have experienced negative interest rates on certain fixed-income instruments. A negative
interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a
negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. Negative interest
rates may result in heightened market volatility and may detract from the Fund&rsquo;s performance to the extent the Fund is exposed
to such interest rates. Among other things, these developments have adversely affected the value and exchange rate of the euro
and pound sterling, and may continue to significantly affect the economies of all EU countries, which in turn may have a material
adverse effect on the Fund&rsquo;s investments in such countries, other countries that depend on EU countries for significant
amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
the extent the Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively
affect the value and liquidity of the Fund&rsquo;s investments. All of these developments may continue to significantly affect
the economies of all EU countries, which in turn may have a material adverse effect on the Fund&rsquo;s investments in such countries,
other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued
by certain EU countries.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Income
Risk (Principal). </I></B>The income shareholders receive from the Fund is expected to be based primarily on income from short-term
gains that the Fund earns from its investment strategy of writing covered calls and dividends and other distributions received
from its investments. If the Fund&rsquo;s covered call strategy fails to generate sufficient income from short-term gains or the
distribution rates or yields of the Fund&rsquo;s holdings decrease, shareholders&rsquo; income from the Fund could decline.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Non-Investment
Grade Securities (Non-Principal). </I></B>The Fund may invest in below investment-grade debt securities, also known as &ldquo;high-yield&rdquo;
securities or &ldquo;junk bonds.&rdquo; These securities, which may be preferred stock or debt, are predominantly speculative
and involve major risk exposure to adverse conditions. Securities that are rated lower than &ldquo;BBB&rdquo; by S&amp;P or lower
than &ldquo;Baa&rdquo; by Moody&rsquo;s (or unrated securities of comparable quality) are referred to in the financial press as
&ldquo;junk bonds&rdquo; or &ldquo;high yield&rdquo; securities and generally pay a premium above</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 66; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
yields of U.S. government securities or securities of investment grade issuers because they are subject to greater risks than
these securities. These risks, which reflect their speculative character, include the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">greater
                                         volatility;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">greater
                                         credit risk and risk of default;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">potentially
                                         greater sensitivity to general economic or industry conditions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">potential
                                         lack of attractive resale opportunities (illiquidity); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">additional
                                         expenses to seek recovery from issuers who default.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, the market value of securities in lower grade categories is more volatile than that of higher quality securities, and
the markets in which such lower grade or unrated securities are traded are more limited than those in which higher rated securities
are traded. The existence of limited markets may make it more difficult for the Fund to obtain accurate market quotations for
purposes of valuing its portfolio and calculating its net asset value. Moreover, the lack of a liquid trading market may restrict
the availability of securities for the Fund to purchase and may also have the effect of limiting the ability of the Fund to sell
securities at their fair value to respond to changes in the economy or the financial markets.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratings
are relative, subjective and not absolute standards of quality. Securities ratings are based largely on the issuer&rsquo;s historical
financial condition and the rating agencies&rsquo; analysis at the time of rating. Consequently, the rating assigned to any particular
security is not necessarily a reflection of the issuer&rsquo;s current financial condition.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may purchase securities of companies that are experiencing significant financial or business difficulties, including companies
involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant
financial returns to the Fund, they involve a substantial degree of risk. The level of analytical sophistication, both financial
and legal, necessary for successful investments in issuers experiencing significant business and financial difficulties is unusually
high. There can be no assurance that the Fund will correctly evaluate the value of the assets collateralizing its investments
or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to
a portfolio investment, the Fund may lose all or part of its investment or may be required to accept collateral with a value less
than the amount of the Fund&rsquo;s initial investment.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
a part of its investments in non-investment grade securities, the Fund may invest in the securities of issuers in default. The
Fund invests in securities of issuers in default only when the Investment Adviser believes that such issuers will honor their
obligations and emerge from bankruptcy protection and that the value of such issuers&rsquo; securities will appreciate. By investing
in the securities of issuers in default, the Fund bears the risk that these issuers will not continue to honor their obligations
or emerge from bankruptcy protection or that the value of these securities will not otherwise appreciate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to using statistical rating agencies and other sources, the Investment Adviser will also perform its own analysis of
issues in seeking investments that it believes to be underrated (and thus higher yielding) in light of the financial condition
of the issuer. Its analysis of issuers may include, among other things, current and anticipated cash flow and borrowing requirements,
value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing
and current anticipated results of</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 67; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">operations.
In selecting investments for the Fund, the Investment Adviser may also consider general business conditions, anticipated changes
in interest rates and the outlook for specific industries.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subsequent
to its purchase by the Fund, an issue of securities may cease to be rated or its rating may be reduced. In addition, it is possible
that statistical rating agencies might change their ratings of a particular issue to reflect subsequent events on a timely basis.
Moreover, such ratings do not assess the risk of a decline in market value. None of these events will require the sale of the
securities by the Fund, although the Investment Adviser will consider these events in determining whether the Fund should continue
to hold the securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fixed
income securities, including non-investment grade securities and comparable unrated securities, frequently have call or buy-back
features that permit their issuers to call or repurchase the securities from their holders, such as the Fund. If an issuer exercises
these rights during periods of declining interest rates, the Fund may have to replace the security with a lower yielding security,
thus resulting in a decreased return for the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
market for non-investment grade and comparable unrated securities has at various times, particularly during times of economic
recession, experienced substantial reductions in market value and liquidity. Past recessions have adversely affected the ability
of certain issuers of such securities to repay principal and pay interest thereon. The market for those securities could react
in a similar fashion in the event of any future economic recession.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Interest
Rate Risk for Fixed Income Securities (Non-Principal). </I></B>The primary risk associated with fixed income securities is interest
rate risk. A decrease in interest rates will generally result in an increase in the value of a fixed income security, while increases
in interest rates will generally result in a decline in its value. This effect is generally more pronounced for fixed rate securities
than for securities whose income rate is periodically reset. Market interest rates are currently significantly below historical
average rates and there have recently been inflationary price movements, each of which results in more pronounced interest rate
risk in the current market environment.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Further,
while longer term fixed rate securities may pay higher interest rates than shorter term securities, longer term fixed rate securities,
like fixed rate securities, also tend to be more sensitive to interest rate changes and, accordingly, tend to experience larger
changes in value as a result of interest rate changes. An increase in market interest rates will also generally result in a decrease
in the price of any of the Fund&rsquo;s outstanding preferred shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>U.S.
Government Securities and Credit Rating Downgrade Risk (Principal).</I></B> The Fund may invest in direct obligations of the government
of the United States or its agencies. Obligations issued or guaranteed by the U.S. government, its agencies, authorities and instrumentalities
and backed by the full faith and credit of the U.S. guarantee only that principal and interest will be timely paid to holders
of the securities. These entities do not guarantee that the value of such obligations will increase, and, in fact, the market
values of such obligations may fluctuate. In addition, not all U.S. government securities are backed by the full faith and credit
of the United States; some are the obligation solely of the entity through which they are issued. There is no guarantee that the
U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 68; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
2011, S&amp;P lowered its long term sovereign credit rating on the U.S. to &ldquo;AA+&rdquo; from &ldquo;AAA.&rdquo; The downgrade
by S&amp;P increased volatility in both stock and bond markets, resulting in higher interest rates and higher Treasury yields,
and increased the costs of all kinds of debt. Repeat occurrences of similar events could have significant adverse effects on the
U.S. economy generally and could result in significant adverse impacts on issuers of securities held by the Fund itself. The Investment
Adviser cannot predict the effects of similar events in the future on the U.S. economy and securities markets or on the Fund&rsquo;s
portfolio. The Investment Adviser monitors developments and seeks to manage the Fund&rsquo;s portfolio in a manner consistent
with achieving the Fund&rsquo;s investment objectives, but there can be no assurance that it will be successful in doing so and
the Investment Adviser may not timely anticipate or manage existing, new or additional risks, contingencies or developments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Special
Risks Related to Investment in Derivatives (Principal). </I></B>The Fund may participate in derivative transactions. Such transactions
entail certain execution, market, liquidity, hedging and tax risks. Participation in the options or futures markets, in currency
exchange transactions and in other derivatives transactions involves investment risks and transaction costs to which the Fund
would not be subject absent the use of these strategies. If the Investment Adviser&rsquo;s prediction of movements in the direction
of the securities, foreign currency, interest rate or other referenced instruments or markets is inaccurate, the consequences
to the Fund may leave the Fund in a worse position than if it had not used such strategies. Risks inherent in the use of options,
foreign currency, futures contracts and options on futures contracts, securities indices and foreign currencies include:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">dependence
                                         on the Investment Adviser&rsquo;s ability to predict correctly movements in the direction
                                         of the relevant measure;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">imperfect
                                         correlation between the price of the derivative instrument and movements in the prices
                                         of the referenced assets;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         fact that skills needed to use these strategies are different from those needed to select
                                         portfolio securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         possible absence of a liquid secondary market for any particular instrument at any time;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         possible need to defer closing out certain positions to avoid adverse tax consequences;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         possible inability of the Fund to purchase or sell a security or instrument at a time
                                         that otherwise would be favorable for it to do so, or the possible need for the Fund
                                         to sell a security or instrument at a disadvantageous time due to a need for the Fund
                                         to maintain &ldquo;cover&rdquo; or to segregate securities in connection with the hedging
                                         techniques; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         creditworthiness of counterparties.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options,
futures contracts, swaps contracts, and options thereon and forward contracts on securities and currencies may be traded on foreign
exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve
a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the
prices of, foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political,
legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions, (iii)
delays in the ability of the Fund to act upon economic events occurring in the foreign markets during non-business hours in the
United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the
United States and (v) less trading volume. Exchanges on which options, futures, swaps</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 69; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and
options on futures or swaps are traded may impose limits on the positions that the Fund may take in certain circumstances.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Many
OTC derivatives are valued on the basis of dealers&rsquo; pricing of these instruments. However, the price at which dealers value
a particular derivative and the price which the same dealers would actually be willing to pay for such derivative should the Fund
wish or be forced to sell such position may be materially different. Such differences can result in an overstatement of the Fund&rsquo;s
net asset value and may materially adversely affect the Fund in situations in which the Fund is required to sell derivative instruments.
Exchange-traded derivatives and OTC derivative transactions submitted for clearing through a central counterparty have become
subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as possible margin requirements
mandated by the SEC or the CFTC. These regulators also have broad discretion to impose margin requirements on non-cleared OTC
derivatives. These margin requirements will increase the overall costs for the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">While
hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching
between the derivative and the underlying security, and there can be no assurance that the Fund&rsquo;s hedging transactions will
be effective.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Derivatives
may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for
new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some
time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect
the value or performance of derivatives.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Counterparty
Risk (Principal).</I></B> The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts
purchased by the Fund. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract
due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract
in bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such
circumstances.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions since generally a
clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the
parties&rsquo; performance under the contract as each party to a trade looks only to the clearing organization for performance
of financial obligations under the derivative contract. However, there can be no assurance that a clearing organization, or its
members, will satisfy its obligations to the Fund, or that the Fund would be able to recover the full amount of assets deposited
on its behalf with the clearing organization in the event of the default by the clearing organization or the Fund&rsquo;s clearing
broker. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and
minimum capital requirements applicable to intermediaries. Uncleared OTC derivative transactions generally do not benefit from
such protections. This exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms
and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity
problem, thus causing the Fund to suffer a loss. Such &ldquo;counterparty risk&rdquo; is accentuated for contracts with longer
maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single
or small group of counterparties.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 70; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Failure
of Futures Commission Merchants and Clearing Organizations Risk (Principal). </I></B>The Fund may deposit funds required to margin
open positions in the derivative instruments subject to the CEA with a clearing broker registered as a &ldquo;futures commission
merchant&rdquo; (&ldquo;FCM&rdquo;). The CEA requires an FCM to segregate all funds received from customers with respect to any
orders for the purchase or sale of U.S. domestic futures contracts and cleared swaps from the FCM&rsquo;s proprietary assets.
Similarly, the CEA requires each FCM to hold in a separate secure account all funds received from customers with respect to any
orders for the purchase or sale of foreign futures contracts and segregate any such funds from the funds received with respect
to domestic futures contracts. However, all funds and other property received by a clearing broker from its customers are held
by the clearing broker on a commingled basis in an omnibus account and may be invested by the clearing broker in certain instruments
permitted under the applicable regulation. There is a risk that assets deposited by the Fund with any swaps or futures clearing
broker as margin for futures contracts may, in certain circumstances, be used to satisfy losses of other clients of the Fund&rsquo;s
clearing broker. In addition, the assets of the Fund may not be fully protected in the event of the clearing broker&rsquo;s bankruptcy,
as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing broker&rsquo;s
combined domestic customer accounts.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Similarly,
the CEA requires a clearing organization approved by the CFTC as a derivatives clearing organization to segregate all funds and
other property received from a clearing member&rsquo;s clients in connection with domestic futures, swaps and options contracts
from any funds held at the clearing organization to support the clearing member&rsquo;s proprietary trading. Nevertheless, with
respect to futures and options contracts, a clearing organization may use assets of a non-defaulting customer held in an omnibus
account at the clearing organization to satisfy payment obligations of a defaulting customer of the clearing member to the clearing
organization. As a result, in the event of a default or the clearing broker&rsquo;s other clients or the clearing broker&rsquo;s
failure to extend own funds in connection with any such default, the Fund would not be able to recover the full amount of assets
deposited by the clearing broker on its behalf with the clearing organization.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Swaps
Risk (Principal).</I></B> Swap agreements are two-party contracts entered into primarily by institutional investors for periods
ranging from a few weeks to more than one year. In a standard &ldquo;swap&rdquo; transaction, two parties agree to exchange the
returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross
returns to be exchanged or &ldquo;swapped&rdquo; between the parties are calculated with respect to a &ldquo;notional amount,&rdquo;
i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular
foreign currency, or in a &ldquo;basket&rdquo; of securities representing a particular index. The &ldquo;notional amount&rdquo;
of the swap agreement is only a fictive basis on which to calculate the obligations that the parties to a swap agreement have
agreed to exchange.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Historically,
swap transactions have been individually negotiated non-standardized transactions entered into in OTC markets and have not been
subject to the same type of government regulation as exchange-traded instruments. However, the OTC derivatives markets have recently
become subject to comprehensive statutes and regulations. In particular, in the U.S., the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 (the &ldquo;Dodd-Frank Act&rdquo;) requires that certain derivatives with U.S. persons must be executed
on a regulated market and a substantial portion of OTC derivatives must be submitted for clearing to regulated clearinghouses.
As a result, swap transactions entered into by the Fund may become subject to various requirements applicable to swaps under the
Dodd-Frank Act, including clearing, exchange-execution, reporting and recordkeeping</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 71; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">requirements,
which may make it more difficult and costly for the Fund to enter into swap transactions and may also render certain strategies
in which the Fund might otherwise engage impossible or so costly that they will no longer be economical to implement. Furthermore,
the number of counterparties that may be willing to enter into swap transactions with the Fund may also be limited if the swap
transactions with the Fund are subject to the swap regulation under the Dodd-Frank Act.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Swap
agreements will tend to shift the Fund&rsquo;s investment exposure from one type of investment to another. For example, if the
Fund agreed to pay fixed rates in exchange for floating rates while holding fixed-rate bonds, the swap would tend to decrease
the Fund&rsquo;s exposure to long term interest rates. Caps and floors have an effect similar to buying or writing options. Depending
on how they are used, swap agreements may increase or decrease the overall volatility of the Fund&rsquo;s investments and its
share price and yield. The most significant factor in the performance of swap agreements is the change in the specific interest
rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for
payments by the Fund, the Fund must be prepared to make such payments when due.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may enter into swap agreements that would calculate the obligations of the parties to the agreements on a &ldquo;net&rdquo;
basis. Consequently, the Fund&rsquo;s obligations (or rights) under a swap agreement will generally be equal only to the net amount
to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the
&ldquo;net amount&rdquo;). The Fund&rsquo;s obligations under a swap agreement will be accrued daily (offset against any amounts
owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of liquid
assets in accordance with SEC staff positions on the subject.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&rsquo;s use of swap agreements may not be successful in furthering its investment objective, as the Investment Adviser may
not accurately predict whether certain types of investments are likely to produce greater returns than other investments. Moreover,
swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to
pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. The
Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into
an offsetting swap agreement with the same party or a similarly creditworthy party.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Futures
Contracts and Options on Futures (Principal). </I></B>Futures and options on futures entail certain risks, including but not limited
to the following: no assurance that futures contracts or options on futures can be offset at favorable prices; possible reduction
of the yield of the Fund due to the use of hedging; possible reduction in value of both the securities hedged and the hedging
instrument; possible lack of liquidity due to daily limits on price fluctuations; imperfect correlation between the contracts
and the securities being hedged; losses from investing in futures transactions that are potentially unlimited; and the segregation
requirements for such transactions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Options
Risk (Principal). </I></B>To the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject
to the following additional risks. If a put or call option purchased by the Fund is not sold when it has remaining value, and
if the market price of the underlying security remains equal to or greater than the exercise price (in the case of a put), or
remains less than or equal to the exercise price (in the case of a call), the Fund will lose its entire investment in the option.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 72; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where
a put or call option on a particular security is purchased to hedge against price movements in that or a related security, the
price of the put or call option may move more or less than the price of the security. If restrictions on exercise are imposed,
the Fund may be unable to exercise an option it has purchased. If the Fund is unable to close out an option that it has purchased
on a security, it will have to exercise the option in order to realize any profit or the option may expire worthless.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Short
Sales Risk (Principal). </I></B>Short-selling involves selling securities which may or may not be owned and borrowing the same
securities for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. If the price
of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security,
the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased,
and any loss will be increased, by the transaction costs incurred by the Fund, including the costs associated with providing collateral
to the broker-dealer (usually cash and liquid securities) and the maintenance of collateral with its Custodian. Although the Fund&rsquo;s
gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-selling
necessarily involves certain additional risks. However, if the short seller does not own the securities sold short (an uncovered
short sale), the borrowed securities must be replaced by securities purchased at market prices in order to close out the short
position, and any appreciation in the price of the borrowed securities would result in a loss. Uncovered short sales expose the
Fund to the risk of uncapped losses until a position can be closed out due to the lack of an upper limit on the price to which
a security may rise. Purchasing securities to close out the short position can itself cause the price of the securities to rise
further, thereby exacerbating the loss. There is the risk that the securities borrowed by the Fund in connection with a short-sale
must be returned to the securities lender on short notice. If a request for return of borrowed securities occurs at a time when
other short-sellers of the security are receiving similar requests, a &ldquo;short squeeze&rdquo; can occur, and the Fund may
be compelled to replace borrowed securities previously sold short with purchases on the open market at the most disadvantageous
time, possibly at prices significantly in excess of the proceeds received at the time the securities were originally sold short.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
September 2008, in response to spreading turmoil in the financial markets, the SEC temporarily banned short selling in the stocks
of numerous financial services companies, and also promulgated new disclosure requirements with respect to short positions held
by investment managers. The SEC&rsquo;s temporary ban on short selling of such stocks has since expired, but should similar restrictions
and/or additional disclosure requirements be promulgated, especially if market turmoil occurs, the Fund may be forced to cover
short positions more quickly than otherwise intended and may suffer losses as a result. Such restrictions may also adversely affect
the ability of the Fund to execute its investment strategies generally. Similar emergency orders were also instituted in non-U.S.
markets in response to increased volatility. The Fund&rsquo;s ability to engage in short sales is also restricted by various regulatory
requirements relating to short sales.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Leverage
Risk (Principal).</I></B> The Fund may use financial leverage for investment purposes. A leveraged capital structure would create
special risks not associated with unleveraged funds that have a similar investment objectives and policies. These include the
possibility of greater loss and the likelihood of higher volatility of the net asset value of the Fund and the asset coverage
for any preferred shares or debt outstanding. Such volatility may increase the likelihood of the Fund having to sell investments
in order to meet its obligations to make distributions on the preferred shares or principal or interest payments on debt securities,
or to redeem</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 73; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">preferred
shares or repay debt, when it may be disadvantageous to do so. The use of leverage magnifies both the favorable and unfavorable
effects of price movements in the investments made by the Fund. To the extent the Fund is leveraged in its investment operations,
the Fund will be subject to substantial risk of loss. The Fund cannot assure that borrowings or the issuance of preferred shares
or notes will result in a higher yield or return to the holders of the common shares. Also, to the extent the Fund utilizes leverage,
a decline in net asset value could affect the ability of the Fund to make common share distributions and such a failure to make
distributions could result in the Fund ceasing to qualify as a RIC under the Code. For more information regarding the risks of
a leverage capital structure to holders of the Fund&rsquo;s common shares, see &ldquo;Risk Factors and Special Considerations&mdash;Special
Risks to Holders of Common Shares&mdash;Leverage Risk.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Market
Discount Risk (Principal).</I></B> The Fund is a non-diversified, closed-end management investment company. Whether investors
will realize gains or losses upon the sale of additional securities of the Fund will depend upon the market price of the securities
at the time of sale, which may be less or more than the Fund&rsquo;s net asset value per share or the liquidation value of any
Fund preferred shares issued. Since the market price of any additional securities the Fund may issue will be affected by such
factors as the Fund&rsquo;s dividend and distribution levels (which are in turn affected by expenses), dividend and distribution
stability, net asset value, market liquidity, the relative demand for and supply of such securities in the market, general market
and economic conditions and other factors beyond the control of the Fund, we cannot predict whether any such securities will trade
at, below or above net asset value or at, below or above their public offering price or at, below or above their liquidation value,
as applicable. For example, common shares of closed-end funds often trade at a discount to their net asset values and the Fund&rsquo;s
common shares may trade at such a discount. This risk may be greater for investors expecting to sell their securities of the Fund
soon after the completion of a public offering for such securities. The risk of a market price discount from net asset value is
separate and in addition to the risk that net asset value itself may decline. The Fund&rsquo;s securities are designed primarily
for long term investors, and investors in the shares should not view the Fund as a vehicle for trading purposes.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Long
Term Objective; Not a Complete Investment Program (Principal). </I></B>The Fund is intended for investors seeking long term growth
of capital. The Fund is not meant to provide a vehicle for those who wish to play short term swings in the stock market. An investment
in shares of the Fund should not be considered a complete investment program. Each shareholder should take into account the Fund&rsquo;s
investment objectives as well as the shareholder&rsquo;s other investments when considering an investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Portfolio
Turnover Risk (Principal). </I></B>The investment policies of the Fund, including its strategy of writing covered call options
on securities in its portfolio, may result in portfolio turnover that is higher than that of many investment companies. Increased
portfolio turnover rates will result in higher costs from brokerage commissions, dealer-mark-ups and other transaction costs and
may also may decrease the after-tax return to individual investors in the Fund to the extent it results in a decrease in the portion
of the Fund&rsquo;s distributions that is attributable to long-term capital gain.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Management
Risk (Principal). </I></B>The Fund is subject to management risk because it is an actively managed portfolio. The Investment Adviser
will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee
that these will produce the desired results.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 74; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Non-Diversified
Status (Principal). </I></B>The Fund is classified as a &ldquo;non-diversified&rdquo; investment company under the 1940 Act, which
means the Fund is not limited by the 1940 Act in the proportion of its assets that may be invested in the securities of a single
issuer. As a non-diversified investment company, the Fund may invest in the securities of individual issuers to a greater degree
than a diversified investment company. As a result, the Fund may be more vulnerable to events affecting a single issuer and therefore,
subject to greater volatility than a fund that is more broadly diversified. Accordingly, an investment in the Fund may present
greater risk to an investor than an investment in a diversified company.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Dependence
on Key Personnel (Principal).</I></B> The Fund is dependent upon the expertise of Vincent Hugonnard-Roche as the sole option
strategist on the Fund&rsquo;s portfolio management team. If the Fund were to lose the services of Mr. Roche, it could be temporarily
adversely affected until a suitable replacement could be found.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Market
Disruption and Geopolitical Risk (Principal).</I></B> The occurrence of events similar to those in recent years, such as localized
wars, instability, new and ongoing pandemics (such as COVID-19), epidemics or outbreaks of infectious diseases in certain parts
of the world, natural/environmental disasters, terrorist attacks in the United States and around the world, social and political
discord, debt crises sovereign debt downgrades, increasingly strained relations between the United States and a number of foreign
countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the
EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government, government
shutdowns, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets,
and may cause further economic uncertainties in the United States and worldwide.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad,
such as the U.S. government&rsquo;s inability at times to agree on a long-term budget and deficit reduction plan, may in the future
result in additional government shutdowns, which could have a material adverse effect on the Fund&rsquo;s investments and operations.
In addition, the Fund&rsquo;s ability to raise additional capital in the future through the sale of securities could be materially
affected by a government shutdown. Additional and/or prolonged U.S. government shutdowns may affect investor and consumer confidence
and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">While
the extreme volatility and disruption that U.S. and global markets experienced for an extended period of time beginning in 2007
and 2008 had, until the recent coronavirus (COVID-19) outbreak, generally subsided, uncertainty and periods of volatility still
remain, and risks to a robust resumption of growth persist. Federal Reserve policy, including with respect to certain interest
rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility,
dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund&rsquo;s performance or
impair the Fund&rsquo;s ability to achieve its investment objective.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
occurrence of any of the above events could have a significant adverse impact on the value and risk profile of the Fund&rsquo;s
portfolio. The Fund does not know how long the securities markets may be impacted by similar events and cannot predict the effects
of similar events in the future on the U.S. economy and securities markets. There can be no assurance that similar events and
other market disruptions will not have other material and adverse implications.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 75; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
previously discussed, Brexit has led to volatility in the financial markets of the UK and more broadly across Europe and may also
lead to weakening in consumer, corporate and financial confidence in such markets. The decision made in the British referendum
may also lead to a call for similar referendums in other European jurisdictions which may cause increased economic volatility
in the European and global markets. This mid-to long-term uncertainty may have an adverse effect on the economy generally and
on the ability of the Fund and its investments to execute its respective strategies and to receive attractive returns. In particular,
currency volatility may mean that the returns of the Fund and its investments are adversely affected by market movements and may
make it more difficult, or more expensive, for the Fund to execute prudent currency hedging policies. Potential decline in the
value of the British Pound and/or the Euro against other currencies, along with the potential downgrading of the United Kingdom&rsquo;s
sovereign credit rating, may also have an impact on the performance of portfolio companies or investments located in the UK or
Europe. In light of the above, no definitive assessment can currently be made regarding the impact that Brexit will have on the
Fund, its investments or its organization more generally.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative
process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among
those changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of
individuals and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject
to &ldquo;sunset&rdquo; provisions, the elimination or modification of various previously allowed deductions (including substantial
limitations on the deductibility of interest and, in the case of individuals, the deduction for personal state and local taxes),
certain additional limitations on the deduction of net operating losses, certain preferential rates of taxation on certain dividends
and certain business income derived by non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers,
and significant changes to the international tax rules. In addition, the Biden administration has indicated that it intends to
modify key aspects of the Code, including by increasing corporate and individual tax rates. The effect of these and other changes
is uncertain, both in terms of the direct effect on the taxation of an investment in the Fund&rsquo;s shares and their indirect
effect on the value of the Fund&rsquo;s assets, the Fund&rsquo;s shares or market conditions generally.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Regulation
and Government Intervention Risk (Principal).</I></B> The global financial crisis led the U.S. government and certain foreign
governments to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial
markets that experienced extreme volatility, and in some cases a lack of liquidity, including through direct purchases of equity
and debt securities. Federal, state and other governments and certain foreign governments and their regulatory agencies or self-regulatory
organizations may take legislative and regulatory actions that affect the regulation of the instruments in which the Fund invests,
or the issuers of such instruments, in ways that are unforeseeable. Such legislation or regulation may change the way in which
the Fund is regulated and could limit or preclude the Fund&rsquo;s ability to achieve its investment objectives.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
SEC and its staff are also reportedly engaged in various initiatives and reviews that seek to improve and modernize the regulatory
structure governing investment companies. These efforts appear to be focused on risk identification and controls in various areas,
including embedded leverage through the use of derivatives and other trading practices, cybersecurity, liquidity, valuation, enhanced
regulatory and public reporting requirements</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 76; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and
the evaluation of systemic risks. Any new rules, guidance or regulatory initiatives resulting from these efforts could increase
the Fund&rsquo;s expenses and impact its returns to shareholders or, in the extreme case, impact or limit its use of various portfolio
management strategies or techniques and adversely impact the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On
October 28, 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (&ldquo;Rule
18f-4&rdquo;). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4
will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used
by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities so that a failure to comply with the
limits would result in a statutory violation and require funds whose use of derivatives is more than a limited specified exposure
amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
the aftermath of the global financial crisis, there appears to be a renewed popular, political and judicial focus on finance related
consumer protection. Financial institution practices are also subject to greater scrutiny and criticism generally. In the case
of transactions between financial institutions and the general public, there may be a greater tendency toward strict interpretation
of terms and legal rights in favor of the consuming public, particularly where there is a real or perceived disparity in risk
allocation and/or where consumers are perceived as not having had an opportunity to exercise informed consent to the transaction.
In the event of conflicting interests between retail investors holding common shares of a closed-end investment company such as
the Fund and a large financial institution, a court may similarly seek to strictly interpret terms and legal rights in favor of
retail investors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes
enacted by the current presidential administration could significantly impact the regulation of financial markets in the United
States. Areas subject to potential change, amendment or repeal include trade and foreign policy, corporate tax rates, energy and
infrastructure policies, the environment and sustainability, criminal and social justice initiatives, immigration, healthcare
and the oversight of certain federal financial regulatory agencies and the Federal Reserve. Certain of these changes can, and
have, been effectuated through executive order. For example, the current administration has taken steps to address the COVID-19
pandemic, rejoin the Paris climate accord of 2015, cancel the Keystone XL pipeline and change immigration enforcement priorities.
Other potential changes that could be pursued by the current presidential administration could include an increase in the corporate
income tax rate; changes to regulatory enforcement priorities; and spending on clean energy and infrastructure. It is not possible
to predict which, if any, of these actions will be taken or, if taken, their effect on the economy, securities markets or the
financial stability of the United States. The Fund may be affected by governmental action in ways that are not foreseeable, and
there is a possibility that such actions could have a significant adverse effect on the Fund and its ability to achieve its investment
objectives.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional
risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S.
government have led in the past, and may lead in the future, to short term or prolonged policy impasses, which could, and have,
resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could
have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities
markets. Any of these effects could have an adverse impact on companies in the Fund&rsquo;s portfolios and consequently on the
value of their securities and the Fund&rsquo;s net asset values.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 77; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Legislation
Risk (Non-Principal).</I></B> At any time after the date of this Annual Report, legislation may be enacted that could negatively
affect the assets of the Fund. Legislation or regulation may change the way in which the Fund itself is regulated. The Investment
Adviser cannot predict the effects of any new governmental regulation that may be implemented and there can be no assurance that
any new governmental regulation will not adversely affect the Fund&rsquo;s ability to achieve its investment objective.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Reliance
on Service Providers Risk (Non-Principal). </I></B>The Fund must rely upon the performance of service providers to perform certain
functions, which may include functions that are integral to the Fund&rsquo;s operations and financial performance. Failure by
any service provider to carry out its obligations to the Fund in accordance with the terms of its appointment, to exercise due
care and skill or to perform its obligations to the Fund at all as a result of insolvency, bankruptcy or other causes could have
a material adverse effect on the Fund&rsquo;s performance and returns to shareholders. The termination of the Fund&rsquo;s relationship
with any service provider, or any delay in appointing a replacement for such service provider, could materially disrupt the business
of the Fund and could have a material adverse effect on the Fund&rsquo;s performance and returns to shareholders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Cyber
Security Risk (Principal). </I></B>The Fund and its service providers are susceptible to cyber security risks that include, among
other things, theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted
data; denial of service attacks; unauthorized access to relevant systems, compromises to networks or devices that the Fund and
its service providers use to service the Fund&rsquo;s operations; or operational disruption or failures in the physical infrastructure
or operating systems that support the Fund and its service providers. Cyber attacks are becoming increasingly common and more
sophisticated, and may be perpetrated by computer hackers, cyber-terrorists or others engaged in corporate espionage. Cyber attacks
against or security breakdowns of the Fund or its service providers may adversely impact the Fund and its stockholders, potentially
resulting in, among other things, financial losses; the inability of Fund stockholders to transact business and the Fund to process
transactions; inability to calculate the Fund&rsquo;s NAV; violations of applicable privacy and other laws; regulatory fines,
penalties, reputational damage, reimbursement or other compensation costs; and/or additional compliance costs. The Fund may incur
additional costs for cyber security risk management and remediation purposes. In addition, cyber security risks may also impact
issuers of securities in which the Fund invests, which may cause the Fund&rsquo;s investment in such issuers to lose value. There
have been a number of recent highly publicized cases of companies reporting the unauthorized disclosure of client or customer
information, as well as cyberattacks involving the dissemination, theft and destruction of corporate information or other assets,
as a result of failure to follow procedures by employees or contractors or as a result of actions by third parties, including
actions by terrorist organizations and hostile foreign governments. Although service providers typically have policies and procedures,
business continuity plans and/or risk management systems intended to identify and mitigate cyber incidents, there are inherent
limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the
Fund cannot control the cyber security policies, plans and systems put in place by its service providers or any other third parties
whose operations may affect the Fund or its shareholders. There can be no assurance that the Fund or its service providers will
not suffer losses relating to cyber attacks or other information security breaches in the future.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Because
technology is consistently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that
some risks have not been identified or prepared for, or that an attack may not</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 78; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be
detected, which puts limitations on the Fund&rsquo;s ability to plan for or respond to a cyber attack. In addition to deliberate
cyber attacks, unintentional cyber incidents can occur, such as the inadvertent release of confidential information by the Fund
or its service providers. Like other funds and business enterprises, the Fund and its service providers are subject to the risk
of cyber incidents occurring from time to time.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Misconduct
of Employees and of Service Providers Risk (Non-Principal).</I></B> Misconduct or misrepresentations by employees of the Investment
Adviser or the Fund&rsquo;s service providers could cause significant losses to the Fund. Employee misconduct may include binding
the Fund to transactions that exceed authorized limits or present unacceptable risks and unauthorized trading activities, concealing
unsuccessful trading activities (which, in any case, may result in unknown and unmanaged risks or losses) or making misrepresentations
regarding any of the foregoing. Losses could also result from actions by the Fund&rsquo;s service providers, including, without
limitation, failing to recognize trades and misappropriating assets. In addition, employees and service providers may improperly
use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Fund&rsquo;s
business prospects or future marketing activities. Despite the Investment Adviser&rsquo;s due diligence efforts, misconduct and
intentional misrepresentations may be undetected or not fully comprehended, thereby potentially undermining the Investment Adviser&rsquo;s
due diligence efforts. As a result, no assurances can be given that the due diligence performed by the Investment Adviser will
identify or prevent any such misconduct.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Deflation
Risk (Non-Principal).</I></B> Deflation risk is the risk that prices throughout the economy decline over time, which may have
an adverse effect on the market valuation of companies, their assets and their revenues. In addition, deflation may have an adverse
effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value
of the Fund&rsquo;s portfolio.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Restricted
and Illiquid Securities Risk (Principal).</I></B> Unregistered securities are securities that cannot be sold publicly in the United
States without registration under the Securities Act. An illiquid investment is a security or other investment that cannot be
disposed of within seven days in the ordinary course of business at approximately the value at which the Fund has valued the investment.
Unregistered securities often can be resold only in privately negotiated transactions with a limited number of purchasers or in
a public offering registered under the Securities Act. Considerable delay could be encountered in either event and, unless otherwise
contractually provided for, the Fund&rsquo;s proceeds upon sale may be reduced by the costs of registration or underwriting discounts.
The difficulties and delays associated with such transactions could result in the Fund&rsquo;s inability to realize a favorable
price upon disposition of unregistered securities, and at times might make disposition of such securities impossible. The Fund
may be unable to sell illiquid investments when it desires to do so, resulting in the Fund obtaining a lower price or being required
to retain the investment. Illiquid investments generally must be valued at fair value, which is inherently less precise than utilizing
market values for liquid investments, and may lead to differences between the price a security is valued for determining the Fund&rsquo;s
net asset value and the price the Fund actually receives upon sale.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Investment
Companies (Principal). </I></B>The Fund may invest in the securities of other investment companies, including exchange traded
funds, to the extent permitted by law. To the extent the Fund invests in the common equity of investment companies, the Fund will
bear its ratable share of any such investment company&rsquo;s expenses, including management fees. The Fund will also remain obligated
to pay management fees to the</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 79; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment
Adviser with respect to the assets invested in the securities of other investment companies. In these circumstances holders of
the Fund&rsquo;s common shares will be in effect subject to duplicative investment expenses.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Investment
Dilution Risk (Principal). </I></B>The Fund&rsquo;s investors do not have preemptive rights to any shares the Fund may issue in
the future. The Fund&rsquo;s Declaration of Trust authorizes it to issue an unlimited number of shares. The Board may make certain
amendments to the Declaration of Trust. After an investor purchases shares, the Fund may sell additional shares or other classes
of shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional equity interests
after an investor purchases its shares, such investor&rsquo;s percentage ownership interest in the Fund will be diluted.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Legal,
Tax and Regulatory Risks (Principal). </I></B>Legal, tax and regulatory changes could occur that may have material adverse effects
on the Fund. For example, the regulatory and tax environment for derivative instruments in which the Fund may participate is evolving,
and such changes in the regulation or taxation of derivative instruments may have material adverse effects on the value of derivative
instruments held by the Fund and the ability of the Fund to pursue its investment strategies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
cannot assure you what percentage of the distributions paid on the Fund&rsquo;s shares, if any, will consist of tax-advantaged
qualified dividend income or long term capital gains or what the tax rates on various types of income will be in future years.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Fund must, among other things, derive
in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at
least 90% of its &ldquo;investment company taxable income.&rdquo; Statutory limitations on distributions on the common shares
if the Fund fails to satisfy the 1940 Act&rsquo;s asset coverage requirements could jeopardize the Fund&rsquo;s ability to meet
such distribution requirements. While the Fund presently intends to purchase or redeem notes or preferred shares, if any, to the
extent necessary in order to maintain compliance with such asset coverage requirements, there can be no assurance that such actions
can be effected in time to meet the Code requirements. If for any taxable year the Fund does not qualify as a RIC, all of its
taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction
for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund&rsquo;s
current and accumulated earnings and profits.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Anti-Takeover
Provisions (Principal). </I></B>The Agreement and Declaration of Trust and By-Laws of the Fund include provisions that could limit
the ability of other entities or persons to acquire control of the Fund or convert the Fund to an open-end fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Special
Risks to Holders of Common Shares (Principal)</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Dilution
Risk. </I></B>If the Fund determines to conduct a rights offering to subscribe for common shares, holders of common shares may
experience dilution of the aggregate net asset value of their common shares. Such dilution will depend upon whether (i) such shareholders
participate in the rights offering and (ii) the Fund&rsquo;s net asset value per common share is above or below the subscription
price on the expiration date of the rights offering.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholders
who do not exercise their subscription rights may, at the completion of such an offering, own a smaller proportional interest
in the Fund than if they exercised their subscription rights. As a result of such an offering, a shareholder may experience dilution
in net asset value per share if the subscription price per share</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 80; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is
below the net asset value per share on the expiration date. If the subscription price per share is below the net asset value per
share of the Fund&rsquo;s shares on the expiration date, a shareholder will experience an immediate dilution of the aggregate
net asset value of such shareholder&rsquo;s shares if the shareholder does not participate in such an offering and the shareholder
will experience a reduction in the net asset value per share of such shareholder&rsquo;s shares whether or not the shareholder
participates in such an offering. The Fund cannot state precisely the extent of this dilution (if any) if the shareholder does
not exercise such shareholder&rsquo;s subscription rights because the Fund does not know what the net asset value per share will
be when the offer expires or what proportion of the subscription rights will be exercised.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Leverage
Risk.</I></B> The Fund currently uses financial leverage for investment purposes by issuing preferred shares and is also permitted
to use other types of financial leverage, such as through the issuance of debt securities or additional preferred shares and borrowing
from financial institutions. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue additional senior
securities (which may be stock, such as preferred shares, and/or securities representing debt) only if immediately after such
issuance the value of the Fund&rsquo;s total assets, less certain ordinary course liabilities, exceeds 300% of the amount of the
debt outstanding and exceeds 200% of the amount of preferred shares and debt outstanding. As of December 31, 2021, the amount
of leverage represented approximately 20% of the Fund&rsquo;s net assets.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&rsquo;s leveraged capital structure creates special risks not associated with unleveraged funds having a similar investment
objective and policies. These include the possibility of greater loss and the likelihood of higher volatility of the net asset
value of the Fund and the asset coverage for the preferred shares. Such volatility may increase the likelihood of the Fund having
to sell investments in order to meet its obligations to make distributions on the preferred shares or principal or interest payments
on debt securities, or to redeem preferred shares or repay debt, when it may be disadvantageous to do so. The Fund&rsquo;s use
of leverage may require it to sell portfolio investments at inopportune times in order to raise cash to redeem preferred shares
or otherwise de-leverage so as to maintain required asset coverage amounts or comply with the mandatory redemption terms of any
outstanding preferred shares. The use of leverage magnifies both the favorable and unfavorable effects of price movements in the
investments made by the Fund. To the extent that the Fund employs leverage in its investment operations, the Fund is subject to
substantial risk of loss. The Fund cannot assure you that borrowings or the issuance of preferred shares or notes will result
in a higher yield or return to the holders of the common shares. Also, since the Fund utilizes leverage, a decline in net asset
value could affect the ability of the Fund to make common share distributions and such a failure to make distributions could result
in the Fund ceasing to qualify as a RIC under the Code.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any
decline in the net asset value of the Fund&rsquo;s investments would be borne entirely by the holders of common shares. Therefore,
if the market value of the Fund&rsquo;s portfolio declines, the leverage will result in a greater decrease in net asset value
to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause
a greater decline in the market price for the common shares. The Fund might be in danger of failing to maintain the required asset
coverage of its borrowings, notes or preferred shares or of losing its ratings on its notes or preferred shares or, in an extreme
case, the Fund&rsquo;s current investment income might not be sufficient to meet the distribution or interest requirements on
the borrowings,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 81; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">preferred
shares or notes. In order to counteract such an event, the Fund might need to liquidate investments in order to fund a redemption
or repayment of some or all of the borrowings, preferred shares or notes.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Preferred
                                         Share and Note Risk. </I>The issuance of preferred shares or notes causes the net asset
                                         value and market value of the common shares to become more volatile. If the dividend
                                         rate on the preferred shares or the interest rate on the notes approaches the net rate
                                         of return on the Fund&rsquo;s investment portfolio, the benefit of leverage to the
                                         holders of the common shares would be reduced. If the dividend rate on the preferred
                                         shares or the interest rate on the notes plus the management fee annual rate of 1.00%
                                         exceeds the net rate of return on the Fund&rsquo;s portfolio, the leverage will result
                                         in a lower rate of return to the holders of common shares than if the Fund had not issued
                                         preferred shares or notes. If the Fund has insufficient investment income and gains,
                                         all or a portion of the distributions to preferred shareholders or interest payments
                                         to note holders would come from the common shareholders&rsquo; capital. Such distributions and interest payments reduce the net assets attributable to common shareholders.
                                         The Prospectus Supplement relating to any sale of preferred shares will set forth dividend
                                         rate on such preferred shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, the Fund would pay (and the holders of common shares will bear) all costs and expenses relating to the issuance and
ongoing maintenance of the preferred shares or notes, including the advisory fees on the incremental assets attributable to the
preferred shares or notes.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Holders
of preferred shares and notes may have different interests than holders of common shares and may at times have disproportionate
influence over the Fund&rsquo;s affairs. As provided in the 1940 Act and subject to certain exceptions, the Fund may issue senior
securities (which may be stock, such as preferred shares, and/ or securities representing debt, such as notes) only if immediately
after such issuance the value of the Fund&rsquo;s total assets, less certain ordinary course liabilities, exceeds 300% of the
amount of the debt outstanding and exceeds 200% of the amount of preferred shares and debt outstanding, which is referred to as
the &ldquo;asset coverage&rdquo; required by the 1940 Act. In the event the Fund fails to maintain an asset coverage of 100% for
any notes outstanding for certain periods of time, the 1940 Act requires that either an event of default be declared or that the
holders of such notes have the right to elect a majority of the Fund&rsquo;s Trustees until asset coverage recovers to 110%. In
addition, holders of preferred shares, voting separately as a single class, have the right (subject to the rights of noteholders)
to elect two members of the Board at all times and in the event dividends become two full years in arrears would have the right
to elect a majority of the Trustees until such arrearage is completely eliminated. In addition, preferred shareholders have class
voting rights on certain matters, including changes in fundamental investment restrictions and conversion of the Fund to open-end
status, and accordingly can veto any such changes. Further, interest on notes will be payable when due as described in a Prospectus
Supplement and if the Fund does not pay interest when due, it will trigger an event of default and the Fund expects to be restricted
from declaring dividends and making other distributions with respect to common shares and preferred shares. Upon the occurrence
and continuance of an event of default, the holders of a majority in principal amount of a series of outstanding notes or the
trustee will be able to declare the principal amount of that series of notes immediately due and payable upon written notice to
the Fund. The 1940 Act also generally restricts the Fund from declaring distributions on, or repurchasing, common or preferred
shares unless notes have an asset coverage of 300% (200% in the case of declaring distributions on preferred shares). The Fund&rsquo;s
common shares are structurally subordinated as to income and residual value to any preferred shares or notes in the Fund&rsquo;s
capital structure, in terms of priority to income and payment in liquidation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 82; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Restrictions
imposed on the declarations and payment of dividends or other distributions to the holders of the Fund&rsquo;s common shares and
preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair the Fund&rsquo;s ability to
maintain its qualification as a RIC for U.S. federal income tax purposes. While the Fund intends to redeem its preferred shares
or notes to the extent necessary to enable the Fund to distribute its income as required to maintain its qualification as a RIC
under the Code, there can be no assurance that such actions can be effected in time to meet the Code requirements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Portfolio
                                         Guidelines of Rating Agencies for Preferred Shares and/or Credit Facility. </I>In order
                                         to obtain and maintain attractive credit quality ratings for preferred shares or notes,
                                         the Fund must comply with investment quality, diversification and other guidelines established
                                         by the relevant rating agencies. These guidelines could affect portfolio decisions and
                                         may be more stringent than those imposed by the 1940 Act. In the event that a rating
                                         on the Fund&rsquo;s preferred shares or notes is lowered or withdrawn by the relevant
                                         rating agency, the Fund may also be required to redeem all or part of its outstanding
                                         preferred shares or notes, and the common shares of the Fund will lose the potential
                                         benefits associated with a leveraged capital structure.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Impact
                                         on Common Shares.</I> Assuming that leverage will (1) be equal in amount to approximately
                                         20% of the Fund&rsquo;s total net assets (the Fund&rsquo;s average amount of outstanding
                                         financial leverage during the fiscal year ended December 31, 2021), and (2) charge interest
                                         or involve dividend payments at a projected blended annual average leverage dividend
                                         or interest rate of 5.20%, then the total return generated by the Fund&rsquo;s portfolio
                                         (net of estimated expenses) must exceed approximately 1.10% of the Fund&rsquo;s total
                                         net assets in order to cover such interest or dividend payments and other expenses specifically
                                         related to leverage. Of course, these numbers are merely estimates, used for illustration.
                                         Actual dividend rates, interest or payment rates may vary frequently and may be significantly
                                         higher or lower than the rate estimated above. The following table is furnished in
                                         response to requirements of the SEC. It is designed to illustrate the effect of leverage
                                         on common share total return, assuming investment portfolio total returns (comprised
                                         of net investment income of the Fund, realized gains or losses of the Fund and changes
                                         in the value of the securities held in the Fund&rsquo;s portfolio) of -10%, -5%, 0%,
                                         5% and 10%. These assumed investment portfolio returns are hypothetical figures and are
                                         not necessarily indicative of the investment portfolio returns experienced or expected
                                         to be experienced by the Fund. The table further reflects leverage representing 20% of
                                         the Fund&rsquo;s net assets (the Fund&rsquo;s average amount of outstanding financial
                                         leverage during the fiscal year ended December 31, 2021), the Fund&rsquo;s current projected
                                         blended annual average leverage dividend or interest rate of 5.20% (the average dividend
                                         rate on the Fund&rsquo;s outstanding financial leverage during the fiscal year ended
                                         December 31, 2021), a base management fee at an annual rate of 1.00% and estimated
                                         annual incremental expenses attributable to any outstanding preferred shares of approximately
                                         0.05% of the Fund&rsquo;s net assets attributable to common shares. These assumed investment
                                         portfolio returns are hypothetical figures and are not necessarily indicative of the
                                         investment portfolio returns experienced or expected to be experienced by the Fund.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom; width: 41%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Assumed
    Return on Portfolio (Net of Expenses)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(10)%</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)%</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0%</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; width: 11%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5%</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; width: 13%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Corresponding
    Return to Common Shareholder</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14.22)%</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7.94)%</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.66)%</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.61%</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.89%</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 83; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common
share total return is composed of two elements&mdash;the common share distributions paid by the Fund (the amount of which is largely
determined by the taxable income of the Fund (including realized gains or losses) after paying interest on any debt and/or dividends
on any preferred shares) and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules,
the table assumes that the Fund is more likely to suffer capital losses than to enjoy total return. For example, to assume a total
return of 0% the Fund must assume that the income it receives on its investments is entirely offset by expenses and losses in
the value of those investments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Market
Discount Risk. </I></B>As described above in &ldquo;&mdash;General Risks&mdash;Market Discount Risk,&rdquo; common shares of closed-end
funds often trade at a discount to their net asset values and the Fund&rsquo;s common shares may trade at such a discount. This
risk may be greater for investors expecting to sell their common shares of the Fund soon after completion of a public offering.
The common shares of the Fund are designed primarily for long-term investors and investors in the shares should not view the Fund
as a vehicle for trading purposes.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Special
Risks to Holders of Preferred Shares (Principal)</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Illiquidity
Prior to Exchange Listing.</I></B> Prior to an offering, there will be no public market for any series of fixed rate preferred
shares. In the event any series of fixed rate preferred shares are issued, we expect to apply to list such shares on a national
securities exchange, which will likely be the NYSE. However, during an initial period, which is not expected to exceed 30 days
after the date of its initial issuance, such shares may not be listed on any securities exchange. During such period, the underwriters
may make a market in such shares, though they will have no obligation to do so. Consequently, an investment in such shares may
be illiquid during such period.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Market
Price Fluctuation. </I></B>Fixed rate preferred shares may trade at a premium to or discount from liquidation value for various
reasons, including changes in interest rates, perceived credit quality and other factors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Special
Risks to Holders of Notes (Principal)</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An
investment in our notes is subject to special risks. Our notes are not likely to be listed on an exchange or automated quotation
system. We cannot assure you that any market will exist for our notes or if a market does exist, whether it will provide holders
with liquidity. Broker-dealers that maintain a secondary trading market for the notes are not required to maintain this market,
and the Fund is not required to redeem notes if an attempted secondary market sale fails because of a lack of buyers. To the extent
that our notes trade, they may trade at a price either higher or lower than their principal amount depending on interest rates,
the rating (if any) on such notes and other factors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Special
Risks of Notes to Holders of Preferred Shares (Principal)</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
provided in the 1940 Act, and subject to compliance with the Fund&rsquo;s investment limitations, the Fund may issue notes. In
the event the Fund were to issue such securities, the Fund&rsquo;s obligations to pay dividends or make distributions and, upon
liquidation of the Fund, liquidation payments in respect of its preferred shares would be subordinate to the Fund&rsquo;s obligations
to make any principal and interest payments due and owing with respect to its outstanding notes. Accordingly, the Fund&rsquo;s
issuance of notes would have the effect of creating special risks for the Fund&rsquo;s preferred shareholders that would not be
present in a capital structure that did not include such securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 84; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Special
Risks to Holders of Notes and Preferred Shares (Principal)</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Common
Share Repurchases. </I></B>Repurchases of common shares by the Fund may reduce the net asset coverage of the notes and preferred
shares, which could adversely affect their liquidity or market prices.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Common
Share Distribution Policy.</I></B> In the event the Fund does not generate a total return from dividends and interest received
and net realized capital gains in an amount at least equal to its distributions for a given year, the Fund expects that it would
return capital as part of its distribution. This would decrease the asset coverage per share with respect to the Fund&rsquo;s
notes or preferred shares, which could adversely affect their liquidity or market prices.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
the fiscal year ended December 31, 2021, the Fund made distributions of $0.36 per common share, a portion of which constituted
a return of capital. The composition of each distribution is estimated based on earnings as of the record date for the distribution.
The actual composition of each distribution may change based on the Fund&rsquo;s investment activity through the end of the calendar
year.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Credit
Quality Ratings.</I></B> The Fund may obtain credit quality ratings for its preferred shares or notes; however, it is not required
to do so and may issue preferred shares or notes without any rating. If rated, the Fund does not impose any minimum rating necessary
to issue such preferred shares or notes. In order to obtain and maintain attractive credit quality ratings for preferred shares
or notes, if desired, the Fund&rsquo;s portfolio must satisfy over-collateralization tests established by the relevant rating
agencies. These tests are more difficult to satisfy to the extent the Fund&rsquo;s portfolio securities are of lower credit quality,
longer maturity or not diversified by issuer and industry.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">These
guidelines could affect portfolio decisions and may be more stringent than those imposed by the 1940 Act. A rating (if any) by
a rating agency does not eliminate or necessarily mitigate the risks of investing in our preferred shares or notes, and a rating
may not fully or accurately reflect all of the securities&rsquo; credit risks. A rating (if any) does not address liquidity or
any other market risks of the securities being rated. A rating agency could downgrade the rating of our notes or preferred shares,
which may make such securities less liquid in the secondary market. If a rating agency downgrades the rating assigned to notes
or preferred shares, we may alter our portfolio or redeem the preferred securities or notes under certain circumstances.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Special
Risk to Holders of Subscription Rights (Principal)</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
is a risk that changes in market conditions may result in the underlying common or preferred shares purchasable upon exercise
of the subscription rights being less attractive to investors at the conclusion of the subscription period. This may reduce or
eliminate the value of the subscription rights. Investors who receive subscription rights may find that there is no market to
sell rights they do not wish to exercise. If investors exercise only a portion of the rights, the number of common or preferred
shares issued may be reduced, and the common or preferred shares may trade at less favorable prices than larger offerings for
similar securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional
Investment Policies</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Convertible
Securities. A convertible security is a bond, debenture, note, stock or other similar security that may be converted into or exchanged
for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period
of time at a specified price or formula. Before conversion, convertible</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 85; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">securities
have characteristics similar to non-convertible debt securities in that they ordinarily provide a stream of income with generally
higher yields than those of common stock of the same or similar issuers. Convertible securities are senior in rank to common stock
in an issuer&rsquo;s capital structure and, therefore, generally entail less risk than the issuer&rsquo;s common stock, although
the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above
its value as a fixed income security.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund believes that the characteristics of convertible securities make them appropriate investments for an investment company seeking
a high level of total return on its assets. These characteristics include the potential for capital appreciation if the value
of the underlying common stock increases, the relatively high yield received from dividend or interest payments as compared to
common stock dividends and decreased risks of decline in value, relative to the underlying common stock due to their fixed income
nature. As a result of the conversion feature, however, the interest rate or dividend preference on a convertible security is
generally less than would be the case if the securities were not convertible. During periods of rising interest rates, it is possible
that the potential for capital gain on a convertible security may be less than that of a common stock equivalent if the yield
on the convertible security is at a level that causes it to sell at a discount.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Every
convertible security may be valued, on a theoretical basis, as if it did not have a conversion privilege. This theoretical value
is determined by the yield it provides in comparison with the yields of other securities of comparable character and quality that
do not have a conversion privilege. This theoretical value, which may change with prevailing interest rates, the credit rating
of the issuer and other pertinent factors, often referred to as the &ldquo;investment value,&rdquo; represents the security&rsquo;s
theoretical price support level.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Conversion
value&rdquo; is the amount a convertible security would be worth in market value if it were to be exchanged for the underlying
equity security pursuant to its conversion privilege. Conversion value fluctuates directly with the price of the underlying equity
security, usually common stock. If, because of low prices for the common stock, the conversion value is substantially below the
investment value, the price of the convertible security is governed principally by the factors described in the preceding paragraph.
If the conversion value rises near or above its investment value, the price of the convertible security generally will rise above
its investment value and, in addition, will sell at some premium over its conversion value. This premium represents the price
investors are willing to pay for the privilege of purchasing a fixed-income security with a possibility of capital appreciation
due to the conversion privilege. Accordingly, the conversion value of a convertible security is subject to equity risk, that is,
the risk that the price of an equity security will fall due to general market and economic conditions, perceptions regarding the
industry in which the issuer participates or the issuing company&rsquo;s particular circumstances. If the appreciation potential
of a convertible security is not realized, its conversion value premium may not be recovered.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
its selection of convertible securities for the Fund, the Investment Adviser will not emphasize either investment value or conversion
value, but will consider both in light of the Fund&rsquo;s overall investment objectives.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 86; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund may convert a convertible security that it holds:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when
                                         necessary to permit orderly disposition of the investment when a convertible security
                                         approaches maturity or has been called for redemption;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to
                                         facilitate a sale of the position;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if
                                         the dividend rate on the underlying common stock increases above the yield on the convertible
                                         security; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever
                                         the Investment Adviser believes it is otherwise in the best interests of the Fund.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Convertible
securities are generally not investment grade, that is, not rated within the four highest categories by S&amp;P and Moody&rsquo;s.
To the extent that such convertible securities and other nonconvertible debt securities, which are acquired by the Fund consistent
with the factors considered by the Investment Adviser as described in this Annual Report, are rated lower than investment grade
or are not rated, there would be a greater risk as to the timely repayment of the principal of, and timely payment of interest
or dividends on, those securities. It is expected that not more than 25% of the Fund&rsquo;s portfolio will consist of securities
rated CCC or lower by S&amp;P or Caa or lower by Moody&rsquo;s or, if unrated, would be of comparable quality as determined by
the Investment Adviser. Those securities and securities rated BB or lower by S&amp;P or Ba or lower by Moody&rsquo;s are often
referred to in the financial press as &ldquo;junk bonds&rdquo; and may include securities of issuers in default. &ldquo;Junk bonds&rdquo;
are considered by the rating agencies to be predominantly speculative with respect to the issuer&rsquo;s capacity to pay interest
and repay principal, and may involve major risk exposure to adverse conditions. Securities rated BBB by S&amp;P or Baa by Moody&rsquo;s,
in the opinion of the rating agencies, also have speculative characteristics. Securities need not meet a minimum rating standard
in order to be acceptable for investment by the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund&rsquo;s investments in securities of issuers in default at the time of investment will be limited to not more than 5% of
the total assets of the Fund. Further, the Fund will invest in securities of issuers in default only when the Investment Adviser
believes that such issuers will emerge from bankruptcy (if applicable) and the value of such securities will appreciate. By investing
in securities of issuers in default the Fund bears the risk that such issuers will not emerge from bankruptcy (if applicable),
that the value of such securities will not appreciate and that such issuers may not be able to satisfy their obligations in the
future.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund has no independent limit on the amount of its net assets it may invest in unregistered and otherwise illiquid securities
and other investments. The current intention of the Investment Adviser is not to invest in excess of 15% of the Fund&rsquo;s net
assets in illiquid convertible securities or income securities. Shareholders will be notified if the Investment Adviser changes
its intention. Investments in unregistered or otherwise illiquid securities entail certain risks related to the fact that they
cannot be sold publicly in the United States without registration under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Convertible
securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market values
of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. In
the absence of adequate anti-dilution provisions in a convertible security, dilution in the value of the Fund&rsquo;s holding
may occur in the event the underlying stock is subdivided, additional equity securities are issued for below market value, a stock
dividend is declared or the issuer enters into another type of corporate transaction that has a similar effect.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 87; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
value of a convertible security is influenced by the value of the underlying equity security. Convertible debt securities and
preferred stocks may depreciate in value if the market value of the underlying equity security declines or if rates of interest
increase. In addition, although debt securities are liabilities of a corporation which the corporation is generally obligated
to repay at a specified time, debt securities, particularly convertible debt securities, are often subordinated to the claims
of some or all of the other creditors of the corporation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mandatory
conversion securities (securities that automatically convert into equity securities at a future date) may limit the potential
for capital appreciation and, in some instances, are subject to complete loss of invested capital. Other innovative convertibles
include &ldquo;equity-linked&rdquo; securities, which are securities or derivatives that may have fixed, variable, or no interest
payments prior to maturity, may convert (at the option of the holder or on a mandatory basis) into cash or a combination of cash
and equity securities, and may be structured to limit the potential for capital appreciation. Equity-linked securities may be
illiquid and difficult to value and may be subject to greater credit risk than that of other convertibles. Moreover, mandatory
conversion securities and equity-linked securities have increased the sensitivity of the convertible securities market to the
volatility of the equity markets and to the special risks of those innovations, which may include risks different from, and possibly
greater than, those associated with traditional convertible securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preferred
stocks are equity securities in the sense that they do not represent a liability of the corporation. In the event of liquidation
of the corporation, and after its creditors have been paid or provided for, holders of preferred stock are generally entitled
to a preference as to the assets of the corporation before any distribution may be made to the holders of common stock. Debt securities
normally do not have voting rights. Preferred stocks may have no voting rights or may have voting rights only under certain circumstances.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Credit
                                         Risk. </I>Credit risk is the risk that an issuer will fail to pay interest or dividends
                                         and principal in a timely manner. Companies that issue convertible securities may be
                                         small to medium-size, and they often have low credit ratings. In addition, the credit
                                         rating of a company&rsquo;s convertible securities is generally lower than that of its
                                         conventional debt securities. Convertible securities are normally considered &ldquo;junior&rdquo;
                                         securities&mdash;that is, the company usually must pay interest on its conventional debt
                                         before it can make payments on its convertible securities. Credit risk could be high
                                         for the Fund, because it could invest in securities with low credit quality.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Interest
                                         Rate Risk for Convertible Securities. </I>Market interest rates are currently significantly
                                         below historical average rates and there have been recent inflationary price movements,
                                         each of which may increase the risk that these rates will rise in the future. Convertible
                                         securities are particularly sensitive to interest rate changes when their predetermined
                                         conversion price is much higher than the issuing company&rsquo;s common stock.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Dilution
                                         Risk for Convertible Securities.</I> In the absence of adequate anti-dilution provisions
                                         in a convertible security, dilution in the value of the Fund&rsquo;s holding may occur
                                         in the event the underlying stock is subdivided, additional equity securities are issued
                                         for below market value, a stock dividend is declared, or the issuer enters into another
                                         type of corporate transaction that has a similar effect.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Synthetic
Convertible Securities. </I>The Fund may also invest in &ldquo;synthetic&rdquo; convertible securities, which, for purposes of
its investment policies, the Fund considers to be convertible securities. A &ldquo;synthetic&rdquo; convertible security may be
created by the Fund or by a third party by combining separate securities that possess the two principal characteristics of a traditional
convertible security: an income producing component and a convertible</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 88; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">component.
Synthetic convertible securities differ from convertible securities whose conversion privilege may be evidenced by warrants attached
to the security or acquired as part of a unit with the security. The income-producing component is achieved by investing in non-convertible,
income-producing securities such as bonds, preferred stocks and money market instruments. The convertible component is achieved
by investing in securities or instruments such as warrants or options to buy common stock at a certain exercise price, or options
on a stock index. Unlike a traditional convertible security, which is a single security having a single market value, a synthetic
convertible comprises two or more separate securities, each with its own market value. Because the &ldquo;market value&rdquo;
of a synthetic convertible security is the sum of the values of its income-producing component and its convertible component,
the value of a synthetic convertible security may respond differently to market fluctuations than a traditional convertible security.
The Fund also may purchase synthetic convertible securities created by other parties, including convertible structured notes.
Convertible structured notes are income-producing debentures linked to equity. Convertible structured notes have the attributes
of a convertible security; however, the issuer of the convertible note (typically an investment bank), rather than the issuer
of the underlying common stock into which the note is convertible, assumes credit risk associated with the underlying investment
and the Fund in turn assumes credit risk associated with the issuer of the convertible note.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
value of a synthetic convertible instrument may respond differently to market fluctuations than a convertible security because
a synthetic convertible instrument is composed of two or more separate instruments, each with its own market value. In addition,
if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise
price of the warrant or option, the warrant or option may lose all value. Synthetic convertible instruments created by other parties
have the same attributes of a convertible security; however, the issuer of the synthetic convertible instrument assumes the credit
risk associated with the investment, rather than the issuer of the underlying equity security into which the instrument is convertible.
The Fund remains subject to the credit risk associated with the counterparty creating the synthetic convertible instrument.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Dilution
Risk for Convertible Securities. </I>In the absence of adequate anti-dilution provisions in a convertible security, dilution in
the value of the Fund&rsquo;s holding may occur in the event the underlying stock is subdivided, additional equity securities
are issued for below market value, a stock dividend is declared, or the issuer enters into another type of corporate transaction
that has a similar effect.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Forward
Foreign Currency Exchange Contracts. </I>Subject to guidelines of the Board, the Fund may enter into forward foreign currency
exchange contracts to protect the value of its portfolio against uncertainty in the level of future currency exchange rates between
a particular foreign currency and the U.S. dollar or between foreign currencies in which its securities are or may be denominated.
The Fund may enter into such contracts on a spot (i.e., cash) basis at the rate then prevailing in the currency exchange market
or on a forward basis, by entering into a forward contract to purchase or sell currency. A forward contract on foreign currency
is an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days agreed upon by
the parties from the date of the contract at a price set on the date of the contract. Forward currency contracts (i) are traded
in a market conducted directly between currency traders (typically, commercial banks or other financial institutions) and their
customers, (ii) generally have no deposit requirements and (iii) are typically consummated without payment of any commissions.
The Fund, however, may enter into forward currency contracts requiring deposits or involving the payment of commissions. To assure
that its forward currency contracts are not used</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 89; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to
achieve investment leverage, the Fund will segregate liquid assets consisting of cash, U.S. government securities or other liquid
securities with its Custodian, or a designated sub-custodian, in an amount at all times equal to or exceeding its commitment with
respect to the contracts.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
dealings of the Fund in forward foreign currency exchange are limited to hedging involving either specific transactions or
portfolio positions. Transaction hedging is the purchase or sale of one forward foreign currency for another currency with
respect to specific receivables or payables of the Fund accruing in connection with the purchase and sale of its portfolio
securities or its payment of distributions and dividends. Position hedging is the purchase or sale of one forward foreign
currency for another currency with respect to portfolio security positions denominated or quoted in the foreign currency to
offset the effect of an anticipated substantial appreciation or depreciation, respectively, in the value of the currency
relative to the U.S. dollar. In this situation, the Fund also may, for example, enter into a forward contract to sell or
purchase a different foreign currency for a fixed U.S. dollar amount where it is believed that the U.S. dollar value of the
currency to be sold or bought pursuant to the forward contract will fall or rise, as the case may be, whenever there is a
decline or increase, respectively, in the U.S. dollar value of the currency in which its portfolio securities are denominated
(this practice being referred to as a &ldquo;cross-hedge&rdquo;).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
hedging a specific transaction, the Fund may enter into a forward contract with respect to either the currency in which the transaction
is denominated or another currency deemed appropriate by the Investment Adviser. The amount the Fund may invest in forward currency
contracts is limited to the amount of its aggregate investments in foreign currencies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
use of forward currency contracts may involve certain risks, including the failure of the counterparty to perform its obligations
under the contract, and such use may not serve as a complete hedge because of an imperfect correlation between movements in the
prices of the contracts and the prices of the currencies hedged or used for cover. The Fund will only enter into forward currency
contracts with parties that the Investment Adviser believes to be creditworthy institutions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Under
current interpretations of the SEC and its staff under the 1940 Act, the Fund must segregate with its custodian liquid assets,
or engage in other SEC or staff approved measures, to &ldquo;cover&rdquo; open positions in certain types of derivative instruments.
The purpose of these requirements is to prevent the Fund from incurring excessive leverage through such instruments. In the case
of futures and forward contracts, for example, that are not required as a result of one or more contractual arrangements to settle
for cash only in an amount equal to the change in value of the contract over its term but rather may settle through physical delivery
or in the notional amount, the Fund must segregate liquid assets equal to such contract&rsquo;s full notional value while it has
an open long position, or is equal to the market value of the contract in the case of an open short position. With respect to
contracts that the Fund is contractually obligated to settle for cash in an amount equal to the change in value of the contract,
the Fund needs to segregate liquid assets only in an amount equal to the Fund&rsquo;s unpaid mark to market obligation rather
than the entire notional amount. This is because the Fund&rsquo;s maximum potential obligation at that point in time is its net
unpaid mark to market obligation rather than the full notional amount.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Master
Limited Partnerships.</I></B> The Fund may invest in master limited partnerships (&ldquo;MLPs&rdquo;), which are limited partnerships
or limited liability companies taxable as partnerships. MLPs may derive income and gains from the exploration, development, mining
or production, processing, refining, transportation (including pipelines</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 90; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transporting
gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs generally have two classes of owners,
the general partner and limited partners. When investing in an MLP, the Fund intends to purchase publicly traded common units
issued to limited partners of the MLP. The general partner is typically owned by a major energy company, an investment fund, the
direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a
private or publicly traded corporation or other entity. The general partner typically controls the operations and management of
the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.
Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership&rsquo;s
operations and management.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Options
on Foreign Currencies. </I></B>Instead of purchasing or selling currency futures (as described below), the Fund may attempt to
accomplish similar objectives by purchasing put or call options on currencies or by writing put options or call options on currencies
either on exchanges or in OTC markets. A put option gives the Fund the right to sell a currency at the exercise price until the
option expires. A call option gives the Fund the right to purchase a currency at the exercise price until the option expires.
Both types of options serve to insure against adverse currency price movements in the underlying portfolio assets designated in
a given currency. The Fund&rsquo;s use of options on currencies will be subject to the same limitations as its use of options
on securities described above. Currency options may be subject to position limits which may limit the ability of the Fund to fully
hedge its positions by purchasing the options.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
in the case of interest rate futures contracts and options thereon, described below, the Fund may hedge against the risk of a
decrease or increase in the U.S. dollar value of a foreign currency denominated debt security which the Fund owns or intends to
acquire by purchasing or selling options contracts, futures contracts or options thereon with respect to a foreign currency other
than the foreign currency in which such debt security is denominated, where the values of such different currencies (vis-&agrave;-vis
the U.S. dollar) historically have a high degree of positive correlation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Interest
Rate Futures Contracts and Options Thereon. </I></B>The Fund may purchase or sell interest rate futures contracts to take advantage
of or to protect the Fund against fluctuations in interest rates affecting the value of debt securities which the Fund holds or
intends to acquire. For example, if interest rates are expected to increase, the Fund might sell futures contracts on debt securities,
the values of which historically have a high degree of positive correlation to the values of the Fund&rsquo;s portfolio securities.
Such a sale would have an effect similar to selling an equivalent value of the Fund&rsquo;s portfolio securities. If interest
rates increase, the value of the Fund&rsquo;s portfolio securities will decline, but the value of the futures contracts to the
Fund will increase at approximately an equivalent rate thereby keeping the net asset value of the Fund from declining as much
as it otherwise would have. The Fund could accomplish similar results by selling debt securities with longer maturities and investing
in debt securities with shorter maturities when interest rates are expected to increase. However, since the futures market may
be more liquid than the cash market, the use of futures contracts as a risk management technique allows the Fund to maintain a
defensive position without having to sell its portfolio securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Similarly,
the Fund may purchase interest rate futures contracts when it is expected that interest rates may decline. The purchase of futures
contracts for this purpose constitutes a hedge against increases in the price of debt securities (caused by declining interest
rates) which the Fund intends to acquire. Since fluctuations in the value of appropriately selected futures contracts should approximate
that of the debt securities that will be</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 91; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">purchased,
the Fund can take advantage of the anticipated rise in the cost of the debt securities without actually buying them. Subsequently,
the Fund can make its intended purchase of the debt securities in the cash market and liquidate its futures position.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
purchase of a call option on a futures contract is similar in some respects to the purchase of a call option on an individual
security. Depending on the pricing of the option compared to either the price of the futures contract upon which it is based or
the price of the underlying debt securities, it may or may not be less risky than ownership of the futures contract or underlying
debt securities. As with the purchase of futures contracts, when the Fund is not fully invested it may purchase a call option
on a futures contract to hedge against a market advance due to declining interest rates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
purchase of a put option on a futures contract is similar to the purchase of protective put options on portfolio securities. The
Fund will purchase a put option on a futures contract to hedge the Fund&rsquo;s portfolio against the risk of rising interest
rates and consequent reduction in the value of portfolio securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
writing of a call option on a futures contract constitutes a partial hedge against declining prices of the securities which are
deliverable upon exercise of the futures contract. If the futures price at expiration of the option is below the exercise price,
the Fund will retain the full amount of the option premium which provides a partial hedge against any decline that may have occurred
in the Fund&rsquo;s portfolio holdings. The writing of a put option on a futures contract constitutes a partial hedge against
increasing prices of the securities that are deliverable upon exercise of the futures contract. If the futures price at expiration
of the option is higher than the exercise price, the Fund will retain the full amount of the option premium, which provides a
partial hedge against any increase in the price of debt securities that the Fund intends to purchase. If a put or call option
the Fund has written is exercised, the Fund will incur a loss which will be reduced by the amount of the premium it received.
Depending on the degree of correlation between changes in the value of its portfolio securities and changes in the value of its
futures positions, the Fund&rsquo;s losses from options on futures it has written may to some extent be reduced or increased by
changes in the value of its portfolio securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Currency
Futures and Options Thereon. </I></B>Generally, foreign currency futures contracts and options thereon are similar to the interest
rate futures contracts and options thereon discussed previously. By entering into currency futures and options thereon, the Fund
will seek to establish the rate at which it will be entitled to exchange U.S. dollars for another currency at a future time. By
selling currency futures, the Fund will seek to establish the number of dollars it will receive at delivery for a certain amount
of a foreign currency. In this way, whenever the Fund anticipates a decline in the value of a foreign currency against the U.S.
dollar, the Fund can attempt to &ldquo;lock in&rdquo; the U.S. dollar value of some or all of the securities held in its portfolio
that are denominated in that currency. By purchasing currency futures, the Fund can establish the number of dollars it will be
required to pay for a specified amount of a foreign currency in a future month. Thus, if the Fund intends to buy securities in
the future and expects the U.S. dollar to decline against the relevant foreign currency during the period before the purchase
is effected, the Fund can attempt to &ldquo;lock in&rdquo; the price in U.S. dollars of the securities it intends to acquire.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
purchase of options on currency futures will allow the Fund, for the price of the premium and related transaction costs it must
pay for the option, to decide whether or not to buy (in the case of a call option) or to sell (in the case of a put option) a
futures contract at a specified price at any time during the period before the option</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 92; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">expires.
If the Investment Adviser, in purchasing an option, has been correct in its judgment concerning the direction in which the price
of a foreign currency would move as against the U.S. dollar, the Fund may exercise the option and thereby take a futures position
to hedge against the risk it had correctly anticipated or close out the option position at a gain that will offset, to some extent,
currency exchange losses otherwise suffered by the Fund. If exchange rates move in a way the Fund did not anticipate, however,
the Fund will have incurred the expense of the option without obtaining the expected benefit; any such movement in exchange rates
may also thereby reduce rather than enhance the Fund&rsquo;s profits on its underlying securities transactions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Securities
Index Futures Contracts and Options Thereon. </I></B>Purchases or sales of securities index futures contracts are used for hedging
purposes to attempt to protect the Fund&rsquo;s current or intended investments from broad fluctuations in stock or bond prices.
For example, the Fund may sell securities index futures contracts in anticipation of or during a market decline to attempt to
offset the decrease in market value of the Fund&rsquo;s securities portfolio that might otherwise result. If such decline occurs,
the loss in value of portfolio securities may be offset, in whole or part, by gains on the futures position. When the Fund is
not fully invested in the securities market and anticipates a significant market advance, it may purchase securities index futures
contracts in order to gain rapid market exposure that may, in part or entirely, offset increases in the cost of securities that
the Fund intends to purchase. As such purchases are made, the corresponding positions in securities index futures contracts will
be closed out. The Fund may write put and call options on securities index futures contracts for hedging purposes.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Contingent
Convertible Securities.</I></B> One type of convertible security in which the Fund may invest is contingent convertible securities,
sometimes referred to as &ldquo;CoCos.&rdquo; CoCos are a form of hybrid debt security issued by banking institutions that are
intended to either automatically convert into equity or have their principal written down upon the occurrence of certain &ldquo;trigger
events,&rdquo; which may include a decline in the issuer&rsquo;s capital below a specified threshold level, increase in the issuer&rsquo;s
risk weighted assets, the share price of the issuer falling to a particular level for a certain period of time and certain regulatory
events. CoCos&rsquo; unique equity conversion or principal write-down features are tailored to the issuing banking institution
and its regulatory requirements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CoCos
are a newer form of instrument and the regulatory environment for these instruments continues to evolve. Because the market for
such securities is evolving, it is uncertain how the larger market for CoCos would react to a trigger event, coupon cancellation,
write-down of par value or coupon suspension (as described below) applicable to a single issuer. Following conversion of a CoCo,
because the common stock of the issuer may not pay a dividend, investors in such securities could experience reduced yields or
no yields at all.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Loss
Absorption Risk.</I> CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the banking institution&rsquo;s
discretion or at the request of the relevant regulatory authority in order to help the bank absorb losses. The liquidation value
of a CoCo may be adjusted downward to below the original par value or written off entirely under certain circumstances. The write-down
of the security&rsquo;s par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against
the issuer. In addition, an automatic write-down could result in a reduced income rate if the dividend or interest payment associated
with the security is based on the security&rsquo;s par value. Coupon payments may also be subject to approval by the issuer&rsquo;s
regulator and may be suspended in the event there are insufficient distributable reserves. Due to uncertainty surrounding coupon
payments, CoCos may be volatile and their price may decline rapidly in the event that coupon payments are suspended.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 93; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Subordinated
Instruments. </I>CoCos will, in the majority of circumstances, be issued in the form of subordinated debt instruments in order
to provide the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution
or winding-up of an issuer prior to a conversion having occurred, the rights and claims of the holders of the CoCos, such as the
Fund, against the issuer in respect of or arising under the terms of the CoCos shall generally rank junior to the claims of all
holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer&rsquo;s underlying
equity securities following a conversion event (i.e., a &ldquo;trigger&rdquo;), each holder will be subordinated due to their
conversion from being the holder of a debt instrument to being the holder of an equity instrument. Such conversion may be automatic.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Unpredictable
Market Value Fluctuate. </I>The value of CoCos is unpredictable and will be influenced by many factors including, without limitation:
(i) the creditworthiness of the issuer and/or fluctuations in such issuer&rsquo;s applicable capital ratios; (ii) supply and demand
for the CoCos; (iii) general market conditions and available liquidity; and (iv) economic, financial and political events that
affect the issuer, its particular market or the financial markets in general.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Traditional
Preferred Securities. </I></B>Traditional preferred securities generally pay fixed or adjustable rate dividends to investors and
generally have a &ldquo;preference&rdquo; over common stock in the payment of dividends and the liquidation of a company&rsquo;s
assets. This means that a company must pay dividends on preferred stock before paying any dividends on its common stock. In order
to be payable, distributions on such preferred securities must be declared by the issuer&rsquo;s board of directors. Income payments
on typical preferred securities currently outstanding are cumulative, causing dividends and distributions to accumulate even if
not declared by the board of directors or otherwise made payable. In such a case all accumulated dividends must be paid before
any dividend on the common stock can be paid. However, some traditional preferred stocks are non-cumulative, in which case dividends
do not accumulate and need not ever be paid. A portion of the portfolio may include investments in non-cumulative preferred securities,
whereby the issuer does not have an obligation to make up any arrearages to its shareholders. Should an issuer of a non-cumulative
preferred stock held by the Fund determine not to pay dividends on such stock, the amount of dividends the Fund pays may be adversely
affected. There is no assurance that dividends or distributions on the preferred securities in which the Fund invests will be
declared or otherwise made payable.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preferred
shareholders usually have no right to vote for corporate directors or on other matters. Shares of preferred stock have a liquidation
value that generally equals the original purchase price at the date of issuance. The market value of preferred securities may
be affected by favorable and unfavorable changes impacting companies in which the Fund invests and by actual and anticipated changes
in tax laws, such as changes in corporate income tax rates or the &ldquo;Dividends Received Deduction.&rdquo; Because the claim
on an issuer&rsquo;s earnings represented by preferred securities may become onerous when interest rates fall below the rate payable
on such securities, the issuer may redeem the securities. Thus, in declining interest rate environments in particular, the Fund&rsquo;s
holdings, if any, of higher rate-paying fixed rate preferred securities may be reduced and the Fund may be unable to acquire securities
of comparable credit quality paying comparable rates with the redemption proceeds.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Trust
Preferred Securities.</I></B> The Fund may invest in trust preferred securities. Trust preferred securities are typically issued
by corporations, generally in the form of interest bearing notes with preferred securities characteristics, or by an affiliated
business trust of a corporation, generally in the form of beneficial interests in</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 94; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subordinated
debentures or similarly structured securities. The trust preferred securities market consists of both fixed and adjustable coupon
rate securities that are either perpetual in nature or have stated maturity dates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trust
preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a guarantee that is
junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred securities typically permit
an issuer to defer the payment of income for five years or more without triggering an event of default. Because of their subordinated
position in the capital structure of an issuer, the ability to defer payments for extended periods of time without default consequences
to the issuer, and certain other features (such as restrictions on common dividend payments by the issuer or ultimate guarantor
when full cumulative payments on the trust preferred securities have not been made), these trust preferred securities are often
treated as close substitutes for traditional preferred securities, both by issuers and investors. Trust preferred securities have
many of the key characteristics of equity due to their subordinated position in an issuer&rsquo;s capital structure and because
their quality and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets
or cash flows.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trust
preferred securities include but are not limited to trust originated preferred securities (&ldquo;TOPRS&reg;&rdquo;); monthly
income preferred securities (&ldquo;MIPS&reg;&rdquo;); quarterly income bond securities (&ldquo;QUIBS&reg;&rdquo; ); quarterly
income debt securities (&ldquo;QUIDS&reg;&rdquo;); quarterly income preferred securities (&ldquo;QUIPSSM&rdquo;); corporate trust
securities (&ldquo;CORTS&reg;&rdquo;); public income notes (&ldquo;PINES&reg;&rdquo;); and other trust preferred securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trust
preferred securities are typically issued with a final maturity date, although some are perpetual in nature. In certain instances,
a final maturity date may be extended and/or the final payment of principal may be deferred at the issuer&rsquo;s option for a
specified time without default. No redemption can typically take place unless all cumulative payment obligations have been met,
although issuers may be able to engage in open-market repurchases without regard to whether all payments have been paid.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Many
trust preferred securities are issued by trusts or other special purpose entities established by operating companies and are not
a direct obligation of an operating company. At the time the trust or special purpose entity sells such preferred securities to
investors, it purchases debt of the operating company (with terms comparable to those of the trust or special purpose entity securities),
which enables the operating company to deduct for tax purposes the interest paid on the debt held by the trust or special purpose
entity. The trust or special purpose entity is generally required to be treated as transparent for Federal income tax purposes
such that the holders of the trust preferred securities are treated as owning beneficial interests in the underlying debt of the
operating company. Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for Federal
income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company&rsquo;s debt and would
have priority with respect to the operating company&rsquo;s earnings and profits over the operating company&rsquo;s common shareholders,
but would typically be subordinated to other classes of the operating company&rsquo;s debt. Typically a preferred share has a
rating that is slightly below that of its corresponding operating company&rsquo;s senior debt securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Small
Capitalization Company Risk.</I></B> The Fund may invest in the equity securities of small-cap and/or mid-cap companies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Smaller
companies offer investment opportunities and additional risks. They may not be well known to the investing public, may not be
significantly owned by institutional investors and may not have steady earnings</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 95; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">growth.
These companies may have limited product lines and markets, as well as shorter operating histories, less experienced management
or a limited management group on which they rely and more limited financial resources than larger companies. In addition, the
securities of such companies may be more vulnerable to adverse general market or economic developments, more volatile in price,
have wider spreads between their bid and ask prices and have significantly lower trading volumes than the securities of larger
capitalization companies. As such, securities of these smaller companies may be less liquid than those of larger companies, and
may experience greater price fluctuations than larger companies. In addition, small-cap or mid-cap company securities may not
be widely followed by investors, which may result in reduced demand.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
a result, the purchase or sale of more than a limited number of shares of the securities of a smaller company may affect its market
price. The Investment Adviser may need a considerable amount of time to purchase or sell its positions in these securities, particularly
when other Investment Adviser-managed accounts or other investors are also seeking to purchase or sell them. Accordingly, the
Investment Adviser&rsquo;s investment focus on the securities of smaller companies generally leads it to have a long term investment
outlook of at least two years for a portfolio security.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
securities of smaller capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable
price changes than larger capitalization securities or the market as a whole. In addition, smaller capitalization securities may
be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in smaller capitalization securities
requires a longer-term view.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Warrants
and Rights.</I></B> The Fund may invest in warrants and rights (including those acquired in units or attached to other securities)
which entitle the holder to buy equity securities at a specific price for or at the end of a specific period of time. The Fund
will do so only if the underlying equity securities are deemed appropriate by the Investment Adviser for inclusion in the Fund&rsquo;s
portfolio.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investing
in rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security,
and thus can be a riskier investment. The value of a right or warrant may decline because of a decline in the value of the underlying
security, the passage of time, changes in interest rates or in the dividend or other policies of the Fund whose equity underlies
the warrant, a change in the perception as to the future price of the underlying security, or any combination thereof. Rights
and warrants generally pay no dividends and confer no voting or other rights other than the right to purchase the underlying security.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Commodities-Linked
Equity Derivative Instrument Risk.</I></B> The Fund may invest in structured notes that are linked to one or more underlying commodities.
Such structured notes provide exposure to the investment returns of physical commodities without actually investing directly in
physical commodities. Such structured notes in which the Fund may invest are hybrid instruments that have substantial risks, including
risk of loss of all or a significant portion of their principal value. Because the payments on these notes are linked to the price
change of the underlying commodities, these investments are subject to market risks that relate to the movement of prices in the
commodities markets. They may also be subject to additional special risks that do not affect traditional equity and debt securities
that may be greater than or in addition to the risks of derivatives in general, including risk of loss of interest, risk of loss
of principal, lack of liquidity and risk of greater volatility.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 96; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Fixed
Income Securities Risks. </I></B>Fixed income securities in which the Fund may invest are generally subject to the following risks:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Interest
                                         Rate Risk. </I>The market value of bonds and other fixed-income or dividend-paying securities
                                         changes in response to interest rate changes and other factors. Interest rate risk is
                                         the risk that prices of bonds and other income- or dividend-paying securities will increase
                                         as interest rates fall and decrease as interest rates rise. The Fund may be subject to
                                         a greater risk of rising interest rates due to the current period of historically low
                                         interest rates and recent inflationary price movements. The magnitude of these fluctuations
                                         in the market price of bonds and other income- or dividend-paying securities is generally
                                         greater for those securities with longer maturities. Fluctuations in the market price
                                         of the Fund&rsquo;s investments will not affect interest income derived from instruments
                                         already owned by the Fund, but will be reflected in the Fund&rsquo;s net asset value.
                                         The Fund may lose money if short term or long term interest rates rise sharply in a manner
                                         not anticipated by Fund management. To the extent the Fund invests in debt securities
                                         that may be prepaid at the option of the obligor, the sensitivity of such securities
                                         to changes in interest rates may increase (to the detriment of the Fund) when interest
                                         rates rise. Moreover, because rates on certain floating rate debt securities typically
                                         reset only periodically, changes in prevailing interest rates (and particularly sudden
                                         and significant changes) can be expected to cause some fluctuations in the net asset
                                         value of the Fund to the extent that it invests in floating rate debt securities. These
                                         basic principles of bond prices also apply to U.S. government securities. A security
                                         backed by the &ldquo;full faith and credit&rdquo; of the U.S. government is guaranteed
                                         only as to its stated interest rate and face value at maturity, not its current market
                                         price. Just like other income- or dividend-paying securities, government-guaranteed
                                         securities will fluctuate in value when interest rates change.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                         Fund&rsquo;s use of leverage will tend to increase the Fund&rsquo;s interest rate risk.
                                         The Fund may invest in variable and floating rate debt instruments, which generally are
                                         less sensitive to interest rate changes than longer duration fixed rate instruments,
                                         but may decline in value in response to rising interest rates if, for example, the rates
                                         at which they pay interest do not rise as much, or as quickly, as market interest rates
                                         in general. Conversely, variable and floating rate instruments generally will not increase
                                         in value if interest rates decline. The Fund also may invest in inverse floating rate
                                         debt securities, which may decrease in value if interest rates increase, and which also
                                         may exhibit greater price volatility than fixed rate debt obligations with similar credit
                                         quality. To the extent the Fund holds variable or floating rate instruments, a decrease
                                         (or, in the case of inverse floating rate securities, an increase) in market interest
                                         rates will adversely affect the income received from such securities, which may adversely
                                         affect the net asset value of the Fund&rsquo;s common shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Issuer
                                         Risk. </I>Issuer risk is the risk that the value of an income- or dividend-paying security
                                         may decline for a number of reasons which directly relate to the issuer, such as management
                                         performance, financial leverage, reduced demand for the issuer&rsquo;s goods and services,
                                         historical and prospective earnings of the issuer and the value of the assets of the
                                         issuer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Credit
                                         Risk. </I>Credit risk is the risk that one or more income- or dividend-paying securities
                                         in the Fund&rsquo;s portfolio will decline in price or fail to pay interest/distributions
                                         or principal when due because the issuer of the security experiences a decline in its
                                         financial status. Credit risk is increased when a portfolio security is downgraded
                                         or the perceived creditworthiness of the issuer deteriorates. To the extent the Fund
                                         invests in below investment grade securities, it will be exposed to a greater amount
                                         of credit risk than a</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 97; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fund
which only invests in investment grade securities. See &ldquo;&mdash;Non-Investment Grade Securities.&rdquo; The degree of credit
risk depends on the issuer&rsquo;s financial condition and on the terms of the securities.&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Reinvestment
                                         Risk. </I>Reinvestment risk is the risk that income from the Fund&rsquo;s portfolio will
                                         decline if the Fund invests the proceeds from matured, traded or called fixed income
                                         securities at market interest rates that are below the Fund portfolio&rsquo;s current
                                         earnings rate.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Duration
                                         and Maturity Risk. </I>The Fund has no set policy regarding portfolio maturity or duration
                                         of the fixed-income securities it may hold. The Investment Adviser may seek to adjust
                                         the duration or maturity of the Fund&rsquo;s fixed-income holdings based on its assessment
                                         of current and projected market conditions and all other factors that the Investment
                                         Adviser deems relevant. In comparison to maturity (which is the date on which the issuer
                                         of a debt instrument is obligated to repay the principal amount), duration is a measure
                                         of the price volatility of a debt instrument as a result in changes in market rates of
                                         interest, based on the weighted average timing of the instrument&rsquo;s expected principal
                                         and interest payments. Specifically, duration measures the anticipated percentage change
                                         in NAV that is expected for every percentage point change in interest rates. The two
                                         have an inverse relationship. Duration can be a useful tool to estimate anticipated price
                                         changes to a fixed pool of income securities associated with changes in interest rates.
                                         For example, a duration of five years means that a 1% decrease in interest rates will
                                         increase the NAV of the portfolio by approximately 5%; if interest rates increase by
                                         1%, the NAV will decrease by 5%. However, in a managed portfolio of fixed income securities
                                         having differing interest or dividend rates or payment schedules, maturities, redemption
                                         provisions, call or prepayment provisions and credit qualities, actual price changes
                                         in response to changes in interest rates may differ significantly from a duration-based
                                         estimate at any given time. Actual price movements experienced by a portfolio of fixed
                                         income securities will be affected by how interest rates move (i.e., changes in the relationship
                                         of long term interest rates to short term interest rates), the magnitude of any move
                                         in interest rates, actual and anticipated prepayments of principal through call or redemption
                                         features, the extension of maturities through restructuring, the sale of securities for
                                         portfolio management purposes, the reinvestment of proceeds from prepayments on and from
                                         sales of securities, and credit quality-related considerations whether associated with
                                         financing costs to lower credit quality borrowers or otherwise, as well as other factors.
                                         Accordingly, while duration maybe a useful tool to estimate potential price movements
                                         in relation to changes in interest rates, investors are cautioned that duration alone
                                         will not predict actual changes in the net asset or market value of the Fund&rsquo;s
                                         shares and that actual price movements in the Fund&rsquo;s portfolio may differ significantly
                                         from duration-based estimates. Duration differs from maturity in that it takes into account
                                         a security&rsquo;s yield, coupon payments and its principal payments in addition to the
                                         amount of time until the security matures. As the value of a security changes over time,
                                         so will its duration. Prices of securities with longer durations tend to be more sensitive
                                         to interest rate changes than securities with shorter durations. In general, a portfolio
                                         of securities with a longer duration can be expected to be more sensitive to interest
                                         rate changes than a portfolio with a shorter duration. Any decisions as to the targeted
                                         duration or maturity of any particular category of investments will be made based on
                                         all pertinent market factors at any given time. The Fund may incur costs in seeking to
                                         adjust the portfolio average duration or maturity. There can be no assurance that the
                                         Investment Adviser&rsquo;s assessment of current</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 98; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and
projected market conditions will be correct or that any strategy to adjust duration or maturity will be successful at any given
time.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>LIBOR
                                         Risk. </I>The Fund may be exposed to financial instruments that are tied to the London
                                         Interbank Offered Rate (&ldquo;LIBOR&rdquo;) to determine payment obligations, financing
                                         terms, hedging strategies or investment value. The Fund&rsquo;s investments may pay
                                         interest at floating rates based on LIBOR or may be subject to interest caps or floors
                                         based on LIBOR. The Fund may also obtain financing at floating rates based on LIBOR.
                                         Derivative instruments utilized by the Fund may also reference LIBOR.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the
end of 2021. LIBOR can no longer be used to calculate new deals as of December 31, 2021. Since December 31, 2021, all sterling,
euro, Swiss franc and Japanese yen LIBOR settings and the 1-week and 2-month U.S. dollar LIBOR settings have ceased to be published
or are no longer be representative, and after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar
LIBOR settings will cease to be published or will no longer be representative. Various financial industry groups have begun planning
for the transition away from LIBOR, but there are challenges to converting certain securities and transactions to a new reference
rate (e.g., the Secured Overnight Financing Rate, which is intended to replace the U.S. dollar LIBOR). Neither the effect of the
LIBOR transition process nor its ultimate success can yet be known.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
this time, no consensus exists as to what rate or rates will become accepted alternatives to LIBOR, although the U.S. Federal
Reserve, in connection with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial
institutions, is considering replacing U.S. dollar LIBOR with the Secured Overnight Financing Rate (&ldquo;SOFR&rdquo;). Given
the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, there are many
uncertainties regarding a transition from LIBOR, including but not limited to the need to amend all contracts with LIBOR as the
referenced rate and how this will impact the cost of variable rate debt and certain derivative financial instruments. In addition,
SOFR or other replacement rates may fail to gain market acceptance. Any failure of SOFR or alternative reference rates to gain
market acceptance could adversely affect the return on, value of and market for securities linked to such rates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Neither
the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased
volatility and illiquidity in markets for, and reduce the effectiveness of, new hedges placed against, instruments whose terms
currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available
by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of
any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting
provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions
in certain existing instruments. Moreover, these alternative rate-setting provisions may not be designed for regular use in an
environment where LIBOR ceases to be published, and may be an ineffective fallback following the discontinuation of LIBOR.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR still may be developing. There
may also be challenges for the Fund to enter into hedging transactions</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 99; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 45pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against
such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect
the Fund&rsquo;s performance or net asset value.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Corporate
Bonds Risk (Principal). </I></B>The market value of a corporate bond generally may be expected to rise and fall inversely with
interest rates. The market value of intermediate and longer-term corporate bonds is generally more sensitive to changes in interest
rates than is the market value of shorter term corporate bonds. The market value of a corporate bond also may be affected by factors
directly related to the issuer, such as investors&rsquo; perceptions of the creditworthiness of the issuer, the issuer&rsquo;s
financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&rsquo;s
capital structure and use of financial leverage and demand for the issuer&rsquo;s goods and services. Certain risks associated
with investments in corporate bonds are described elsewhere in this Annual Report, including above under &ldquo;&mdash; Fixed
Income Securities Risks&mdash;Credit Risk&rdquo; and &ldquo;&mdash; Fixed Income Securities Risks&mdash;Interest Rate Risk,&rdquo;
and in &ldquo;&mdash;General Risks&mdash;Inflation Risk.&rdquo; There is a risk that the issuers of corporate bonds may not be
able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below
investment grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse
issuer-specific developments. Corporate bonds of below investment grade quality are subject to the risks described under &ldquo;&mdash;General
Risks&mdash;Non-Investment Grade Securities.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Investing
in Japan.</I></B> There are special risks associated with investments in Japan. If the Funds invest in Japan, the value of the
Funds&rsquo; shares may vary widely in response to political and economic factors affecting companies in Japan. Political, social
or economic disruptions in Japan or in other countries in the region may adversely affect the values of Japanese securities and
thus the Funds&rsquo; holdings. Additionally, since securities in Japan are denominated and quoted in yen, the value of the Funds&rsquo;
Japanese securities as measured in U.S. dollars may be affected by fluctuations in the value of the Japanese yen relative to the
U.S. dollar. Japanese securities are also subject to the more general risks associated with foreign securities.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Investing
in Latin America. </I></B>The economies of Latin American countries have in the past experienced considerable difficulties, including
high inflation rates and high interest rates. The emergence of the Latin American economies and securities markets will require
continued economic and fiscal discipline that has been lacking at times in the past, as well as stable political and social conditions.
International economic conditions, particularly those in the United States, as well as world prices for oil and other commodities
may also influence the development of the Latin American economies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Some
Latin American currencies have experienced steady devaluations relative to the U.S. dollar and certain Latin American countries
have had to make major adjustments in their currencies from time to time. In addition, governments of many Latin American countries
have exercised and continue to exercise substantial influence over many aspects of the private sector. Governmental actions in
the future could have a significant effect on economic conditions in Latin American countries, which could affect the companies
in which the Fund invests and, therefore, the value of the Fund&rsquo;s shares. As noted, in the past, many Latin American countries
have experienced substantial, and in some periods extremely high, rates of inflation for many years. For companies that keep accounting
records in the local currency, inflation accounting rules in some Latin American countries require, for both tax and accounting
purposes, that certain assets and liabilities be restated on the company&rsquo;s balance sheet in order to express items in terms
of currency of constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain Latin American
companies. Inflation and rapid fluctuations</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 100; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in
inflation rates have had, and could, in the future, have very negative effects on the economies and securities markets of certain
Latin American countries.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Substantial
limitations may exist in certain countries with respect to the Fund&rsquo;s ability to repatriate investment income, capital or
the proceeds of sales of securities. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental
approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Certain
Latin American countries have entered into regional trade agreements that are designed to, among other things, reduce barriers
between countries, increase competition among companies and reduce government subsidies in certain industries. No assurances can
be given that these changes will be successful in the long-term, or that these changes will result in the economic stability
intended. There is a possibility that these trade arrangements will not be fully implemented, or will be partially or completely
unwound. It is also possible that a significant participant could choose to abandon a trade agreement, which could diminish its
credibility and influence. Any of these occurrences could have adverse effects on the markets of both participating and non-participating
countries, including sharp appreciation or depreciation of participants&rsquo; national currencies and a significant increase
in exchange rate volatility, a resurgence in economic protectionism, an undermining of confidence in the Latin American markets,
an undermining of Latin American economic stability, the collapse or slowdown of the drive towards Latin American economic unity,
and/or reversion of the attempts to lower government debt and inflation rates that were introduced in anticipation of such trade
agreements. Such developments could have an adverse impact on the Fund&rsquo;s investments in Latin America generally or in specific
countries participating in such trade agreements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other
Latin American market risks include foreign exchange controls, difficulties in pricing securities, defaults on sovereign debt,
difficulties in enforcing favorable legal judgments in local courts and political and social instability. Legal remedies available
to investors in certain Latin American countries may be less extensive than those available to investors in the United States
or other foreign countries.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Investing
in Asia-Pacific Countries. </I></B>In addition to the risks of investing in foreign securities and the risks of investing in emerging
markets, the developing market Asia-Pacific countries are subject to certain additional or specific risks. In many of these markets,
there is a high concentration of market capitalization and trading volume in a small number of issuers representing a limited
number of industries, as well as a high concentration of investors and financial intermediaries. Many of these markets also may
be affected by developments with respect to more established markets in the region such as in Japan and Hong Kong. Brokers in
developing market Asia-Pacific countries typically are fewer in number and less well capitalized than brokers in the United States.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Many
of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political and social instability
than is the case in the United States and Western European countries. Such instability may result from, among other things: (i)
authoritarian governments or military involvement in political and economic decision-making, including changes in government through
extra-constitutional means; (ii) popular unrest associated with demands for improved political, economic and social conditions;
(iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial disaffection.
In addition, the</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 101; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">governments
of many of such countries, such as Indonesia, have a substantial role in regulating and supervising the economy.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Another
risk common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon international
trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks in certain countries, as
do environmental problems. Certain economies also depend to a significant degree upon exports of primary commodities and, therefore,
are vulnerable to changes in commodity prices that, in turn, may be affected by a variety of factors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
rights of investors in developing market Asia-Pacific companies may be more limited than those of shareholders of U.S. corporations.
It may be difficult or impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Some
developing Asia-Pacific countries prohibit or impose substantial restrictions on investments in their capital markets, particularly
their equity markets, by foreign entities. For example, certain countries may require governmental approval prior to investments
by foreign persons or limit the amount of investment by foreign persons in a particular company.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Risk
Arbitrage.</I></B> Risk arbitrage investments are made in securities of companies for which a tender or exchange offer has been
made or announced and in securities of companies for which a merger, consolidation, liquidation or reorganization proposal has
been announced if, in the judgment of the Investment Adviser, there is a reasonable prospect of total return significantly greater
than the brokerage and other transaction expenses involved. Risk arbitrage strategies attempt to exploit merger activity to capture
the spread between current market values of securities and their values after successful completion of a merger, restructuring
or similar corporate transaction. Transactions associated with risk arbitrage strategies typically involve the purchases or sales
of securities in connection with announced corporate actions which may include, but are not limited to, mergers, consolidations,
acquisitions, transfers of assets, tender offers, exchange offers, re-capitalizations, liquidations, divestitures, spin-offs and
similar transactions. However, a merger or other restructuring or tender or exchange offer anticipated by the Fund and in which
it holds an arbitrage position may not be completed on the terms contemplated or within the time frame anticipated, resulting
in losses to the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
general, securities which are the subject of such an offer or proposal sell at a premium to their historic market price immediately
prior to the announcement of the offer but may trade at a discount or premium to what the stated or appraised value of the security
would be if the contemplated transaction were approved or consummated. Such investments may be advantageous when the discount
significantly overstates the risk of the contingencies involved; significantly undervalues the securities, assets or cash to be
received by shareholders as a result of the contemplated transaction; or fails adequately to recognize the possibility that the
offer or proposal may be replaced or superseded by an offer or proposal of greater value. The evaluation of such contingencies
requires unusually broad knowledge and experience on the part of the Investment Adviser which must appraise not only the value
of the issuer and its component businesses as well as the assets or securities to be received as a result of the contemplated
transaction but also the financial resources and business motivation behind the offer and/or the dynamics and business climate
when the offer or proposal is in process. Since such investments are ordinarily short-term in nature, they will tend to increase
the turnover ratio of the Fund, thereby increasing</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 102; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">its
brokerage and other transaction expenses. Risk arbitrage strategies may also involve short selling, options hedging and other
arbitrage techniques to capture price differentials.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
principal risk of such investments is that certain of such proposed transactions may be renegotiated, terminated or involve a
longer time frame than originally contemplated, in which case the Fund may realize losses. Such risk is sometimes referred to
as &ldquo;merger arbitrage risk.&rdquo; Among the factors that affect the level of risk with respect to the completion of the
transaction are the deal spread and number of bidders, the friendliness of the buyer and seller, the strategic rationale behind
the transaction, the existence of regulatory hurdles, the level of due diligence completed on the target company and the ability
of the buyer to finance the transaction. If the spread between the purchase price and the current price of the seller&rsquo;s
stock is small, the risk that the transaction will not be completed may outweigh the potential return. If there is very little
interest by other potential buyers in the target company, the risk of loss may be higher than where there are back-up buyers that
would allow the arbitrageur to realize a similar return if the current deal falls through. Unfriendly management of the target
company or change in friendly management in the middle of a deal increases the risk that the deal will not be completed even if
the target company&rsquo;s board has approved the transaction and may involve the risk of litigation expense if the target company
pursues litigation in an attempt to prevent the deal from occurring. The underlying strategy behind the deal is also a risk consideration
because the less a target company will benefit from a merger or acquisition, the greater the risk. There is also a risk that an
acquiring company may back out of an announced deal if, in the process of completing its due diligence of the target company,
it discovers something undesirable about such company. In addition, merger transactions are also subject to regulatory risk because
a merger transaction often must be approved by a regulatory body or pass governmental antitrust review. All of these factors affect
the timing and likelihood that the transaction will close. Even if the Investment Adviser selects announced deals with the goal
of mitigating the risks that the transaction will fail to close, such risks may still delay the closing of such transaction to
a date later than the Fund originally anticipated, reducing the level of desired return to the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
recapitalizations, a corporation may restructure its balance sheet by selling specific assets, significantly leveraging other
assets and creating new classes of equity securities to be distributed, together with a substantial payment in cash or in debt
securities, to existing shareholders. In connection with such transactions, there is a risk that the value of the cash and new
securities distributed will not be as high as the cost of the Fund&rsquo;s original investment or that no such distribution will
ultimately be made and the value of the Fund&rsquo;s investment will decline. To the extent an investment in a company that has
undertaken a recapitalization is retained by the Fund, the Fund&rsquo;s risks will generally be comparable to those associated
with investments in highly leveraged companies, generally including higher than average sensitivity to (i) short term interest
rate fluctuations, (ii) downturns in the general economy or within a particular industry or (iii) adverse developments within
the company itself.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Merger
arbitrage positions are also subject to the risk of overall market movements. To the extent that a general increase or decline
in equity values affects the stocks involved in a merger arbitrage position differently, the position may be exposed to loss.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Finally,
merger arbitrage strategies depend for success on the overall volume of global merger activity, which has historically been cyclical
in nature. During periods when merger activity is low, it may be difficult or impossible to identify opportunities for profit
or to identify a sufficient number of such opportunities to provide balance among potential merger transactions. To the extent
that the number of announced deals and corporate reorganizations</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 103; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">decreases
or the number of investors in such transactions increases, it is possible that merger arbitrage spreads will tighten, causing
the profitability of investing in such transactions to diminish, which will in turn decrease the returns to the Fund from such
investment activity.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Loans
of Portfolio Securities. </I></B>Consistent with applicable regulatory requirements and the Fund&rsquo;s investment restrictions,
the Fund may lend its portfolio securities to securities broker-dealers or financial institutions, provided that such loans are
callable at any time by the Fund (subject to notice provisions described below), and are at all times collateralized by cash or
cash equivalents which are maintained at all times in an amount equal to at least 100% of the market value, determined daily,
of the loaned securities. The advantage of such loans is that the Fund continues to receive the income on the loaned securities
while at the same time earning interest on the cash amounts deposited as collateral, which will be invested in short term highly
liquid obligations. The Fund will not lend its portfolio securities if such loans are not permitted by the laws or regulations
of any state in which its shares are qualified for sale. The Fund&rsquo;s loans of portfolio securities will be collateralized
in accordance with applicable regulatory requirements, which means that &ldquo;cash equivalents&rdquo; accepted as collateral
will be limited to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities or irrevocable
letters of credit issued by a bank (other than the fund&rsquo;s bank lending agent, if any, or a borrower of the Fund&rsquo;s
portfolio securities or any affiliate of such bank or borrower) which qualifies as a custodian bank for an investment company
under the 1940 Act. The Fund&rsquo;s ability to lend portfolio securities may be limited by rating agency guidelines (if any).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
loan may generally be terminated by the borrower on one business day&rsquo;s notice, or by the Fund at any time thereby requiring
the borrower to redeliver the borrowed securities within the normal and customary settlement time for securities transactions.
If the borrower fails to deliver the loaned securities within the normal and customary settlement time for securities transactions,
the Fund could use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost
over the value of the collateral pledged by the borrower. As with any extensions of credit, there are risks of delay in recovery
and in some cases even loss of rights in the collateral should the borrower of the securities violate the terms of the loan or
fail financially. However, these loans of portfolio securities will only be made to firms deemed by the Investment Adviser to
be creditworthy and when the income which can be earned from such loans justifies the attendant risks. The Board will oversee
the creditworthiness of the contracting parties on an ongoing basis. Upon termination of the loan, the borrower is required to
return the securities to the Fund. Any gain or loss in the market price during the loan period would inure to the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
risks associated with loans of portfolio securities are substantially similar to those associated with repurchase agreements.
Thus, if the counterparty to the loan petitions for bankruptcy or becomes subject to the United States Bankruptcy Code, the law
regarding the rights of the Fund is unsettled. As a result, under extreme circumstances, there may be a restriction on the Fund&rsquo;s
ability to sell the collateral and the Fund would suffer a loss. Moreover, because the Fund will reinvest any cash collateral
it receives, as described above, the Fund is subject to the risk that the value of the investments it makes will decline and result
in losses to the Fund. These losses, in extreme circumstances such as the 2007-2009 financial crisis, could be substantial and
have a significant adverse impact on the Fund and its shareholders. When voting or consent rights which accompany loaned securities
pass to the borrower, the Fund will follow the policy of calling the loaned securities, to be delivered within one day after notice,
to permit the exercise of such rights if the matters involved would have</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 104; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a
material effect on the Fund&rsquo;s investment in such loaned securities. The Fund will pay reasonable finder&rsquo;s, administrative
and custodial fees in connection with a loan of its securities, and may also pay fees to one or more securities lending agents
and/or pay other fees or rebates to borrowers.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional
Risks Relating to Derivative Investments</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Dodd-Frank
Act Risk. </I></B>Title VII of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (the &ldquo;Dodd-Frank Act)
(the &ldquo;Derivatives Title&rdquo;) imposed a new regulatory structure on derivatives markets, with particular emphasis on swaps
and security-based swaps (collectively &ldquo;swaps&rdquo;), which are subject to oversight by the CFTC and by the SEC, respectively.
The regulatory framework covers a broad range of swap market participants, including banks, non-banks, credit unions, insurance
companies, broker-dealers and investment advisers.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
SEC, other U.S. regulators, and to a lesser extent the CFTC (the &ldquo;Regulators&rdquo;) still are in the process of adopting
regulations, making determinations and providing guidance to implement the Derivatives Title, though certain aspects of the new
regulatory structure are substantially complete. Until the Regulators complete their rulemaking efforts, the full extent to which
the Derivatives Title and the rules adopted thereunder will impact the Funds is unclear. It is possible that the continued development
of this new regulatory structure for swaps may jeopardize certain trades and/or trading strategies that may be employed by the
Fund, or at least make them more costly.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Current
regulations require the mandatory central clearing and mandatory exchange trading of particular types of interest rate swaps and
index credit default swaps (together, &ldquo;Covered Swaps&rdquo;). Together, these new regulatory requirements change a fund&rsquo;s
trading of Covered Swaps. With respect to mandatory central clearing, each Fund is now required to clear its Covered Swaps through
a clearing broker, which requires, among other things, posting initial margin and variation margin to the Fund&rsquo;s clearing
broker in order to enter into and maintain positions in Covered Swaps. With respect to mandatory exchange trading, the Fund may
be required to become a participant of a type of execution platform called a swap execution facility (&ldquo;SEF&rdquo;) or may
be required to access the SEF through an intermediary (such as an executing broker) in order to be able to trade Covered Swaps
for the Fund. In either scenario, the Fund may incur additional legal and compliance costs and transaction fees. Just as with
the other regulatory changes imposed as a result of the implementation of the Derivatives Title, the increased costs and fees
associated with trading Covered Swaps may jeopardize certain trades and/or trading strategies that may be employed by the Fund,
or at least make them more costly.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additionally,
the Regulators have finalized regulations with a phased implementation that may require swap dealers to collect from, and post
to, the Fund variation margin (and initial margin, if the Fund exceeds a specified exposure threshold) for uncleared derivatives
transactions in certain circumstances. U.S. federal banking regulators have also finalized regulations that would impose upon
swap dealers new capital requirements. The CFTC and SEC have adopted capital requirements for swap dealers, and the SEC has finalized
its uncleared margin rules. Such requirements may make certain types of trades and/or trading strategies more costly or impermissible.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
may be market dislocations due to uncertainty during the implementation period of any new regulation and the Fund cannot know
how the derivatives market will adjust to new regulations. Until the Regulators</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 105; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">complete
the rulemaking process for the Derivatives Title, it is unknown the extent to which such risks may materialize.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Special
Risk Considerations Relating to Futures and Options Thereon.</I></B> The Fund&rsquo;s ability to establish and close out positions
in futures contracts and options thereon will be subject to the development and maintenance of liquid markets. Although the Fund
generally purchases or sells only those futures contracts and options thereon for which there appears to be a liquid market, there
is no assurance that a liquid market on an exchange will exist for any particular futures contract or option thereon at any particular
time. In the event no liquid market exists for a particular futures contract or option thereon in which the Fund maintains a position,
it will not be possible to effect a closing transaction in that contract or to do so at a satisfactory price and the Fund would
have to either make or take delivery under the futures contract or, in the case of a written option, wait to sell the underlying
securities until the option expires or is exercised or, in the case of a purchased option, exercise the option. In the case of
a futures contract or an option thereon which the Fund has written and which the Fund is unable to close, the Fund would be required
to maintain margin deposits on the futures contract or option thereon and to make variation margin payments until the contract
is closed.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Successful
use of futures contracts and options thereon and forward contracts by the Fund is subject to the ability of the Investment Adviser
to predict correctly movements in the direction of interest and foreign currency rates. If the Investment Adviser&rsquo;s expectations
are not met, the Fund will be in a worse position than if a hedging strategy had not been pursued. For example, if the Fund has
hedged against the possibility of an increase in interest rates that would adversely affect the price of securities in its portfolio
and the price of such securities increases instead, the Fund will lose part or all of the benefit of the increased value of its
securities because it will have offsetting losses in its futures positions. In addition, in such situations, if the Fund has insufficient
cash to meet daily variation margin requirements, it may have to sell securities to meet the requirements. These sales may be,
but will not necessarily be, at increased prices which reflect the rising market. The Fund may have to sell securities at a time
when it is disadvantageous to do so.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Additional
Risks of Foreign Options, Futures Contracts, Options on Futures Contracts and Forward Contracts. </I></B>Options, futures
contracts and options thereon and forward contracts on securities and currencies may be traded on foreign exchanges. Such
transactions may not be regulated as effectively as similar transactions in the United States, may not involve a clearing
mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of,
foreign securities. The value of such positions also could be adversely affected by (i) other complex foreign political,
legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading decisions,
(iii) delays in the Fund&rsquo;s ability to act upon economic events occurring in the foreign markets during non-business
hours in the United States, (iv)&nbsp;the imposition of different exercise and settlement terms and procedures and
margin requirements than in the United States and (v) less trading volume.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exchanges
on which options, futures and options on futures are traded may impose limits on the positions that the Fund may take in certain
circumstances.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Risks
of Currency Transactions.</I></B> Currency transactions are also subject to risks different from those of other portfolio transactions.
Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases
and sales of currency and related instruments can be</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 106; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">adversely
affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulation, or exchange
restrictions imposed by governments. These forms of governmental action can result in losses to the Fund if it is unable to deliver
or receive currency or monies in settlement of obligations and could also cause hedges it has entered into to be rendered useless,
resulting in full currency exposure as well as incurring transaction costs.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INVESTMENT
RESTRICTIONS</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund operates under the following restrictions that constitute fundamental policies under the 1940 Act and that, except as otherwise
noted, cannot be changed without the affirmative vote of of a majority, as defined in the 1940 Act, of the outstanding voting
securities (voting together as a single class) of the Fund (which for this purpose and under the 1940 Act means the lesser of
(i) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (ii) more than
50% of the outstanding shares). In addition, pursuant to the Statement of Preferences of the Series A Preferred Shares, the affirmative
vote of the holders of a majority, as defined in the 1940 Act, of the outstanding preferred shares of the Fund voting as a separate
class (which for this purpose and under the 1940 Act means the lesser of (i) 67% of the preferred shares, as a single class, represented
at a meeting at which more than 50% of the Fund&rsquo;s outstanding preferred shares are represented or (ii) more than 50% of
the outstanding preferred shares) is also required to change a fundamental policy. Except as otherwise noted, all percentage limitations
set forth below apply immediately after a purchase or initial investment and any subsequent change in any applicable percentage
resulting from market fluctuations does not require any action. The Fund may not:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)&nbsp;other than with respect to its concentrations in Natural Resources Companies and Gold Companies, invest more than 25% of its total
assets, taken at market value at the time of each investment, in the securities of issuers in any particular industry. This restriction
does not apply to investments in U.S. government securities and investments in the gold and base industries and the natural resources
industries;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)&nbsp;purchase commodities or commodity contracts if such purchase would result in regulation of the Fund as a commodity pool operator;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)&nbsp;purchase or sell real estate, provided the Fund may invest in securities and other instruments secured by real estate or interests
therein or issued by companies that invest in real estate or interests therein;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)&nbsp;make loans of money or other property, except that (i) the Fund may acquire debt obligations of any type (including through extensions
of credit), enter into repurchase agreements and lend portfolio assets and (ii) the Fund may, up to 20% of the Fund&rsquo;s total
assets, lend money or other property to other investment companies advised by the Investment Adviser pursuant to a common lending
program to the extent permitted by applicable law;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)
borrow money, except to the extent permitted by applicable law;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)
issue senior securities, except to the extent permitted by applicable law; or</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7)
underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under applicable law in selling
portfolio securities; provided, however, this restriction shall not apply to securities of any investment company organized by
the Fund that are to be distributed pro rata as a dividend to its shareholders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 107; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, the Fund&rsquo;s investment objectives and its policies of investment of at least 25% of its assets in normal circumstances
in Natural Resources Companies and in Gold Companies are fundamental policies. Unless specifically stated as such, no policy of
the Fund is fundamental and each policy may be changed by the Board without shareholder approval. The percentage and ratings limitations
stated herein apply only at the time of investment and are not considered violated as a result of subsequent changes to the value,
or downgrades to the ratings, of the Fund&rsquo;s portfolio investments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund interprets investment restriction (1), above, to mean that the Fund will not concentrate its investments in a particular
industry, as that term is used in the 1940 Act, except that the Fund will concentrate its investments in (a) companies principally
engaged in the natural resources industry (defined in the Annual Report as &ldquo;Natural Resources Companies&rdquo;) and (b)
companies principally engaged in the gold industry (defined in the Annual Report as &ldquo;Gold Companies&rdquo;). The Fund considers
companies that could be viewed as principally engaged in the base (i.e., non-precious) metals industry as Natural Resources Companies
and thus as principally engaged in the natural resources industry. The SEC staff currently takes the position that investment
of 25% of more of a fund&rsquo;s total assets in one or more issuers conducting their principal activities in the same industry
or group of industries constitutes concentration; this position forms the basis for the Fund&rsquo;s fundamental policies of investment
of at least 25% of its assets in normal circumstances in Natural Resources Companies and in Gold Companies. The Fund also interprets
investment restriction (1) to permit investment without limit in the following: securities of the U.S. government and its agencies
or instrumentalities; tax-exempt securities of state, territory, possession or municipal governments and their authorities, agencies,
instrumentalities or political subdivisions; and repurchase agreements collateralized by any such obligations.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 108; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>MANAGEMENT
OF THE FUND</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Trustees
and Officers</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The business and affairs of the Fund are managed under the direction of the Fund&rsquo;s Board of Trustees. Information
pertaining to the Trustees and Officers of the Fund is set forth below. The Fund&rsquo;s Statement of Additional Information includes
additional information about the Fund&rsquo;s Trustees and is available without charge, upon request, by calling 800-GABELLI (800-422-3554)
or by writing to GAMCO Natural Resources, Gold &amp; Income Trust at One Corporate Center, Rye, NY 10580-1422.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="width: 17%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Name,
    Position(s)</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Address<SUP>1</SUP></B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>and Age</U></B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Term
    of Office</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>and Length of</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Time Served</U><SUP>2</SUP></B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Number
    of</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Funds</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>in Fund</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Complex</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Overseen by</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Trustee</U></B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Principal
    Occupation(s)</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>During Past Five Years</U></B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    Directorships</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Held by Trustee</U><SUP>3</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>INTERESTED
    TRUSTEE</U><SUP>4</SUP>:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Agnes
    Mullady</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 63</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2021***</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Senior
    Vice President of GAMCO Investors, Inc. (2008-2019); Executive Vice President of Associated Capital Group, Inc. (November
    2016-2019); President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC (2010-2019); Vice President
    of Gabelli Funds, LLC (2006-2019); Chief Executive Officer of G.distributors, LLC (2011-2019); and an officer of all of the
    Gabelli/GAMCO/Teton Funds (2006-2019)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="5" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>INDEPENDENT
    TRUSTEES</U><SUP>5</SUP>:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Anthony
    S. Colavita<SUP>6,7</SUP></B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 60</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2018***</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Attorney,
    Anthony S. Colavita, P.C.; Supervisor, Town of Eastchester, NY</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>James
    P. Conn<SUP>6</SUP></B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 83</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2008*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Former
    Managing Director and Chief Investment Officer of Financial Security Assurance Holdings, Ltd. (1992-1998)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Vincent
    D. Enright<SUP>7</SUP></B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 78</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2008*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Former
    Senior Vice President and Chief Financial Officer of KeySpan Corp. (public utility) (1994-1998)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Director
    of Echo Therapeutics, Inc. (therapeutics and diagnostics) (2008-2014); Director of The LGL Group, Inc. (diversified manufacturing) (2011-2014)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Frank
    J. Fahrenkopf, Jr.<SUP>7</SUP></B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 82</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2008***</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Co-Chairman
    of the Commission on Presidential Debates; Former President and Chief Executive Officer of the American Gaming Association
    (1995-2013); Former Chairman of the Republican National Committee (1983-1989)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Director
    of First Republic Bank (banking); Director of Eldorado Resorts, Inc. (casino entertainment company)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 109; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="width: 17%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Name,
    Position(s)</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Address<SUP>1</SUP></B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>and Age</U></B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Term
    of Office</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>and Length of</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Time Served</U><SUP>2</SUP></B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Number
    of</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Funds</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>in Fund</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Complex</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Overseen by</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Trustee</U></B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Principal
    Occupation(s)</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>During Past Five Years</U></B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other
    Directorships</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Held by Trustee</U><SUP>3</SUP></B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>William
    F. Heitmann</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 72</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2011***</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Managing
    Director and Senior Advisor of Perlmutter Investment Company (real estate); Senior Vice President of Finance, Verizon Communications,
    and President, Verizon Investment Management (1971-2011) </FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Director
    and Audit Committee Chair of Syncreon (contract logistics provider) (2011-2019)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Michael
    J. Melarkey</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 72</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2008**</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Of
    Counsel in the law firm of McDonald Carano Wilson LLP; Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan &amp;
    McKenzie (1980-2015)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chairman
    of Southwest Gas Corporation (natural gas utility)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Kuni
    Nakamura<SUP>6</SUP></B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 53</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2008*</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">President
    of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate); Trustee on Long
    Island University Board of Trustees</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Anthonie
    C. van Ekris<SUP>7</SUP></B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 87</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2008**</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chairman
    and Chief Executive Officer of BALMAC International, Inc. (global import/export company)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Salvatore
    J. Zizza<SUP>8</SUP></B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trustee</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Age: 76</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2008***</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">President,
    Zizza &amp; Associates Corp. (private holding company); Chairman of Bergen Cove Realty Inc. (residential real estate)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Director
    and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals)
    (2009-2018); Retired Chairman of BAM (semiconductor and aerospace manufacturing)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 110; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="width: 17%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Name,
    Position(s)</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Address<SUP>1</SUP></B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>and Age</U></B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Term
    of Office </B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>and Length of</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>Time Served</U><SUP>2</SUP></B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 69%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Principal
    Occupation(s)</B></FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>During Past Five Years</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><U>OFFICERS</U>:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Bruce
    N. Alpert</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">President</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 70</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2011</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Executive
    Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Fund Complex; Senior Vice President of GAMCO Investors,
    Inc. since 2008; Vice President &ndash; Mutual Funds, G.research, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>John
    C. Ball</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Treasurer</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 45</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2017</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Treasurer
    of registered investment companies within the Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds,
    2014-2017; Chief Executive Officer, G.distributors, LLC since December 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Peter
    Goldstein</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Secretary and Vice</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">President</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 68</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2020</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General
    Counsel, Gabelli Funds, LLC since July 2020; General Counsel and Chief Compliance Officer, Buckingham Capital Management,
    Inc. (2012-2020); Chief Legal Officer and Chief Compliance Officer, The Buckingham Research Group, Inc. (2012-2020)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Richard
    J. Walz</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Chief Compliance</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">officer</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 62</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2013</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chief
    Compliance Officer of registered investment companies within the Fund Complex since 2013; Chief Compliance Officer for Gabelli Funds, LLC since 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Daniel
    Plourde</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vice President</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 41</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2021</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vice
    President of registered investment companies within the Fund Complex since 2021; Assistant Treasurer of the North American
    SPDR ETFs and State Street Global Advisors Mutual Funds (2017-2021); Fund Administration at State Street Bank (2009-2017)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Molly
    A.F. Marion</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vice President and</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ombudsman</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 67</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2011</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vice
    President and/or Ombudsman of closed-end funds within the Fund Complex; Vice President of GAMCO Investors, Inc. since 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>David
    I. Schachter</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vice President and</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ombudsman</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 68</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2011</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vice
    President and/or Ombudsman of closed-end funds within the Fund Complex; Senior Vice President (since 2015) and Vice President
    (1999-2015) of G.research, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Carter
    W. Austin</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vice President</FONT><BR>
    <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Age: 55</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Since
    2011</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vice
    President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2015) and
    Vice President (1996-2015) of Gabelli Funds, LLC</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-bottom: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Address:
                                         One Corporate Center, Rye, NY 10580-1422, unless otherwise noted.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
                                         Fund&rsquo;s Board of Trustees is divided into three classes, each class having a term
                                         of three years. Each year the term of office of one class expires and the successor or
                                         successors elected to such class serve for a three year term. The three year term for
                                         each class expires as follows:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 10pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Term
                                         expires at the Fund&rsquo;s 2022 Annual Meeting of Shareholders or until their successors
                                         are duly elected and qualified.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">**
Term expires at the Fund&rsquo;s 2023 Annual Meeting of Shareholders or until their successors are duly elected and qualified.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 10pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">***
Term expires at the Fund&rsquo;s 2024 Annual Meeting of Shareholders or until their successors are duly elected and qualified.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 10pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Each
officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor is elected
and qualified.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
                                         column includes only directorships of companies required to report to the SEC under the
                                         Securities Exchange Act of 1934, as amended, i.e., public companies, or other investment
                                         companies registered under the 1940 Act.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&ldquo;Interested
                                         person&rdquo; of the Fund as defined in the 1940 Act. Ms. Agnes Mullady is considered
                                         an &ldquo;interested person&rdquo; because of her affiliation</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 111; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">with
Gabelli Funds, LLC, which acts as the Fund&rsquo;s investment adviser.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Trustees
who are not interested persons are considered &ldquo;Independent&rdquo; Trustees.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>6</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">This
Trustee is elected solely by and represents the shareholders of the preferred shares issued by this Fund.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mr.
Colavita&rsquo;s father, Anthony J. Colavita, and Mr. Fahrenkopf&rsquo;s daughter, Leslie F. Foley, serve as directors of other
funds in the Fund Complex. Mr. Enright is a director of The LGL Group, Inc., and Mr. van Ekris is an independent director of Gabelli
International Ltd., Gabelli Fund LDC, Gama Capital Opportunities Master Ltd., and GAMCO International SICAV, all of which may
be deemed to be controlled by Mario J. Gabelli and/or affiliates and, in the event, would be deemed to be under common control
with the Fund&rsquo;s Adviser.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>8</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mr.
Zizza is an independent director of Gabelli International Ltd., which may be deemed to be controlled by Mario J. Gabelli and/or
affiliates and in that event would be deemed to be under common control with the Fund&rsquo;s Adviser. On September 9, 2015, Mr.
Zizza entered into a settlement with the SEC to resolve an inquiry relating to an alleged violation regarding the making of false
statements or omissions to the accountants of a company concerning a related party transaction. The company in question is not
an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without admitting or denying
the SEC&rsquo;s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing any future violations
of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended. The Board has discussed this matter and has determined that
it does not disqualify Mr. Zizza from serving as an Independent Director.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 112; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Board has overall responsibility for the management of the Fund. The Board decides upon matters of general policy and reviews
the actions of the Investment Adviser, Gabelli Funds, LLC, One Corporate Center, Rye, New York 10580-1422, and the Sub-Administrator
(as defined below). Pursuant to an investment advisory agreement between the Fund and the Investment Adviser (the &ldquo;Investment
Advisory Agreement&rdquo;), the Investment Adviser, under the supervision of the Board, provides a continuous investment program
for the Fund&rsquo;s portfolio; provides investment research and makes and executes recommendations for the purchase and sale
of securities; and provides all facilities and personnel, including officers required for its administrative management, and pays
the compensation of Trustees of the Fund who are officers or employees of the Investment Adviser or its affiliates. As compensation
for its services rendered and the related expenses borne by the Investment Adviser, the Fund pays the Investment Adviser a fee
at an annual rate of 1.00% of the Fund&rsquo;s average weekly net assets. The value of the Fund&rsquo;s average weekly net assets
shall be deemed to be the average weekly value of the Fund&rsquo;s total assets minus the sum of the Fund&rsquo;s liabilities
(such liabilities do not include the aggregate liquidation preference of any outstanding preferred shares and accumulated dividends,
if any, on those shares and the outstanding principal amount of any debt securities the proceeds of which were used for investment
purposes, plus accrued and unpaid interest thereon). Therefore, the Fund will pay an advisory fee on any assets attributable to
leverage it uses. Consequently, if the Fund has preferred shares outstanding, the investment management fees and other expenses
as a percentage of net assets attributable to common shares may be higher than if the Fund does not utilize a leveraged capital
structure.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Because
the investment advisory fees are based on a percentage of managed assets, which includes assets attributable to the Fund&rsquo;s
use of leverage, the Investment Adviser may have a conflict of interest in the input it provides to the Board regarding whether
to use or increase the Fund&rsquo;s use of leverage. The Board bases its decision, with input from the Investment Adviser, regarding
whether and how much leverage to use for the Fund on its assessment of whether such use of leverage is in the best interests of
the Fund, and the Board seeks to manage the Investment Adviser&rsquo;s potential conflict of interest by retaining the final decision
on these matters and by periodically reviewing the Fund&rsquo;s performance and use of leverage.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Investment Adviser</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Investment Adviser is a New York limited liability company which serves as an investment adviser to registered investment companies
with combined aggregate net assets of approximately $21.5 billion as of December 31, 2021. The Investment Adviser is a registered
investment adviser under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of GAMCO Investors,
Inc. (&ldquo;GBL&rdquo;). Mr. Gabelli owns a majority of the stock of GGCP, Inc. (&ldquo;GGCP&rdquo;) which holds a majority of
the capital stock and voting power of GBL. The Investment Adviser has several affiliates that provide investment advisory services:
GAMCO Asset Management Inc., a wholly owned subsidiary of GBL, acts as investment adviser for individuals, pension trusts, profit
sharing trusts, and endowments, and as a sub-adviser to certain third party investment funds, which include registered investment
companies, having assets under management of approximately of $13.5 billion as of December 31, 2021; Teton Advisors, Inc., and
its wholly owned investment adviser, Keeley Teton Advisers, LLC, with assets under management of approximately $2.1 billion as
of September 30, 2021, acts as investment adviser to The TETON Westwood Funds, the KEELEY Funds, and separately managed accounts;
and Gabelli &amp; Company Investment Advisers, Inc. (formerly, Gabelli Securities, Inc.), a wholly owned subsidiary of Associated</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 113; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital
Group, Inc. (&ldquo;Associated Capital&rdquo;), acts as investment adviser for certain alternative investment products, consisting
primarily of risk arbitrage and merchant banking limited partnerships and offshore companies, with assets under management of
approximately $1.8 billion as of December 31, 2021. Teton Advisors, Inc., was spun off by GBL in March 2009 and is an affiliate
of GBL by virtue of Mr. Gabelli&rsquo;s ownership of GGCP, the principal shareholder of Teton Advisors, Inc., as of December 31,
2021. Associated Capital was spun off from GBL on November 30, 2015, and is an affiliate of GBL by virtue of Mr. Gabelli&rsquo;s
ownership of GGCP, the principal shareholder of Associated Capital.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A
discussion regarding the basis for the Fund&rsquo;s Board approval of the Investment Advisory Agreement with the Investment Adviser
is available in this Annual Report.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payment
of Expenses</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Investment Adviser is obligated to pay expenses associated with providing the services contemplated by the Investment Advisory
Agreement, including compensation of and office space for its officers and employees connected with investment and economic research,
trading and investment management and administration of the Fund (but excluding costs associated with the calculation of the net
asset value and allocated costs of the chief compliance officer function and officers of the Fund who are employed by the Fund
and are not employed by the Investment Adviser although such officers may receive incentive-based variable compensation from affiliates
of the Investment Adviser), as well as the fees of all Trustees of the Fund who are officers or employees of the Investment Adviser
or its affiliates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition to the fees of the Investment Adviser, the Fund, and indirectly the holders of its common shares, is responsible for
the payment of all its other expenses incurred in the operation of the Fund, which include, among other things, underwriting compensation
and reimbursements in connection with sales of the Fund&rsquo;s securities, expenses for legal and the independent registered
public accounting firm&rsquo;s services, stock exchange listing fees and expenses, costs of printing proxies, share certificates
and shareholder reports, charges of the Fund&rsquo;s Custodian, any sub-custodian and any custodian, charges of the transfer agent
and dividend disbursing agent, expenses in connection with the Automatic Dividend Reinvestment Plan and the Voluntary Cash Purchase
Plan, SEC fees and the preparation of filings with the SEC, fees and expenses of Trustees who are not officers or employees of
the Investment Adviser or its affiliates, accounting and printing costs, the Fund&rsquo;s pro rata portion of membership fees
in trade organizations, compensation and other expenses of officers and employees of the Fund (including, but not limited to,
the Chief Compliance Officer, Vice Presidents, and Ombudsman) as approved by the Fund&rsquo;s Trustees, fidelity bond coverage
for the Fund&rsquo;s officers and employees, Trustees&rsquo; and Officers&rsquo; errors and omissions insurance coverage, interest,
brokerage costs, taxes, expenses of qualifying the Fund&rsquo;s shares for sale in various states, expenses of personnel performing
shareholder servicing functions, rating agency fees, organizational expenses, litigation and other extraordinary or non-recurring
expenses and other expenses properly payable by the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Selection
of Securities Brokers</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Investment Advisory Agreement contains provisions relating to the selection of securities brokers to effect the portfolio transactions
of the Fund. Under those provisions, the Investment Adviser may (i) direct Fund portfolio brokerage to G.research, LLC, an affiliate
of the Investment Adviser, or other broker-dealer affiliates of the Investment Adviser and (ii) pay commissions to brokers other
than G.research, LLC that are higher than</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 114; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">might
be charged by another qualified broker to obtain brokerage and/or research services considered by the Investment Adviser to be
useful or desirable for its investment management of the Fund and/or its other investment advisory accounts or those of any investment
adviser affiliated with it. The SAI contains further information about the Investment Advisory Agreement, including a more complete
description of the investment advisory and expense arrangements, exculpatory and brokerage provisions, and information on the
brokerage practices of the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio
Managers</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caesar
M. P. Bryan joined GAMCO Asset Management in 1994. He is a member of the global investment team of Gabelli Funds, LLC and portfolio
manager of several funds within the &ldquo;Gabelli/GAMCO/Teton Fund Complex&rdquo; (or alternatively, &ldquo;Fund Complex&rdquo;)
defined herein as including all of the U.S. registered investment companies that are considered part of the same fund complex
as the Fund because they have common or affiliated investment advisers. Prior to joining Gabelli, Mr. Bryan was a portfolio manager
at Lexington Management. He began his investment career at Samuel Montagu Company, the London based merchant bank. Mr. Bryan graduated
from the University of Southampton in England with a Bachelor of Law and is a member of the English Bar.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vincent
Hugonnard-Roche joined GAMCO Investors, Inc. in 2000. He is the sole option strategist on the Fund&rsquo;s portfolio management
team. He is Director of Quantitative Strategies, head of the Gabelli Risk Management Group, serves as a portfolio manager of Gabelli
Funds, LLC, and manages several funds within the Gabelli/ GAMCO/Teton Fund Complex. He received a Master&rsquo;s degree in Mathematics
of Decision Making from EISITI, France and an MS in Finance from ESSEC, France.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Caesar
M. P. Bryan and Vincent Hugonnard-Roche function as a team and are jointly and primarily responsible for the day-to-day management
of the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Non-Resident
Trustee</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Anthonie
C. van Ekris is not a U.S. resident and substantially all of his assets may be located outside of the United States. Mr. van Ekris
does not have an agent for service of process in the United States. As a result, it may be difficult for U.S. investors to effect
service of process upon Mr. van Ekris within the United States or to realize judgments of courts of the United States predicated
upon civil liabilities under the federal securities laws of the United States. In addition, it is not certain that civil liabilities
predicated upon the federal securities laws on which a valid judgment of a court in the United States is obtained would be enforceable
in the courts of the jurisdictions in which Mr. van Ekris resides. Further, it is not certain that such courts would enforce,
in an original action, liabilities against Mr. van Ekris predicated solely on U.S. federal securities laws.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sub-Administrator</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Investment Adviser has entered into a sub-administration agreement with BNY Mellon Investment Servicing (US) Inc. (the &ldquo;Sub-Administrator&rdquo;)
pursuant to which the Sub-Administrator provides certain administrative services necessary for the Fund&rsquo;s operations which
do not include the investment and portfolio management services provided by the Investment Adviser. For these services and the
related expenses borne by the Sub-Administrator, the Investment Adviser pays an annual fee based on the value of the aggregate
average daily net assets of all funds under its administration managed by the Investment Adviser, GAMCO and Teton Advisors, Inc.
as follows: 0.0275%&mdash;first $10 billion, 0.0125%&mdash;exceeding $10 billion but less than $15 billion, 0.01%&mdash;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 115; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">over
$15 billion but less than $20 billion and 0.008%&mdash;over $20 billion. The Sub-Administrator has its principal office at 760
Moore Road, King of Prussia, Pennsylvania 19406.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NET
ASSET VALUE</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
net asset value of the Fund&rsquo;s shares is computed based on the market value of the securities it holds and is determined
daily as of the close of the regular trading day on the NYSE. For purposes of determining the Fund&rsquo;s net asset value per
share, portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. OTC market for
which market quotations are readily available are valued at the last quoted sale price or a market&rsquo;s official closing price
as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued
at the average of the closing bid and asked prices, or, if there were no asked prices quoted on that day, then the security is
valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most
recently available price or if the Board so determines, by such other method as the Board shall determine in good faith to reflect
its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according
to the broadest and most representative market, as determined by the Investment Adviser.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio
securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the
relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly
after the close of the foreign market but prior to the close of business on the day the securities are being valued. Debt obligations
(including convertible debt) for which market quotations are readily available are valued at the average of the latest bid and
asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price. Such debt
obligation are valued through prices provided by a pricing service approved by the Board. Futures contracts are valued at the
closing settlement price of the exchange or board of trade on which the applicable contract is traded.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options
are valued using market quotations. When market quotations are not readily available, options are valued from broker quotes. In
limited circumstances when neither market quotations nor broker quotes are readily available, options are valued using a Black
Scholes model.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities
and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies
and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about
the company; comparisons to the valuation and changes in valuation of similar securities, including a comparison of foreign securities
to the equivalent U.S. dollar value ADR securities at the close of the U.S. exchange; and evaluation of any other information
that could be indicative of the value of the security.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Fund obtains valuations on the basis of prices provided by a pricing service approved by the Board. All other investment assets,
including restricted and not readily marketable securities, are valued in good faith at fair value under procedures established
by and under the general supervision and responsibility of the Board.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
addition, whenever developments in one or more securities markets after the close of the principal markets for one or more portfolio
securities and before the time as of which the Fund determines its net asset value would, if such developments had been reflected
in such principal markets, likely have more than a minimal effect</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 116; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>GAMCO
Natural Resources, Gold &amp; Income Trust</B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>Additional Fund Information (Continued) (Unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 6pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on
the Fund&rsquo;s net asset value per share, the Fund may fair value such portfolio securities based on available market information
as of the time the Fund determines its net asset value.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>NYSE
Closings. </I>The holidays (as observed) on which the NYSE is closed, and therefore days upon which shareholders will not be able
to purchase or sell common shares currently are: New Year&rsquo;s Day, Martin Luther King, Jr. Day, Presidents&rsquo; Day, Good
Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day, and on the preceding Friday
or subsequent Monday when a holiday falls on a Saturday or Sunday, respectively.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 117; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt">GAMCO
Natural Resources, Gold &amp; Income Trust</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: rgb(29,29,27); text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Board
Consideration and Re-Approval of Investment Advisory Agreement (Unaudited)</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
its meeting on November 11, 2021, the Board of Trustees (Board) of the Fund approved the continuation of the investment advisory
agreement with the Adviser for the Fund on the basis of the recommendation by the trustees who are not interested persons of the
Fund (the Independent Board Members). The following paragraphs summarize the material information and factors considered by the
Independent Board Members as well as their conclusions relative to such factors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Nature,
Extent, and Quality of Services.</B> The Independent Board Members considered information regarding the portfolio managers, the
depth of the analyst pool available to the Adviser and the portfolio managers, the scope of supervisory, administrative, shareholder,
and other services supervised or provided by the Adviser and the absence of significant service problems reported to the Board.
The Independent Board Members noted the experience, length of service, and reputation of the portfolio managers.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Independent Board Members also noted that they were impressed with the overall quality of the materials relating to the Board&rsquo;s
consideration of the Advisory Agreement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Performance. </B>The Independent Board Members reviewed the performance of the Fund for the one, three, five, and ten year periods
(as of September 30, 2021) against a peer group of eight other comparable funds prepared by the Adviser (the &ldquo;Adviser Peer
Group&rdquo;) and against a larger peer group of 24 other closed-end funds constituting the Fund&rsquo;s Lipper category (Options
Arbitrage/Options Strategies and Sector Equity Closed-End Funds) (the &ldquo;Lipper Peer Group&rdquo;). The Independent Board
Members noted that the Fund&rsquo;s performance was in the fourth quartile for all periods for the Adviser Peer Group and in the
fourth, fifth, fourth, and third quintiles for the one, three, five, and ten year periods for the Lipper Peer Group. The Independent
Board Members further reviewed the Fund&rsquo;s performance against its benchmark indices (CBOE S&amp;P 500 Buy/Write Index, Philadelphia
Gold &amp; Silver Index, Dow Jones U.S. Basic Materials Index, S&amp;P Global Agribusiness Equity Index) for periods ended September
30, 2021. The Independent Board Members noted the Fund outperformed the CBOE S&amp;P 500 Buy/Write Index for the three year period
and the Philadelphia Gold &amp; Silver Index for the one and ten year periods. The Independent Board Members discussed the impact
of COVID-19 on the Fund&rsquo;s performance and the effects of low interest rates around the world and increased volatility. In
this regard, the Independent Board Members noted that the Fund&rsquo;s underperformance relative to available peers in the Adviser
Peer Group and the Lipper Peer Group was attributable to its particular sector focus and the ongoing challenging market environment
for the natural resources and precious metals sectors over the applicable measurement periods. The Independent Board Members also
noted that they had previously requested that the Fund&rsquo;s portfolio managers take steps to reduce volatility or mitigate
its impact in the Fund&rsquo;s portfolio and that they were satisfied with the steps the portfolio managers have taken in response
to this request.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Profitability.
</B>The Independent Board Members reviewed summary data regarding the profitability of the Fund to the Adviser.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Economies
of Scale.</B> The Independent Board Members discussed the major elements of the Adviser&rsquo;s cost structure and the relationship
of those elements to potential economies of scale and reviewed data provided by the Adviser. The Independent Board Members noted
that the investment management fee schedule for the Fund does not take into account any potential economies of scale that may
develop. The Independent Board Members also noted that the Fund was a closed-end fund and unlikely to realize any economies of
scale potentially available through growth in the absence of additional offerings.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 118; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">GAMCO
Natural Resources, Gold &amp; Income Trust</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Board
Consideration and Re-Approval of Investment Advisory Agreement (Unaudited) (Continued)</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Sharing
of Economies of Scale.</B> The Independent Board Members noted that the investment management fee schedule for the Fund does not
take into account any potential economies of scale.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Service
and Cost Comparisons.</B> The Independent Board Members compared the expense ratios of the investment advisory fee, other expenses,
and total expenses of the Fund with similar expense ratios of the Adviser Peer Group and the Lipper Peer Group. The Independent
Board Members noted that the advisory fee includes substantially all administrative services of the Fund as well as investment
advisory services of the Adviser. The Independent Board Members noted that the Fund was smaller than average within the peer groups
and that its expense ratios were higher than the average within each peer group. The Independent Board Members also noted that
the advisory fee structure was the same as that in effect for most of the Gabelli funds. The Board recognized that the Adviser
and its affiliates did not manage other accounts with similar strategies that had fees lower than those charged for the Fund.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Conclusions.
</B>The Independent Board Members concluded that the Fund enjoyed highly experienced portfolio management services and good ancillary
services and that its recent performance measured against the limited universe of other funds that invest in one or more of its
sectors and utilize a covered call options writing strategy was acceptable. The Independent Board Members discussed the impact
of COVID-19 on the Fund&rsquo;s performance and noted the Fund&rsquo;s more favorable performance against certain of its benchmark
indices. The Independent Board Members concluded that the Fund&rsquo;s expense ratios and the profitability to the Adviser of
managing the Fund were reasonable, and that economies of scale were not a significant factor in their thinking. The Independent
Board Members did not view the potential profitability of ancillary services as material to their decision. On the basis of the
foregoing and without assigning particular weight to any single conclusion, the Independent Board Members determined to recommend
continuation of the Advisory Agreement to the full Board.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based
on a consideration of all these factors in their totality, the Board Members, including all of the Independent Board Members,
determined that the Fund&rsquo;s advisory fee was appropriate in light of the quality of services provided and in light of other
factors described above that the Board deemed relevant. Accordingly, the Board determined to approve the continuation of the Fund&rsquo;s
Advisory Agreement. The Board Members based their decision on the evaluation of all these factors as a whole and did not consider
any one factor as all important or controlling.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 119; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt">GAMCO
NATURAL RESOURCES, GOLD &amp; INCOME TRUST</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">INCOME
TAX INFORMATION (Unaudited)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>December
31, 2021</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Cash
Dividends and Distributions</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Ordinary</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Long Term</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Total Amount</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Dividend</FONT></TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Payable</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Record</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Investment</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Capital</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Return of</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Paid</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Reinvestment</FONT></TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">Date</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">Date</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">Income (a)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">Gains</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">Capital (b)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">Per Share (c)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Price</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Common Stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">01/22/21</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">01/14/21</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">$0.00030</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">$0.02970</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">$0.03000</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 8pt">$5.09080</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">02/19/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">02/11/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00030</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02970</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.16000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">03/24/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">03/17/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00030</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02970</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4.95690</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">04/23/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">04/16/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00030</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02970</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.35320</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">05/21/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">05/14/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00030</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02970</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.84270</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">06/23/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">06/16/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00030</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02970</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.68910</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/23/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">07/16/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00030</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02970</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.34030</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">08/24/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">08/17/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00030</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02970</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.32270</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">09/23/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">09/16/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00030</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02970</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.18280</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/22/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10/15/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00030</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02970</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.48100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11/22/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11/15/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.00030</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02970</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.35620</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/17/21</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/10/21</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.00030</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.02970</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.03000</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.13380</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$0.00360</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$0.35640</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$0.36000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>

    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">5.2000% Series A Cumulative Preferred
    Stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">03/26/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">03/19/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$0.3250000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$0.3250000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">06/28/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">06/21/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.3250000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.3250000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">09/27/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">09/20/21</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.3250000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.3250000</FONT></TD>

    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/27/21</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12/17/21</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.3250000</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">0.3250000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$1.3000000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$1.3000000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
Form 1099-DIV has been mailed to all shareholders of record which sets forth specific amounts to be included in your 2021 tax
returns. Ordinary distributions may include net investment income, realized net short term capital gains, and foreign tax paid.
Ordinary income is reported in box 1a of Form 1099-DIV. Capital gain distributions are reported in box 2a of Form 1099-DIV.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Corporate
Dividends Received Deduction, Qualified Dividend Income, and U.S. Government Securities Income</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In
2021, the Fund paid to common and 5.200% Series A Cumulative Preferred shareholders an ordinary income dividend of $0.00360
and $1.30000 per share. For 2021, 80.68% of the ordinary dividend qualified for the dividend received deduction available to
corporations, 100% of the ordinary income distribution was deemed qualified dividend income, and 0.34% of ordinary income
distribution was qualified interest income. The percentage of ordinary income dividends paid by the Fund during 2021 derived
from U.S. Government securities was 0.33%. Such income is exempt from state and local taxes in all states. However, many
states, including New York and California, allow a tax exemption for a portion of the income earned only if a mutual fund has
invested at least 50% of its assets at the end of each quarter of its fiscal year in U.S. Government securities. The Fund did
not meet this strict requirement in 2021. The percentage of U.S. Government securities held as of December 31, 2021 was
18.16% of total investments.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 120; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt">GAMCO
NATURAL RESOURCES, GOLD &amp; INCOME TRUST</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">INCOME
TAX INFORMATION (Unaudited) (Continued)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December
31, 2021</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #12110B"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Historical
Distribution Summary</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #12110B"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="text-align: left"></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Short Term</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Long Term</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Foreign</FONT></TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Adjustment</FONT></TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="text-align: left"></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Investment</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Capital</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Capital</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Return of</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Tax</FONT></TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">to Cost</FONT></TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: left"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">Income (a)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">Gains (a)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">Gains</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">Capital (b)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Credit (c)</FONT></TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><FONT STYLE="font-size: 8pt">Distributions (d)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Basis (e)</FONT></TD>

    <TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="12" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Common Shares</FONT>     </TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; text-align: left"><FONT STYLE="font-size: 8pt">2021</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">$0.00480</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">$0.35640</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">$(0.00120</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">$0.36000</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">$0.34320</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2020</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.48000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.48000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.48000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.60000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.60000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.60000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.60000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.60000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.60000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2017</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.06360</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.53640</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.60000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.53640</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2016</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02400</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.81600</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.84000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.81600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2015</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.01200</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.82800</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.84000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.82800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2014</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02280</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.05720</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.08000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.05720</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2013</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.07110</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.42890</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.01020</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.48980</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.42890</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2012</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.12030</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$1.04790</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$0.04380</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.46800</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.01740</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.66260</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.46800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.2000%
    Series A Cumulative Preferred Stock</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2021</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$1.40280</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$(0.10280</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$1.30000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2020</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.14240</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$0.24320</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.08560</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.30000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$0.24320</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.98880</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.39120</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(0.08000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.30000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.39120</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.04000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.26000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.30000</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.26000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">2017</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.21667</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.21667</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0pt; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0pt; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0pt; color: Red"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(a)</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taxable
                                         as ordinary income for Federal tax purposes.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(b)</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-taxable.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(c)</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Per
                                         share ordinary investment income and investment income are grossed up for the foreign
                                         tax credit.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(d)</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total
                                         amounts may differ due to rounding.</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #12110B"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(e)</FONT></TD><TD STYLE="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Decrease
                                         in cost basis.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All
designations are based on financial information available as of the date of this annual report and, accordingly, are subject to
change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code
and the regulations thereunder.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="7" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(29,29,27)">The
    Fund intends to generate current income from short term gains primarily through its strategy of writing (selling) covered
    call options on the equity securities in its portfolio. Because of its primary strategy, the Fund forgoes the opportunity
    to participate fully in the appreciation of the underlying equity security above the exercise price of the option. It is also
    subject to the risk of depreciation of the underlying equity security in excess of the premium received.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 121; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:1%;padding-Right:1%;padding-top:1%;padding-bottom:1%;width:98%">
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">GAMCO
NATURAL RESOURCES, GOLD &amp; INCOME TRUST <BR>
AND YOUR PERSONAL PRIVACY</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Who
are we?</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
GAMCO Natural Resources, Gold &amp; Income Trust is a closed-end management investment company registered with the Securities
and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with
GAMCO Investors, Inc., a publicly held company that has subsidiaries that provide investment advisory services for a variety of
clients.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">What
kind of non-public information do we collect about you if you become a fund shareholder?</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">When
you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer
agent in order, for example, to participate in our dividend reinvestment plan.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 9pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Information
                                         you give us on your application form. </I>This could include your name, address, telephone
                                         number, social security number, bank account number, and other information.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 9pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Information
                                         about your transactions with us. </I>This would include information about the shares
                                         that you buy or sell; it may also include information about whether you sell or exercise
                                         rights that we have issued from time to time. If we hire someone else to provide services
                                         &mdash; like a transfer agent &mdash; we will also have information about the transactions
                                         that you conduct through them.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">What
information do we disclose and to whom do we disclose it?</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates,
our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law
permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of
Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">What
do we do to protect your personal information?</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
restrict access to non-public personal information about you to the people who need to know that information in order to provide
services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical,
electronic, and procedural safeguards to keep your personal information confidential.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
</div>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 122 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
page was intentionally left blank.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 123 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>This
page was intentionally left blank.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 124 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>GAMCO
NATURAL RESOURCES, GOLD &amp; INCOME TRUST&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>One
Corporate Center</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Rye,
NY 10580-1422</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Portfolio
Management Team Biographies</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Caesar
M. P. Bryan </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #12110B">joined GAMCO Asset
Management in 1994. He is a member of the global investment team of Gabelli Funds, LLC and portfolio manager of several funds
within the Fund Complex. Prior to joining Gabelli, Mr. Bryan was a portfolio manager at Lexington Management. He began his investment
career at Samuel Montagu Company, the London based merchant bank. Mr. Bryan graduated from the University of Southampton in England
with a Bachelor of Law and is a member of the English Bar.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Vincent
Hugonnard-Roche </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #12110B">joined GAMCO
Investors, Inc. in 2000. He is Director of Quantitative Strategies, head of the Gabelli Risk Management Group, serves as a portfolio
manager of Gabelli Funds, LLC, and manages several funds within the Fund Complex. He received a Master&rsquo;s degree in Mathematics
of Decision Making from EISITI, France and an MS in Finance from ESSEC, France.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="7" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We
    have separated the portfolio managers&rsquo; commentary from the financial statements and investment portfolio due to corporate
    governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the contents of the
    portfolio managers&rsquo; commentary are unrestricted. Both the commentary and the financial statements, including the portfolio
    of investments, will be available on our website at www.gabelli.com.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
Net Asset Value per share appears in the Publicly Traded Funds column, under the heading &ldquo;Specialized Equity Funds,&rdquo;
in Monday&rsquo;s The Wall Street Journal. It is also listed in Barron&rsquo;s Mutual Funds/Closed End Funds section under the
heading &ldquo;Specialized Equity Funds.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The NASDAQ symbol for
the Net Asset Value is &ldquo;XGNTX.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="7" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notice
    is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may from
    time to time purchase its common shares in the open market when the Fund&rsquo;s shares are trading at a discount of 10% or
    more from the net asset value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open
    market when the preferred shares are trading at a discount to the liquidation value.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 125 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; text-align: center"><IMG SRC="gntncsr123121004.jpg" ALT=""></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 126 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 6pt; padding-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Not applicable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><BR>
<B>Item 2. Code of Ethics.</B></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The registrant, as of the end of the period covered by this report, has adopted a code of ethics
that applies to the registrant&rsquo;s principal executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or
a third party.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">There have been no amendments, during the period covered by this report, to a provision of the
code of ethics that applies to the registrant&rsquo;s principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant
or a third party, and that relates to any element of the code of ethics description.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">The registrant has not granted any waivers, including an implicit waiver, from a provision of the
code of ethics that applies to the registrant&rsquo;s principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant
or a third party, that relates to one or more of the items set forth in paragraph (b) of this item&rsquo;s instructions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 3. Audit Committee Financial Expert.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As of the end of the period covered by
the report, the registrant&rsquo;s Board of Trustees has determined that William F. Heitmann is qualified to serve as an audit
committee financial expert serving on its audit committee and that he is &ldquo;independent,&rdquo; as defined by Item 3 of Form
N-CSR.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 4. Principal Accountant Fees and Services.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Audit Fees</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The aggregate fees billed for each of the last two fiscal years for professional services rendered
by the principal accountant for the audit of the registrant&rsquo;s annual financial statements or services that are normally provided
by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $39,409 for 2020
and $39,409 for 2021.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Audit-Related Fees</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The aggregate fees billed in each of the last two fiscal years for assurance and related services
by the principal accountant that are reasonably related to the performance of the audit of the registrant&rsquo;s financial statements
and are not reported under paragraph (a) of this Item are $0 for 2020 and $0 for 2021. </TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>Tax Fees</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">The aggregate fees billed in each of the last two fiscal years for professional services rendered
by the principal accountant for tax compliance, tax advice, and tax planning are $5,660 for 2020 and $5,660 for 2021. Tax fees
represent tax compliance services provided in connection with the review of the Registrant&rsquo;s tax returns.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<!-- Field: Page; Sequence: 127 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><U>All Other Fees</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">(d) The
aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other
than the services reported in paragraphs (a) through (c) of this Item are $13,500 for 2020 and $13,500 for 2021. All other fees
represent services provided in review of registration statements and performing strategic analysis work.  </P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="vertical-align: top; width: 0.25in; text-align: right">(e)</TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Disclose the audit committee&rsquo;s pre-approval policies and procedures described in paragraph (c)(7)
of Rule 2-01 of Regulation S-X.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Pre-Approval
Policies and Procedures. The Audit Committee (&ldquo;Committee&rdquo;) of the registrant is responsible for pre-approving (i) all
audit and permissible non-audit services to be provided by the independent registered public accounting firm to the registrant
and (ii) all permissible non-audit services to be provided by the independent registered public accounting firm to the Adviser,
Gabelli Funds, LLC, and any affiliate of Gabelli Funds, LLC (&ldquo;Gabelli&rdquo;) that provides services to the registrant (a &ldquo;Covered
Services Provider&rdquo;) if the independent registered public accounting firm&rsquo;s engagement related directly to the operations and
financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible
non-audit services to the Chairperson of the Committee, and the Chairperson must report to the Committee, at its next regularly
scheduled meeting after the Chairperson&rsquo;s pre-approval of such services, his or her decision(s). The Committee may also establish
detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the
delegation of some or all of the Committee&rsquo;s pre-approval responsibilities to the other persons (other than Gabelli or the registrant&rsquo;s
officers). Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the permissible
non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (ii) such
services are promptly brought to the attention of the Committee and approved by the Committee or Chairperson prior to the completion
of the audit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="vertical-align: top; width: 0.25in; text-align: right">(e)</TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The percentage of services described in each of paragraphs (b) through (d) of this Item that were
approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(b) N/A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(c) 0%</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(d) 0%</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">The percentage of hours expended on the principal accountant&rsquo;s engagement to audit the registrant&rsquo;s
financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal
accountant&rsquo;s full-time, permanent employees was less than fifty percent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">The aggregate non-audit fees billed by the registrant&rsquo;s accountant for services rendered to the
registrant, and rendered to the registrant&rsquo;s investment adviser (not including any sub-adviser whose role is primarily portfolio
management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of
the registrant was $13,500 for 2020 and $13,500 for 2021. This relates to review of the registration statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<!-- Field: Page; Sequence: 128 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">The registrant&rsquo;s audit committee of the board of directors has considered whether the provision
of non-audit services that were rendered to the registrant&rsquo;s investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled
by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved
pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant&rsquo;s independence.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 5. Audit Committee of Listed Registrants.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The registrant has a separately designated audit committee consisting of the following members:
Vincent D. Enright, Frank J. Fahrenkopf, Jr., William F. Heitmann, and Salvatore J. Zizza.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 6. Investments.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-weight: normal">(a)</FONT></TD><TD><FONT STYLE="font-weight: normal">Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting
period is included as part of the report to shareholders filed under Item 1 of this form.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(b)</TD><TD>Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt"><B>Item 7. Disclosure of Proxy
Voting Policies and Procedures for Closed-End Management Investment Companies.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Proxy Voting Policies are attached herewith.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 129 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; margin-left: 0"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">SECTION
HH</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>The
Voting of Proxies on Behalf of Clients</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>(This
section pertains to all affiliated SEC registered investment advisers)</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Rule
206(4)-6 under the Investment Advisers Act of 1940 and Rule 30b1-4 under the Investment Company Act of 1940 require investment
advisers to adopt written policies and procedures governing the voting of proxies on behalf of their clients.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">These
procedures will be used by GAMCO Asset Management Inc., Gabelli Funds, LLC, Gabelli &amp; Company Investment Advisers, Inc., and
Teton Advisors, Inc. (collectively, the &ldquo;Advisers&rdquo;) to determine how to vote proxies relating to portfolio securities
held by their clients, including the procedures that the Advisers use when a vote presents a conflict between the interests of
the shareholders of an investment company managed by one of the Advisers, on the one hand, and those of the Advisers; the principal
underwriter; or any affiliated person of the investment company, the Advisers, or the principal underwriter. These procedures
will not apply where the Advisers do not have voting discretion or where the Advisers have agreed to with a client to vote the
client&rsquo;s proxies in accordance with specific guidelines or procedures supplied by the client (to the extent permitted by
ERISA).</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy
Voting Committee</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
Proxy Voting Committee was originally formed in April 1989 for the purpose of formulating guidelines and reviewing proxy statements
within the parameters set by the substantive proxy voting guidelines originally published in 1988 and updated periodically, a
copy of which are appended as Exhibit A. The Committee will include representatives of Research, Administration, Legal, and the
Advisers. Additional or replacement members of the Committee will be nominated by the Chairman and voted upon by the entire Committee.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Meetings
are held on an as needed basis to form views on the manner in which the Advisers should vote proxies on behalf of their clients.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
general, the Director of Proxy Voting Services, using the Proxy Guidelines, and the analysts of GAMCO Investors, Inc. (&ldquo;GBL&rdquo;),
will determine how to vote on each issue. For non-controversial matters, the Director of Proxy Voting Services may vote the proxy
if the vote is: (1) consistent with the recommendations of the issuer&rsquo;s Board of Directors and not contrary to the Proxy Guidelines;
(2) consistent with the recommendations of the issuer&rsquo;s Board of Directors and is a non-controversial issue not covered by the
Proxy Guidelines; or (3) the vote is contrary to the recommendations of the Board of Directors but is consistent with the Proxy
Guidelines. In those instances, the Director of Proxy Voting Services or the Chairman of the Committee may sign and date the proxy
statement indicating how each issue will be voted.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 130; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">All
matters identified by the Chairman of the Committee, the Director of Proxy Voting Services or the Legal Department as controversial,
taking into account the recommendations of the analysts of GBL, will be presented to the Proxy Voting Committee. If the Chairman
of the Committee, the Director of Proxy Voting Services or the Legal Department has identified the matter as one that (1) is controversial;
(2) would benefit from deliberation by the Proxy Voting Committee; or (3) may give rise to a conflict of interest between the
Advisers and their clients, the Chairman of the Committee will initially determine what vote to recommend that the Advisers should
cast and the matter will go before the Committee.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>A.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Conflicts
                                         of Interest.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
Advisers have implemented these proxy voting procedures in order to prevent conflicts of interest from influencing their proxy
voting decisions. By following the Proxy Guidelines and the analysts of GBL, the Advisers are able to avoid, wherever possible,
the influence of potential conflicts of interest. Nevertheless, circumstances may arise in which one or more of the Advisers are
faced with a conflict of interest or the appearance of a conflict of interest in connection with its vote. In general, a conflict
of interest may arise when an Adviser knowingly does business with an issuer, and may appear to have a material conflict between
its own interests and the interests of the shareholders of an investment company managed by one of the Advisers regarding how
the proxy is to be voted. A conflict also may exist when an Adviser has actual knowledge of a material business arrangement between
an issuer and an affiliate of the Adviser.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
practical terms, a conflict of interest may arise, for example, when a proxy is voted for a company that is a client of one of
the Advisers, such as GAMCO Asset Management Inc. A conflict also may arise when a client of one of the Advisers has made a shareholder
proposal in a proxy to be voted upon by one or more of the Advisers. The Director of Proxy Voting Services, together with the
Legal Department, will scrutinize all proxies for these or other situations that may give rise to a conflict of interest with
respect to the voting of proxies.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>B.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Operation
of Proxy Voting Committee</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">For
matters submitted to the Committee, each member of the Committee will receive, prior to the meeting, a copy of the proxy statement,
a summary of any views provided by the Chief Investment Officer and any recommendations by GBL analysts. The Chief Investment
Officer or the GBL analysts may be invited to present their viewpoints. If the Director of Proxy Voting Services or the Legal
Department believe that the matter before the committee is one with respect to which a conflict of interest may exist between
the Advisers and their clients, counsel may provide an opinion to the Committee concerning the conflict. If the matter is one
in which the interests of the clients of one or more of the Advisers may diverge, counsel may so advise and the Committee may
make different recommendations as to different clients. For any matters where the recommendation may trigger appraisal rights,
counsel may provide an opinion concerning the likely risks and merits of such an appraisal action.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify">&nbsp;<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 131; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Each
matter submitted to the Committee will be determined by the vote of a majority of the members present at the meeting. Should the
vote concerning one or more recommendations be tied in a vote of the Committee, the Chairman of the Committee will cast the deciding
vote. The Committee will notify the proxy department of its decisions and the proxies will be voted accordingly.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Although
the Proxy Guidelines express the normal preferences for the voting of any shares not covered by a contrary investment guideline
provided by the client, the Committee is not bound by the preferences set forth in the Proxy Guidelines and will review each matter
on its own merits. The Advisers subscribe to Institutional Shareholder Services Inc (&ldquo;ISS&rdquo;) and Glass Lewis &amp;
Co., LLC (&ldquo;Glass Lewis&rdquo;), which supply current information on companies, matters being voted on, regulations, trends
in proxy voting and information on corporate governance issues. The information provided by ISS and GL is for informational purposes
only.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">If
the vote cast either by the analyst or as a result of the deliberations of the Proxy Voting Committee runs contrary to the recommendation
of the Board of Directors of the issuer, the matter may be referred to legal counsel to determine whether an amendment to the
most recently filed Schedule 13D is appropriate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social
Issues and Other Client Guidelines</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">If
a client has provided and the Advisers have accepted special instructions relating to the voting of proxies, they should be noted
in the client&rsquo;s account file and forwarded to the proxy department. This is the responsibility of the investment professional
or sales assistant for the client. In accordance with Department of Labor guidelines, the Advisers&rsquo; policy is to vote on
behalf of ERISA accounts in the best interest of the plan participants with regard to social issues that carry an economic impact.
Where an account is not governed by ERISA, the Advisers will vote shares held on behalf of the client in a manner consistent with
any individual investment/voting guidelines provided by the client. Otherwise the Advisers may abstain with respect to those shares.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Specific
to the Gabelli ESG Fund, the Proxy Voting Committee will rely on the advice of the portfolio managers of the Gabelli ESG Fund
to provide voting recommendations on the securities held in the portfolio.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 132; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client
Retention of Voting Rights</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">If
a client chooses to retain the right to vote proxies or if there is any change in voting authority, the following should be notified
by the investment professional or sales assistant for the client.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-
Operations&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-
Proxy Department&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-
Investment professional assigned to the account</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
the event that the Board of Directors (or a Committee thereof) of one or more of the investment companies managed by one of the
Advisers has retained direct voting control over any security, the Proxy Voting Department will provide each Board Member (or
Committee member) with a copy of the proxy statement together with any other relevant information.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>IV.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Proxies
                                         of Certain Non-U.S. Issuers</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Proxy
voting in certain countries requires &ldquo;share-blocking.&rdquo; Shareholders wishing to vote their proxies must deposit their
shares shortly before the date of the meeting with a designated depository. During the period in which the shares are held with
a depository, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned
to the clients&rsquo; custodian. Absent a compelling reason to the contrary, the Advisers believe that the benefit to the client
of exercising the vote is outweighed by the cost of voting and therefore, the Advisers will not typically vote the securities
of non-U.S. issuers that require share-blocking.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
addition, voting proxies of issuers in non-U.S. markets may also give rise to a number of administrative issues or give rise to
circumstances under which voting would impose a cost (real or implied) on its client which may cause the Advisers to abstain from
voting such proxies. For example, the Advisers may receive the notices for shareholder meetings without adequate time to consider
the proposals in the proxy or after the cut-off date for voting. Other markets require the Advisers to provide local agents with
power of attorney prior to implementing their respective voting instructions on the proxy. Other markets may require disclosure
of certain ownership information in excess of what is required to vote in the U.S. market. Although it is the Advisers&rsquo;
policies to vote the proxies for its clients for which they have proxy voting authority, in the case of issuers in non-U.S. markets,
we vote client proxies on a best efforts basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
Records</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
Proxy Voting Department will retain a record of matters voted upon by the Advisers for their clients. The Advisers will supply
information on how they voted a client&rsquo;s proxy upon request from the client.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
complete voting records for each registered investment company (the &ldquo;Fund&rdquo;) that is managed by the Advisers will be
filed on Form N-PX for the twelve months ended June 30th, no later than August 31st of each year. A description of the Fund&rsquo;s
proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge,
upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to Gabelli Funds, LLC at One Corporate Center, Rye, NY 10580-1422;
or (iii) visiting the SEC&rsquo;s website at <U>www.sec.gov</U>.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 133; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
Advisers&rsquo; proxy voting records will be retained in compliance with Rule 204-2 under the Investment Advisers Act.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
Procedures</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.
Custodian banks, outside brokerage firms and clearing firms are responsible for forwarding proxies directly to the Advisers.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Proxies
are received in one of two forms:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shareholder
                                         Vote Instruction Forms (&ldquo;VIFs&rdquo;) - Issued by Broadridge Financial Solutions,
                                         Inc. (&ldquo;Broadridge&rdquo;). Broadridge is an outside service contracted by the various
                                         institutions to issue proxy materials.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Proxy
                                         cards which may be voted directly.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.
Upon receipt of the proxy, the number of shares each form represents is logged into the proxy system, electronically or manually,
according to security.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.
Upon receipt of instructions from the proxy committee, the votes are cast and recorded for each account.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Records
have been maintained on the ProxyEdge system.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ProxyEdge
records include:&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Security
Name and CUSIP Number&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Date
and Type of Meeting (Annual, Special, Contest)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Directors&rsquo;
Recommendation (if any)&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">How
the Adviser voted for the client on item</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.
VIFs are kept alphabetically by security. Records for the current proxy season are located in the Proxy Voting Department office.
In preparation for the upcoming season, files are transferred to an offsite storage facility during January/February.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 134; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.
If a proxy card or VIF is received too late to be voted in the conventional matter, every attempt is made to vote including:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">When
                                         a solicitor has been retained, the solicitor is called. At the solicitor&rsquo;s direction,
                                         the proxy is faxed or sent electronically.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
                                         some circumstances VIFs can be faxed or sent electronically to Broadridge up until the
                                         time of the meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.
In the case of a proxy contest, records are maintained for each opposing entity.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7.
Voting in Person</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">a)
At times it may be necessary to vote the shares in person. In this case, a &ldquo;legal proxy&rdquo; is obtained in the following
manner:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Banks
                                         and brokerage firms using the services at Broadridge:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Broadridge
is notified that we wish to vote in person. Broadridge issues individual legal proxies and sends them back via email or overnight
(or the Adviser can pay messenger charges). A lead-time of at least two weeks prior to the meeting is needed to do this. Alternatively,
the procedures detailed below for banks not using Broadridge may be implemented.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Banks
                                         and brokerage firms issuing proxies directly:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
bank is called and/or faxed and a legal proxy is requested.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">All
legal proxies should appoint:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>&ldquo;Representative
of [Adviser name] with full power of substitution.&rdquo;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">b)
The legal proxies are given to the person attending the meeting along with the limited power of attorney.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 135; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Appendix
A</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Proxy
Guidelines</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">PROXY
VOTING GUIDELINES</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>General
Policy Statement</I></B></FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">It
is the policy of GAMCO Investors, Inc, and its affiliated advisers (collectively &ldquo;the Advisers&rdquo;) to vote in the best
economic interests of our clients. As we state in our Magna Carta of Shareholders Rights, established in May 1988, we are neither
<I>for</I> nor <I>against</I> management. We are for shareholders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">At
our first proxy committee meeting in 1989, it was decided that each proxy statement should be evaluated on its own merits within
the framework first established by our Magna Carta of Shareholders Rights. The attached guidelines serve to enhance that broad
framework.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We
do not consider any issue routine. We take into consideration all of our research on the company, its directors, and their short
and long-term goals for the company. In cases where issues that we generally do not approve of are combined with other issues,
the negative aspects of the issues will be factored into the evaluation of the overall proposals but will not necessitate a vote
in opposition to the overall proposals.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Board
of Directors</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We
do not consider the election of the Board of Directors a routine issue. Each slate of directors is evaluated on a case-by-case
basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Factors
taken into consideration include:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Historical
                                         responsiveness to shareholders</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">This
may include such areas as:&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-Paying
greenmail&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-Failure
to adopt shareholder resolutions receiving a majority of shareholder votes&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Qualifications</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Nominating
                                         committee in place</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Number
                                         of outside directors on the board</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Attendance
                                         at meetings</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Overall
                                         performance</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<!-- Field: Page; Sequence: 136; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Selection
of Auditors</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
general, we support the Board of Directors&rsquo; recommendation for auditors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Blank
Check Preferred Stock</I></B></FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We
oppose the issuance of blank check preferred stock.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Blank
check preferred stock allows the company to issue stock and establish dividends, voting rights, etc. without further shareholder
approval.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Classified
Board</I></B></FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">A
classified board is one where the directors are divided into classes with overlapping terms. A different class is elected at each
annual meeting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">While
a classified board promotes continuity of directors facilitating long range planning, we feel directors should be accountable
to shareholders on an annual basis. We will look at this proposal on a case-by-case basis taking into consideration the board&rsquo;s
historical responsiveness to the rights of shareholders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Where
a classified board is in place we will generally not support attempts to change to an annually elected board.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">When
an annually elected board is in place, we generally will not support attempts to classify the board.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Increase
Authorized Common Stock</I></B></FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
request to increase the amount of outstanding shares is considered on a case-by-case basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Factors
taken into consideration include:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Future
                                         use of additional shares</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-Stock
split&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-Stock
option or other executive compensation plan&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-Finance
growth of company/strengthen balance sheet&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-Aid
in restructuring&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-Improve
credit rating&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">-Implement
a poison pill or other takeover defense&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Amount
                                         of stock currently authorized but not yet issued or reserved for stock option plans</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 137; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Amount
                                         of additional stock to be authorized and its dilutive effect</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We
will support this proposal if a detailed and verifiable plan for the use of the additional shares is contained in the proxy statement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Confidential
Ballot</I></B></FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We
support the idea that a shareholder&rsquo;s identity and vote should be treated with confidentiality.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">However,
we look at this issue on a case-by-case basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
order to promote confidentiality in the voting process, we endorse the use of independent Inspectors of Election.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Cumulative
Voting</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
general, we support cumulative voting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cumulative
voting is a process by which a shareholder may multiply the number of directors being elected by the number of shares held on
record date and cast the total number for one candidate or allocate the voting among two or more candidates.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Where
cumulative voting is in place, we will vote against any proposal to rescind this shareholder right.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cumulative
voting may result in a minority block of stock gaining representation on the board. When a proposal is made to institute cumulative
voting, the proposal will be reviewed on a case-by-case basis. While we feel that each board member should represent all shareholders,
cumulative voting provides minority shareholders an opportunity to have their views represented.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Director
Liability and Indemnification</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We
support efforts to attract the best possible directors by limiting the liability and increasing the indemnification of directors,
except in the case of insider dealing.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 138; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Equal
Access to the Proxy</I></B></FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
SEC&rsquo;s rules provide for shareholder resolutions. However, the resolutions are limited in scope and there is a 500 word limit
on proponents&rsquo; written arguments. Management has no such limitations. While we support equal access to the proxy, we would
look at such variables as length of time required to respond, percentage of ownership, etc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Fair
Price Provisions</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Charter
provisions requiring a bidder to pay all shareholders a fair price are intended to prevent two-tier tender offers that may be
abusive. Typically, these provisions do not apply to board-approved transactions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We
support fair price provisions because we feel all shareholders should be entitled to receive the same benefits.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reviewed
on a case-by-case basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Golden
Parachutes</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Golden
parachutes are severance payments to top executives who are terminated or demoted after a takeover.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We
support any proposal that would assure management of its own welfare so that they may continue to make decisions in the best interest
of the company and shareholders even if the decision results in them losing their job. We do not, however, support excessive golden
parachutes. Therefore, each proposal will be decided on a case-by- case basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Anti-Greenmail
Proposals</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We
do not support greenmail. An offer extended to one shareholder should be extended to all shareholders equally across the board.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 139; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Limit
Shareholders&rsquo; Rights to Call Special Meetings</I></B></FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We
support the right of shareholders to call a special meeting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reviewed
on a case-by-case basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Consideration
of Nonfinancial Effects of a Merger</I></B></FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">This
proposal releases the directors from only looking at the financial effects of a merger and allows them the opportunity to consider
the merger&rsquo;s effects on employees, the community, and consumers.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">As
a fiduciary, we are obligated to vote in the best economic interests of our clients. In general, this proposal does not allow
us to do that. Therefore, we generally cannot support this proposal.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reviewed
on a case-by-case basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Mergers,
Buyouts, Spin-Offs, Restructurings</I></B></FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Each
of the above is considered on a case-by-case basis. According to the Department of Labor, we are not required to vote for a proposal
simply because the offering price is at a premium to the current market price. We may take into consideration the long term interests
of the shareholders.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Military
Issues</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shareholder
proposals regarding military production must be evaluated on a purely economic set of criteria for our ERISA clients. As such,
decisions will be made on a case-by-case basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
voting on this proposal for our non-ERISA clients, we will vote according to the client&rsquo;s direction when applicable. Where
no direction has been given, we will vote in the best economic interests of our clients. It is not our duty to impose our social
judgment on others.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Northern
Ireland</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shareholder
proposals requesting the signing of the MacBride principles for the purpose of countering the discrimination of Catholics in hiring
practices must be evaluated on a purely economic set of criteria for our ERISA clients. As such, decisions will be made on a case-by-case
basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 140; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
voting on this proposal for our non-ERISA clients, we will vote according to client direction when applicable. Where no direction
has been given, we will vote in the best economic interests of our clients. It is not our duty to impose our social judgment on
others.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Opt
Out of State Anti-Takeover Law</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">This
shareholder proposal requests that a company opt out of the coverage of the state&rsquo;s takeover statutes. Example: Delaware
law requires that a buyer must acquire at least 85% of the company&rsquo;s stock before the buyer can exercise control unless
the board approves.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We
consider this on a case-by-case basis. Our decision will be based on the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">State
                                         of Incorporation</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Management
                                         history of responsiveness to shareholders</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Other
                                         mitigating factors</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Poison
Pill</I></B></FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
general, we do not endorse poison pills.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">In
certain cases where management has a history of being responsive to the needs of shareholders and the stock is very liquid, we
will reconsider this position.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Reincorporation</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Generally,
we support reincorporation for well-defined business reasons. We oppose reincorporation if proposed solely for the purpose of
reincorporating in a state with more stringent anti-takeover statutes that may negatively impact the value of the stock.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Stock
Incentive Plans</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Director
and Employee Stock incentive plans are an excellent way to attract, hold and motivate directors and employees. However, each incentive
plan must be evaluated on its own merits, taking into consideration the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dilution
                                         of voting power or earnings per share by more than 10%.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Kind
                                         of stock to be awarded, to whom, when and how much.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Method
                                         of payment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Amount
                                         of stock already authorized but not yet issued under existing stock plans.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
                                         successful steps taken by management to maximize shareholder value.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 141; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Supermajority
Vote Requirements</I></B></FONT></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Supermajority
vote requirements in a company&rsquo;s charter or bylaws require a level of voting approval in excess of a simple majority of
the outstanding shares. In general, we oppose supermajority-voting requirements. Supermajority requirements often exceed the average
level of shareholder participation. We support proposals&rsquo; approvals by a simple majority of the shares voting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reviewed
on a case-by-case basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Limit
Shareholders Right to Act by Written Consent</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Written
consent allows shareholders to initiate and carry on a shareholder action without having to wait until the next annual meeting
or to call a special meeting. It permits action to be taken by the written consent of the same percentage of the shares that would
be required to effect proposed action at a shareholder meeting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reviewed
on a case-by-case basis.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>&ldquo;Say-on-Pay&rdquo;
/ &ldquo;Say-When-on-Pay&rdquo; / &ldquo;Say-on-Golden-Parachutes&rdquo;</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Required
under the Dodd-Frank Act; these proposals are non-binding advisory votes on executive compensation.&nbsp; We will generally vote
with the Board of Directors&rsquo; recommendation(s) on advisory votes on executive compensation (&ldquo;Say-on-Pay&rdquo;), advisory
votes on the frequency of voting on executive compensation (&ldquo;Say-When-on-Pay&rdquo;) and advisory votes relating to extraordinary
transaction executive compensation (&ldquo;Say-on-Golden-Parachutes&rdquo;).&nbsp; In those instances when we believe that it
is in our clients&rsquo; best interest, we may abstain or vote against executive compensation and/or the frequency of votes on
executive compensation and/or extraordinary transaction executive compensation advisory votes.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B><I>Proxy
Access</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Proxy
access is a tool used to attempt to promote board accountability by requiring that a company&rsquo;s proxy materials contain not
only the names of management nominees, but also any candidates nominated by long-term shareholders holding at least a certain
stake in the company. We will review proposals regarding proxy access on a case-by-case basis taking into account the provisions
of the proposal, the company&rsquo;s current governance structure, the successful steps taken by management to maximize shareholder
value, as well as other applicable factors.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revised: October 23, 2019</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">INTERNAL USE ONLY</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></FONT></P>

<!-- Field: Page; Sequence: 142; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">HH-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 8. Portfolio Managers of Closed-End Management Investment
Companies.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>PORTFOLIO MANAGERS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">A portfolio team manages The GAMCO Natural
Resources, Gold &amp; Income Trust, (the Fund). The individuals listed below are those who are primarily responsible for the day
to day management of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Caesar M. P. Bryan joined GAMCO Asset Management
Inc. in 1994. He is a member of the global investment team of Gabelli Funds, LLC and portfolio manager of several funds within
the Gabelli/GAMCO Funds Complex. Prior to joining Gabelli, Mr. Bryan was a portfolio manager at Lexington Management. He began
his investment career in 1979 at Samuel Montagu Company, the London based merchant bank. Mr. Bryan graduated from the University
of Southampton in England with a Bachelor of Law and is a member of the English Bar.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Vincent Hugonnard-Roche joined GAMCO Investors,
Inc. in 2000. He is Director of Quantitative Strategies, head of the Gabelli Risk Management Group, and serves as a portfolio manager
of Gabelli Funds, LLC and manages another fund within the Gabelli/GAMCO Fund complex. He received a Master&rsquo;s degree in Mathematics
of Decision Making from EISITI, France and an MS in Finance from ESSEC, France.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>MANAGEMENT OF OTHER ACCOUNTS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The table below shows the number of other
accounts managed by each Portfolio Manager and the total assets in each of the following categories: registered investment companies,
other paid investment vehicles and other accounts as of December 31, 2021. For each category, the table also shows the number of
accounts and the total assets in the accounts with respect to which the advisory fee is based on account performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <td style="padding: 3pt 0.1in; width: 27%; border: Black 1pt solid; text-align: center; font-size: 10pt; text-indent: 0"><b>
    <font style="font-size: 10pt">Name of Portfolio Manager</font></b></TD>
    <td style="padding: 3pt 0.1in; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; text-indent: 0"><font style="font-size: 10pt"><b>Type
    of Accounts</b></font></TD>
    <td style="padding: 3pt 0.1in; width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>Total</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>No. of Accounts Managed&nbsp;</b></P></TD>
    <td style="padding: 3pt 0.1in; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; text-indent: 0"><font style="font-size: 10pt"><b>Total
    Assets</b></font></TD>
    <td style="padding: 3pt 0.1in; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; text-indent: 0"><font style="font-size: 10pt"><b>No.
    of Accounts where Advisory Fee is Based on Performance</b></font></TD>
    <td style="padding: 3pt 0.1in; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; text-indent: 0"><font style="font-size: 10pt"><b>Total
    Assets in Accounts where Advisory Fee is Based on Performance</b></font></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Caesar M.P. Bryan</FONT></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Registered Investment Companies:</FONT></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">5</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$1.3 billion</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">0</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$0</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Other Pooled Investment Vehicles:</FONT></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">0</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$0</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">0</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$0</P></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Other Accounts:</FONT></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">22</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$176.2 million</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">0</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$0</P></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding: 3pt 0.1in; border-top: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <td style="padding: 3pt 0.1in; border-top: Black 1pt solid; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <td style="padding: 3pt 0.1in; border-top: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">&nbsp;</TD>
    <td style="padding: 3pt 0.1in; border-top: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">&nbsp;</TD>
    <td style="padding: 3pt 0.1in; border-top: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">&nbsp;</TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-top: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <td colspan="6" style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0"></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Vincent Hugonnard-Roche</FONT></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Registered Investment Companies:</FONT></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">1</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$689.2 million</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">0&nbsp;</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$0</P></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Other Pooled Investment Vehicles:</FONT></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">0</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$0</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">0</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$0</P></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Other Accounts:&nbsp;</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">5</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$3.7 million</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">0</P></TD>
    <td style="padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; text-indent: 0">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">$0</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 143 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>POTENTIAL CONFLICTS OF INTEREST</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">As reflected above, the Portfolio Managers
manage accounts in addition to the Fund. Actual or apparent conflicts of interest may arise when a Portfolio Manager also has day
to day management responsibilities with respect to one or more other accounts. These potential conflicts include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>ALLOCATION OF LIMITED TIME AND ATTENTION.</B>
As indicated above, the Portfolio Managers manage multiple accounts. As a result, he/she will not be able to devote all of their
time to the management of the Fund. A Portfolio Manager, therefore, may not be able to formulate as complete a strategy or identify
equally attractive investment opportunities for each of those accounts, as might be the case if he/she were to devote all of his/her
attention to the management of only the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>ALLOCATION OF LIMITED INVESTMENT OPPORTUNITIES.</B>
As indicated above, the Portfolio Managers manage accounts with investment strategies and/or policies that are similar to the Fund.
In these cases, if the Portfolio Manager identifies an investment opportunity that may be suitable for multiple accounts, the Fund
may not be able to take full advantage of that opportunity because the opportunity may be allocated among all or many of these
accounts or other accounts managed primarily by other Portfolio Managers of the Adviser, and their affiliates. In addition, in
the event a Portfolio Manager determines to purchase a security for more than one account in an aggregate amount that may influence
the market price of the security, accounts that purchased or sold the security first may receive a more favorable price than accounts
that made subsequent transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>PURSUIT OF DIFFERING STRATEGIES.</B>
At times, a Portfolio Manager may determine that an investment opportunity may be appropriate for only some of the accounts for
which he/she exercises investment responsibility, or may decide that certain of the funds or accounts should take differing positions
with respect to a particular security. In these cases, the Portfolio Manager may execute differing or opposite transactions for
one or more accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment
of one or more other accounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>VARIATION IN COMPENSATION.</B> A conflict
of interest may arise where the financial or other benefits available to the Portfolio Manager differ among the accounts that he
or she manages. If the structure of the Adviser&rsquo;s management fee or the Portfolio Manager&rsquo;s compensation differs among accounts
(such as where certain accounts pay higher management fees or performance-based management fees), the Portfolio Manager may be
motivated to favor certain accounts over others. The Portfolio Manager may also be motivated to favor accounts in which he or she
has an investment interest, or in which the Adviser, or their affiliates have investment interests. Similarly, the desire to maintain
assets under management or to enhance a Portfolio Manager&rsquo;s performance record or to derive other rewards, financial or otherwise,
could influence the Portfolio Manager in affording preferential treatment to those accounts that could most significantly benefit
the Portfolio Manager. For example, as reflected above, if a Portfolio Manager manages accounts, which have performance fee arrangements,
certain portions of their compensation will depend on the achievement of performance milestones on those accounts. The Portfolio
Manager could be incented to afford preferential treatment to those accounts and thereby by subject to a potential conflict of
interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Adviser, and the Funds have adopted
compliance policies and procedures that are designed to address the various conflicts of interest that may arise for the Adviser
and their staff members. However, there is no guarantee that such policies and procedures will be able to detect and prevent every
situation in which an actual or potential conflict may arise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 144 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>COMPENSATION STRUCTURE FOR THE PORTFOLIO
MANAGERS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The compensation of the Portfolio Managers
for the Fund is structured to enable the Adviser to attract and retain highly qualified professionals in a competitive environment.
The Portfolio Managers receive a compensation package that includes a minimum draw or base salary, equity-based incentive compensation
via awards of restricted stock options, and incentive based variable compensation based on a percentage of net revenue received
by the Adviser for managing the Fund to the extent that the amount exceeds a minimum level of compensation. Net revenues are determined
by deducting from gross investment management fees certain of the firm&rsquo;s expenses (other than the Portfolio Managers&rsquo; compensation)
allocable to the Fund (the incentive-based variable compensation for managing other accounts is also based on a percentage of net
revenues to the investment adviser for managing the account). This method of compensation is based on the premise that superior
long-term performance in managing a portfolio should be rewarded with higher compensation as a result of growth of assets through
appreciation and net investment activity. The level of equity-based incentive and incentive-based variable compensation is based
on an evaluation by the Adviser&rsquo;s parent, GBL, of quantitative and qualitative performance evaluation criteria. This evaluation
takes into account, in a broad sense, the performance of the accounts managed by the Portfolio Manager, but the level of compensation
is not determined with specific reference to the performance of any account against any specific benchmark. Generally, greater
consideration is given to the performance of larger accounts and to longer term performance over smaller accounts and short-term
performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B><U>OWNERSHIP OF SHARES IN THE FUND</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Caesar M.P. Bryan and Vincent Hugonnard-Roche
each owned $1-$10,000 and $1-$10,000, respectively, of shares of the Trust as of December 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<!-- Field: Page; Sequence: 145 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt"><B>Item 9. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>REGISTRANT PURCHASES
OF EQUITY SECURITIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom; background-color: white">
    <td style="text-indent: 0; width: 11%; padding: 3pt 0.1in; text-align: center; border: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Period</B></FONT></TD>
    <td style="text-indent: 0; width: 20%; padding: 3pt 0.1in; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(a) Total Number of Shares (or Units) Purchased)</B></FONT></TD>
    <td style="text-indent: 0; width: 20%; padding: 3pt 0.1in; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(b) Average Price Paid per Share (or Unit)</B></FONT></TD>
    <td style="text-indent: 0; width: 20%; padding: 3pt 0.1in; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs</B></FONT></TD>
    <td style="text-indent: 0; width: 29%; padding: 3pt 0.1in; text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet be Purchased Under the Plans or Programs</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <td style="text-indent: 0; padding: 3pt 0.1in; border-left: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Month #1</FONT><BR>
<FONT STYLE="font-size: 10pt">07/01/2021 through 07/31/2021</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; 18,973,227</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; 1,170,102</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <td style="text-indent: 0; padding: 3pt 0.1in; border: Black 1pt solid"><FONT STYLE="font-size: 10pt">Month #2</FONT><BR>
<FONT STYLE="font-size: 10pt">08/01/2021 through 08/31/2021</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; 18,973,227</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash;1,170,102</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <td style="text-indent: 0; padding: 3pt 0.1in; border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Month #3</FONT><BR>
<FONT STYLE="font-size: 10pt">09/01/2021 through 09/30/2021</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; 18,973,227</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; 1,170,102</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <td style="text-indent: 0; padding: 3pt 0.1in; border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Month #4</FONT><BR>
<FONT STYLE="font-size: 10pt">10/01/2021 through 10/31/2021</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash;12,500</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash;12,500</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash;12,500</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; 18,973,227 - 12,500 = 18,260,727</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; 1,170,102</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <td style="text-indent: 0; padding: 3pt 0.1in; border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Month #5</FONT><BR>
<FONT STYLE="font-size: 10pt">11/01/2021 through 11/30/2021</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; 18,260,727</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; 1,170,102</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <td style="text-indent: 0; padding: 3pt 0.1in; border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Month #6</FONT><BR>
<FONT STYLE="font-size: 10pt">12/01/2021 through 12/31/2021</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; N/A</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash; 18,960,489</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; 1,170,102</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <td style="text-indent: 0; padding: 3pt 0.1in; border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash;12,500</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash;12,500</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Common &ndash;12,500</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Preferred Series A &ndash; N/A</FONT></TD>
    <td style="text-indent: 0; padding: 3pt 0.1in; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Footnote columns (c) and (d) of the table,
by disclosing the following information in the aggregate for all plans or programs publicly announced:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The date each plan or program was announced
&ndash; The notice of the potential repurchase of common and preferred shares occurs semiannually in the Fund&rsquo;s reports to
shareholders in accordance with Section 23(c) of the Investment Company Act of 1940, as amended.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">The dollar amount (or share or unit amount) approved &ndash; Any or all common shares outstanding
may be repurchased when the Fund&rsquo;s common shares are trading at a discount of 10% or more from the net asset value of the
shares. Any or all preferred shares outstanding may be repurchased when the Fund&rsquo;s preferred shares are trading at a discount
to the liquidation value of $25.00.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">c.</TD><TD STYLE="text-align: justify">The expiration date (if any) of each plan or program
&ndash; The Fund&rsquo;s repurchase plans are ongoing.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">Each plan or program that has expired during the period covered by the table &ndash; The Fund&rsquo;s
repurchase plans are ongoing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">e.</TD><TD STYLE="text-align: justify">Each plan or program the registrant has determined to terminate prior to expiration, or under which
the registrant does not intend to make further purchases. &ndash; The Fund&rsquo;s repurchase plans are ongoing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 10. Submission of Matters to a Vote of Security Holders.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">There have been no material changes to
the procedures by which the shareholders may recommend nominees to the registrant&rsquo;s Board of Trustees, where those changes
were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation
S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 146 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 11. Controls and Procedures.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The registrant&rsquo;s principal executive and principal financial officers, or persons performing
similar functions, have concluded that the registrant&rsquo;s disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) (17 CFR 270.30a-3(c))) are effective, as of a date
within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation
of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b)
under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">There were no changes in the registrant&rsquo;s internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><BR>
<B>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(a) If the registrant is a closed-end management
investment company, provide the following dollar amounts of income and fees/compensation related to the securities lending activities
of the registrant during its most recent fiscal year:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">(1) Gross income from securities lending
activities; $0</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(2) All fees and/or compensation
for each of the following securities lending activities and related services: any share of revenue generated by the securities
lending program paid to the securities lending agent(s) (&ldquo;revenue split&rdquo;); fees paid for cash collateral management
services (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split;
administrative fees that are not included in the revenue split; fees for indemnification that are not included in the revenue split;
rebates paid to borrowers; and any other fees relating to the securities lending program that are not included in the revenue split,
including a description of those other fees; $0</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">(3) The aggregate fees/compensation disclosed
pursuant to paragraph (2); $0 and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">(4) Net income from securities lending activities
(i.e., the dollar amount in paragraph (1) minus the dollar amount in paragraph (3)). $0</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">(b) If the registrant is a closed-end management investment
company, describe the services provided to the registrant by the securities lending agent in the registrant&rsquo;s most recent
fiscal year. N/A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 147 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 13. Exhibits.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><A HREF="ex99-coe.htm">(a)(1)</A></TD><TD STYLE="text-align: justify"><A HREF="ex99-coe.htm">Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><A HREF="ex99-certs.htm">(a)(2)</A></TD><TD STYLE="text-align: justify"><A HREF="ex99-certs.htm">Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left">(a)(2)(1)</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left">(a)(2)(2)</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><A HREF="ex99-906cert.htm">(b)</A></TD><TD STYLE="text-align: justify"><A HREF="ex99-906cert.htm">Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left"><A HREF="ex99-c.htm">(c)</A></TD><TD STYLE="text-align: justify"><A HREF="ex99-c.htm">Consent of Independent Registered Public Accounting Firm.</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 148 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B><BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Registrant)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">GAMCO Natural Resources, Gold &amp; Income
Trust</TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 62%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">/s/ Bruce N. Alpert</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Bruce N. Alpert, Principal Executive Officer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Date&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 5%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 62%">March
9, 2022</TD>
    <TD STYLE="width: 15%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 62%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">/s/ Bruce N. Alpert</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Bruce N. Alpert, Principal Executive Officer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Date&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 5%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 62%">March
9, 2022</TD>
    <TD STYLE="width: 15%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">By (Signature and Title)*</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 62%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">/s/ John
    C. Ball</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">John C. Ball, Principal Financial Officer and
    Treasurer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Date&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 5%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 62%">March
9, 2022</TD>
    <TD STYLE="width: 15%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><SUP>*</SUP> Print the name and title of each signing officer
under his or her signature.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 149 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



</div>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>ex99-coe.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: left"><A HREF="gnt-ncsr_123121.htm">GAMCO Natural Resources, Gold &amp; Income Trust N-CSR</A></P>

<P STYLE="margin: 0; text-align: right"><B>EX-99.CODE ETH</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Joint
Code of Ethics for Chief Executive </B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>and
Senior Financial Officers of the Gabelli/GAMCO/TETON Funds </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
affiliated registered investment company (each a &ldquo;<U>Company</U>&rdquo;) is committed to conducting business in accordance
with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure
-- financial and otherwise -- in compliance with applicable law. This Code of Ethics, applicable to each Company&rsquo;s Chief
Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, &ldquo;<U>Senior
Officers</U>&rdquo;), sets forth policies to guide you in the performance of your duties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical
manner. You have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance,
maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance
concerns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Code of Ethics recognizes that the Senior Officers are subject to certain conflicts of interest inherent in the operation of investment
companies, because the Senior Officers currently or may in the future serve as Senior Officers of each of the Companies, as officers
or employees of the investment advisor to the Companies or service providers thereof (the &ldquo;<U>Advisor</U>&rdquo;) and/or
affiliates of the Advisor (the &ldquo;Advisory Group&rdquo;) and as officers or trustees/directors of other registered investment
companies and unregistered investment funds advised by the Advisory Group. This Code of Ethics also recognizes that certain laws
and regulations applicable to, and certain policies and procedures adopted by, the Companies or the Advisory Group govern your
conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Companies,
including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Investment Company Act of 1940, and the rules and regulation promulgated thereunder by
                                         the Securities and Exchange Commission (the &ldquo;<U>1940 Act</U>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Investment Advisers Act of 1940, and the rules and regulations promulgated thereunder
                                         by the Securities and Exchange Commission (the &ldquo;<U>Advisers Act</U>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Code of Ethics adopted by each Company pursuant to Rule 17j-1(c) under the 1940 Act (collectively,
                                         the &ldquo;<U>Trust&rsquo;s 1940 Act Code of Ethics</U>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">one
                                         or more codes of ethics adopted by the Advisory Group that have been reviewed and approved
                                         by those trustees/directors (the &ldquo;<U>Directors</U>&rdquo;) of each Company that
                                         are not &ldquo;interested persons&rdquo; of such Company (the &ldquo;<U>Independent Directors</U>&rdquo;)
                                         within the meaning of the 1940 Act (the &ldquo;<U>Advisory Group&rsquo;s 1940 Act Code
                                         of Ethics</U>&rdquo; and, together with such Company&rsquo;s 1940 Act Code of Ethics, the &ldquo;<U>1940
                                         Act Codes of Ethics</U>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revised:
July 30, 2014</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         policies and procedures adopted by each Company to address conflict of interest situations,
                                         such as procedures under Rule 10f-3, Rule 17a-7 and Rule 17e-1 under the 1940 Act (collectively,
                                         the &ldquo;<U>Conflict Policies</U>&rdquo;); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Advisory Group&rsquo;s policies and procedures to address, among other things, conflict of
                                         interest situations and related matters (collectively, the &ldquo;<U>Advisory Policies</U>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Conflict Policies and the Advisory Policies are
referred to herein collectively as the &ldquo;<U>Additional Conflict Rules</U>&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the
Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until
the Directors shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior
Officers Should Act Honestly and Candidly</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
Senior Officer has a responsibility to each Company to act with integrity. Integrity requires, among other things, being honest
and candid. Deceit and subordination of principle are inconsistent with integrity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
Senior Officer must:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">act
                                         with integrity, including being honest and candid while still maintaining the confidentiality
                                         of information where required by law or the Additional Conflict Rules;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">comply
                                         with the laws, rules and regulations that govern the conduct of each Company&rsquo;s
                                         operations and report any suspected violations thereof in accordance with the section
                                         below entitled &ldquo;Compliance With Code Of Ethics&rdquo;; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">adhere
                                         to a high standard of business ethics.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Conflicts
Of Interest</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear
to interfere, with the interests of a Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revised:
July 30, 2014</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Senior
Officers are expected to use objective and unbiased standards when making decisions that affect each Company, keeping in mind
that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Company also are or may
be officers of other Companies and/or the Advisory Group (as a result of which it is incumbent upon you to be familiar with and
to seek to comply with the Additional Conflict Rules).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
are required to conduct the business of each Company in an honest and ethical manner, including the ethical handling of actual
or apparent conflicts of interest between personal and business relationships. When making any investment, accepting any position
or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears
to create a conflict of interest with respect to each Company where you are receiving a personal benefit, you should act in accordance
with the letter and spirit of this Code of Ethics.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
you are in doubt as to the application or interpretation of this Code of Ethics to you as a Senior Officer of a Company, you should
make full disclosure of all relevant facts and circumstances to the Chief Compliance Officer of the Advisory Group (the &ldquo;CCO&rdquo;)
and obtain the approval of the CCO prior to taking action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Some
conflict of interest situations that should always be approved by the CCO, if material, include the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         receipt of any entertainment or non-nominal gift by the Senior Officer, or a member of
                                         his or her family, from any company with which a Company has current or prospective business
                                         dealings (other than the Advisory Group), unless such entertainment or gift is business
                                         related, reasonable in cost, appropriate as to time and place, and not so frequent as
                                         to raise any question of impropriety;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         ownership interest in, or any consulting or employment relationship with, of any of the
                                         Companies&rsquo; service providers, other than the Advisory Group; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
                                         direct or indirect financial interest in commissions, transaction charges or spreads
                                         paid by a Company for effecting portfolio transactions or for selling or redeeming shares
                                         other than an interest arising from the Senior Officer&rsquo;s employment by the Advisory Group,
                                         such as compensation or equity ownership.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Disclosures</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
is the policy of each Company to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable
laws and regulations in all reports and documents that such Company files with, or submits to, the Securities and Exchange Commission
or a national securities exchange and in all other public communications made by such Company. As a Senior Officer, you are required
to promote compliance with this policy and to abide by such Company &rsquo;s standards, policies and procedures designed to promote
compliance with this policy. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revised:
July 30, 2014</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
Senior Officer must:&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">familiarize
                                         himself or herself with the disclosure requirements applicable to each Company as well
                                         as the business and financial operations of each Company; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">not
                                         knowingly misrepresent, or cause others to misrepresent, facts about any Company to others,
                                         including to the Directors, such Company&rsquo;s independent auditors, such Company&rsquo;s
                                         counsel, any counsel to the Independent Directors, governmental regulators or self-regulatory
                                         organizations.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compliance
With Code Of Ethics</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
you know of or suspect a violation of this Code of Ethics or other laws, regulations, policies or procedures applicable to the
Company, you must report that information on a timely basis to the CCO or report it anonymously by following the &ldquo;whistle
blower&rdquo; policies adopted by the Advisory Group from time to time. <I>No one will be subject to retaliation because of a
good faith report of a suspected violation</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
Company will follow these procedures in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         CCO will take all appropriate action to investigate any actual or potential violations
                                         reported to him or her;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">violations
                                         and potential violations will be reported to the Board of Directors of each affected
                                         Company after such investigation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
                                         the Board of Directors determines that a violation has occurred, it will take all appropriate
                                         disciplinary or preventive action; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">appropriate
                                         disciplinary or preventive action may include a letter of censure, suspension, dismissal
                                         or, in the event of criminal or other serious violations of law, notification of the
                                         Securities and Exchange Commission or other appropriate law enforcement authorities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Waivers
Of Code Of Ethics</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
as otherwise provided in this Code of Ethics, the CCO is responsible for applying this Code of Ethics to specific situations in
which questions are presented to the CCO and has the authority to interpret this Code of Ethics in any particular situation. The
CCO shall take all action he or she considers appropriate to investigate any actual or potential violations reported under this
Code of Ethics.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revised:
July 30, 2014</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
CCO is authorized to consult, as appropriate, with counsel to the affected Company, the Advisory Group or the Independent Directors,
and is encouraged to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Board of Directors of the affected Company is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes
to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities
and Exchange Commission rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Recordkeeping</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
Company will maintain and preserve for a period of not less than six (6) years from the date an action is taken, the first two
(2) years in an easily accessible place, a copy of the information or materials supplied to the Boards of Directors pursuant to
this Code of Ethics:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">that
                                         provided the basis for any amendment or waiver to this Code of Ethics; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">relating
                                         to any violation of this Code of Ethics and sanctions imposed for such violation, together
                                         with a written record of the approval or action taken by the relevant Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidentiality</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained
and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to
anyone other than the Independent Directors and their counsel, the Companies and their counsel, the Advisory Group and its counsel
and any other advisors, consultants or counsel retained by the Directors, the Independent Directors or any committee of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendments</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Code of Ethics may not be amended as to any Company except in written form, which is specifically approved by a majority vote
of the affected Company&rsquo;s Directors, including a majority of its Independent Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Rights Created</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern each of the Senior Officers
in the conduct of the Companies&rsquo; business. It is not intended to and does not create any rights in any employee, investor, supplier,
competitor, shareholder or any other person or entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revised:
July 30, 2014</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ACKNOWLEDGMENT
FORM</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I
have received and read the Joint Code of Ethics for Chief Executive and Senior Financial Officers, and I understand its contents.
I agree to comply fully with the standards contained in the Code of Ethics and the Company&rsquo;s related policies and procedures.
I understand that I have an obligation to report any suspected violations of the Code of Ethics on a timely basis to the Chief
Compliance Officer or report it anonymously by following the &ldquo;whistle blower&rdquo; policies adopted by the Advisory Group
from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Printed
Name</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Signature</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revised:
July 30, 2014</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>

    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>ex99-certs.htm
<DESCRIPTION>SECTION 302 CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="gnt-ncsr_123121.htm">GAMCO Natural Resources, Gold &amp; Income Trust N-CSR</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Exhibit 99.CERT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>&nbsp;</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Bruce N. Alpert, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of GAMCO Natural Resources, Gold &amp; Income Trust;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting
that occurred during the period covered by this reportthat has materially affected, or is reasonably likely to materially affect,
the registrant&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors
and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize,
and report financial information; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
    <td style="width: 5%">Date:</td>
    <td style="width: 35%; padding-left: 0.125in; border-bottom: Black 1pt solid">March
9, 2022</td>
    <td style="width: 10%">&nbsp;</td>
    <td style="width: 40%; border-bottom: Black 1pt solid">/s/ Bruce N. Alpert</td>
    <td style="width: 10%">&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>Bruce N. Alpert, Principal Executive Officer</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and Section 302 of the Sarbanes-Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, John C. Ball, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of GAMCO Natural Resources, Gold &amp; Income Trust;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors
and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize,
and report financial information; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
    <td style="width: 5%">Date:</td>
    <td style="width: 35%; padding-left: 0.125in; border-bottom: Black 1pt solid">March
9, 2022</td>
    <td style="width: 10%">&nbsp;</td>
    <td style="width: 40%; border-bottom: Black 1pt solid">/s/ John C. Ball</td>
    <td style="width: 10%">&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>John C. Ball, Principal Financial Officer and Treasurer</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

    <!-- Field: /Page -->



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>ex99-906cert.htm
<DESCRIPTION>SECTION 906 CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="gnt-ncsr_123121.htm">GAMCO Natural Resources, Gold &amp; Income Trust N-CSR</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Exhibit 99.906CERT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>&nbsp;</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(b)
under the 1940 Act and Section 906 of the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sarbanes-Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Bruce N. Alpert, Principal Executive
Officer of GAMCO Natural Resources, Gold &amp; Income Trust (the &ldquo;Registrant&rdquo;), certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">1.</TD><TD STYLE="text-align: justify">The Form N-CSR of the Registrant (the &ldquo;Report&rdquo;) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
    <td style="width: 5%">Date:</td>
    <td style="width: 35%; padding-left: 0.125in; border-bottom: Black 1pt solid">March
9, 2022</td>
    <td style="width: 10%">&nbsp;</td>
    <td style="width: 40%; border-bottom: Black 1pt solid">/s/ Bruce N. Alpert</td>
    <td style="width: 10%">&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>Bruce N. Alpert, Principal Executive Officer</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, John C. Ball, Principal Financial Officer
and Treasurer of GAMCO Natural Resources, Gold &amp; Income Trust (the &ldquo;Registrant&rdquo;), certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">1.</TD><TD STYLE="text-align: justify">The Form N-CSR of the Registrant (the &ldquo;Report&rdquo;) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
    <td style="width: 5%">Date:</td>
    <td style="width: 35%; padding-left: 0.125in; border-bottom: Black 1pt solid">March
9, 2022</td>
    <td style="width: 10%">&nbsp;</td>
    <td style="width: 40%; border-bottom: Black 1pt solid">/s/ John C. Ball</td>
    <td style="width: 10%">&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>John C. Ball, Principal Financial Officer and Treasurer</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>

    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(C)
<SEQUENCE>5
<FILENAME>ex99-c.htm
<DESCRIPTION>CONSENT OF PRICEWATERHOUSECOOPERS LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><A HREF="gnt-ncsr_123121.htm">GAMCO Natural Resources, Gold &amp; Income Trust N-CSR</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 99.(c)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><U>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We
hereby consent to the incorporation by reference in this Registration Statement on Form&nbsp;N-2&nbsp;of our report dated February&nbsp;28,
2022, relating to the financial statements and financial highlights, which appears in </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GAMCO
Natural Resources, Gold &amp; Income Trust <FONT STYLE="background-color: white">Annual Report on Form&nbsp;N-CSR&nbsp;for the
year ended December&nbsp;31, 2021. We also consent to the references to us under the heading &ldquo;Independent Registered Public
Accounting Firm&rdquo; in such Registration Statement.</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/PricewaterhouseCoopers
LLP&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
8, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>PricewaterhouseCoopers
LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646) 471 3000, www.pwc.com/us</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>gntncsr123121001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gntncsr123121001.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ N@"6 P$1  (1 0,1 ?_$ ),   $$ P$
M      8#! 4'  $"" $! 0$                   $"$  ! @0$ 04*!PP'
M"0$    ! @, $00%(3$2!D%188$3!W&1H<$B,I*R<Q2Q0E)R(S4(X6+B0U-C
M)#05)18V@J+",Y-T1_#1@V1%976%%R<1 0$                    !_]H
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M[SAEUGR<M, _=IKA6J#=+4^ZI3B7P$JZ-*A* TX]>Z;2@N(J&T>>XE(!./)
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M!*B>2Z%'0IQ$](/&2LCT0 [9K757"XLTC#9?J7SY*!C( 3),!ZC[->RZAM=
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M 48,YCCR0"P Z.4P&.)P'PP"+<TJ*N21[Q@/9FW*U*ML6RKGA[@VY/YK4_%
M4/.25.?'42M1XDJQ@!*^I4Z5*.?P0#[LLNJ[+O>U5632WA3/'AH?\A7P@P'I
MG>+O561\SD5>2.DP'G[[25<A-?8+6A6-'0J=<1/)3ZY"8Y=+<!2S29@JRG =
M+&!/1 -RF1$!RRV%U.K@V/ZQ@')''* 14<S 6_\ Z1Y_],SZ("5WI8ZZ\4E.
MS1A!6TZ5KZQ6D2TD88& $5=G>XB< QS?2_<@-M]GNXDKF4T\O:_<@%#L#<!.
M3'^+]R P[!W#("3'=ZS[D F>SW<1"A)C$&7TO+T0%YV+=%+1;#I+/4%8NK%
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''S<O' ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>gntncsr123121002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gntncsr123121002.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ N@"6 P$1  (1 0,1 ?_$ (P   $$ P$
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MJ!^U3X8!)MKX_:#PP"#0O#\\>& 8"%]86\V.R?=@)&Q"=4]\7]: G4I@%A$
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M<N6 %5+::OCS32<B5+"ERV&?) %5M6.J"N$!))?,Y2D-T Q452BH'<-L!&7
ME69R>T;>2 KG5U,BI3D.XS&^ I/6],XS4J"P0"9MSV2V0 F%3F-D!Z7[ 5+7
MH'I>2FK>">3!,_# 6.1 ,E., A8W;H!I29P Z!_/%#][XQ =NDA.MJ?5CTH
MI W0"A 8,(!JM4ZFBJ%-?YH:66_C93+PP%<:1O:[I6I2Z9OH;4MU0&&8F0@)
MZXZVI[:X*6B:55U2<5M(!421MP&X<8"&9[;EJKTTC]LZGI95%2B"F7/ &=%J
M)%=2FJ2D%)W ?FP AK#M'IK8V <JUF?S4\9#9L@*P?[3K]=JY+5OHF09_M%
M=\JD( 8UK=+L\I#%R8#2QTD$92)'@I.!$ 'G!0YX#TS_ &]*S:#=3[VM>V<J
M4'& LI4 RH8P"5#= -+&Z &Q_P \H?OO&(#MTC]>J?5CTH I @%2P@-B YKI
M[1[(KJ<<0'!O+9P5EY8"O]+V%JU:EKZ9IS.EUI!:QQ2%*)EX8"4=[/JI^K"%
M9V[8DSJFVB4+J5$DD..#I9/@@P$%0]E#5'<7,R\Q6$H#;2 $@"0S*!*IGB3
M6=;K7;K/;S2M)!3D*S/WTL93Q@/-]]M:-1Z^J4E75TJ7 VL 3.&&P$;X HO?
M8WIYFW4ZT5+B76<7,@3\[M.P^3^B8"O;SHRZ*<73TM*\F@; ZIVH,Y*)VC#8
M>00 564CU,\MET2<:,C &78[?;]2ZZLU!1U+@I*NHZNII 3U2T*2<Y4G>0!,
M'D@/5:I2P@&2)P"2-T VL<( 93^(%>N\8@.S2'UZJ]6/2@"L#? *@,E 8N>1
M4MLC* $$456QJ?[0= %.\V&4*$L2RH3)\Z L"EJ&EA*>(VF ?6$)2I24I3Q,
ML8"#J%=8HD' @@#D,!YLK:DVC6M7G7M?S@CE5. OJV5#=7;6Z@2.='2F)P 3
MV@70TK,DX-'RI2!@//-ZJTU-8ZZ$RSF7>@#/^WQNF<[1V>N3F<:I:ARF,I@.
M!($S^@50'I]0@&S :($ TH0 PG\0J]=XQ =>D/KU3ZL>E %@&Z 5 ; P@,(F
M);M\! :F1[(W1O(DI/6%+I.V2L<)<T!(6ZM)*3,; 8"7Z\U$@3)"?*@ ;4-Z
MUA:6JZH;H:1ZF9:*FE)=)<R@XA;1$Y\"DP'F:XZGO-;>:BK6@%3ZB",IE*>
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M6!3R\J4H25YE]%) .Z9'?@("]W5VJ4& N;+/10D;.B2.6<!-]D=L57]H5F:
M)#3WM"^0,I*Y^" ]<2GM@$J @&B,8#2MD VH& %D_B17K_&(#KT=]>JO5CTX
M L@-X[]D!N4C 9 9 #EXH&E-//.)S=22"G<4 ^]@)2R%E5&<RLV83S&94KEX
M=Z BK\EFFJE!;"0"E.10 F9;H )N-!05U:TE:"4)675%O*%2 )4)#$@!4X"M
M]>UMOH%^SVY)2%YLJ0,@$P!LW@A4!7"$  DX<D!:_P#;A2,O:RK:IQ:0[342
MPRV2,RBXM(44C?E QYX#T= )5 )D(!"Y;(!M4 *I_$BO7^,0'7HWZ_5>K'IP
M!9OQ@-S$!N<X#( <UKJRBL=M>0'1]INMJ]D9&*@9>6K@!.>,!*6RRU=-I>UU
M*B7 Y1M&N222KK'$YBO&?OL8#@I:A-H44GHTSIF@@$R.\<^,!':@OU%5LS95
M-Q(+:D+Z*TIE-1QECAA* KR\7NFHV'U*40H!9;2DB68^_ W<!. IV]USU95E
MYU1).R9W;("*49G_  @.ZT7FX6*X4MVH'"W64;R'4$&4P#TD*XI6,"(#V18;
MU0WRS4EWH5A=-6-I<3E(.4D=)"OA(.!@.U4 G=C -KE (5L@!5/XE5Z_QB Z
M]&_7ZKU8]. +(#)& C+SJG3UE:4JY5[3"TB?4Y@IT\@;$U0 #=NV)VL9<:L=
M(IA*@0BMJ)9P>*&Q-/G'N0 #5U-355#E15.J=?="E..+,R2>)@/6&GWFZFQT
M#R1\V]2LJ"=TE-C" B[SIM82X]1HZQI6*Z4;9_ X\T!5NJ]/)J*=9:;#*D I
M49*"Y^],!1M\M=:P^MOK2MM))D-LSR0 [4T=4!G+2NK43E60<N&W& Y0@).)
MFJ 9JE?-Y>)@"KL\[3[YHNLG3_Q5L>,ZNW+40A1V9T''(L<=^^ ]%:1[6-&:
MI0$TE6*.N) -!6%+3I)V9#/*O]$P!<9@R.!@$+\, @[( 53^)5>O\8@.K1T_
M;JKU8]. WJ?M+TU8>L9ZWVZX(.4T=.02D_#7Y*?RP%7:@[4M6W@%IET6VEG,
M-TI(61P4X>D>Y* &&*550^7'E%Q:B2MQ1*E'G)Q@.^G=3E7E "4F0@$]=EK4
MH/2293GR[H#TYV675%QT702/SE)FI'!RM'#Y)$ YJKM+TKIQ]5'55/7W0(ZQ
M-N8D79'9F)(0B?PC  #O:-:=1.N*N= Y9&E-G*ZDE^H4=@S(0 CPP >AS2-%
M<4U;EOJ+Y)1*DO2IDD#9T0'9]TB +VJSL[U:EJC0RBBK\A#5L?0EM0 VAHIZ
M"^9)[D!7&M^S2W4U5*D1E*N &&,!4MWL[E-6/-*!FU 1758R@.AEH!2<VPG
M\#Q@+(TMVHZWL+8935"Y4B92IZV;LAP0Y,+'?@+9TOVO:<O113UP5:JY9"$H
M>.9I:C@,KH  Q]\! '!$ *I_$RO7^,0 +KIZK10L(IWG&0Z\4NAM11G2$D@*
MR[1. "FZ'$3V;YF >-. ,)3YS +IWV1-M716@&4L0>40#C3:D-!2"0E1.._C
M <ZFR'4J$\",>[ 6YV45=YN NFFJ&N^S676Q6KK$(SO"8#2D-S(2F>!*MO"
M+J;L7L+MO?I;K4NUSCL\E20$.-JVA:2"22#Q.,!4&H++>-&7A5IN_P [3+Z5
M'7@'(ZB>&.P*&\0$=>[@U0T77E<LX)1/&<!7*ZBIKJT5=2LK6%9FDI)F#/HR
MEC. ]*:<T;J*JTLQ6WJI#U2VT' A0DM#<@0A2OSRD;SC 4?K%EEZ\5KC!"FE
MNG(H#"2<,)\T +5%G<R9VQFWE.^ YGF"$LX2*ACR'9 3=G*'D*9/^8T)\Z=G
M@@)+V)(Z,N?F@"C3/:%J+3S::7,*ZWHF$4SY)*1P0X.DD<F(@#0:G9%.=2>S
MJZHH]J]FF,W'+FV=V A-8H"Z6G!^E/HF &4M@88S@-=47%E.P@3/- *53MM,
MD@=([8!+*?F0V?S=@@,R$@C=N'*( T[*+FN@UQ1$^14LJIW.91F/E 0'HI'6
MK5T3E3Q@.'4FE;-J2T.6J[,]?3KQ0O8MM<B M"MRA. \<=HS#]$]16QTYDTV
M9)="IA0SGD&X0'5V0Z7^V-9TR7VR:=@>V ;CE4 CY4!ZHU74&UZ'N+Z3E6BG
M49\I$H#RG4IZUTD[3B>$ T&TIP(E/;. XZZW(J4*4F3;@'1<E/\ [P'9;J"C
MHVRED$O* ZUU?EJEQY. $!TN ;=Y@.=S&1.[" .9_P!"3_V<!U:G!+#,OI#Z
M, -%K$X'" ;DI"PJ6'DF? P#]2V) ;98@0#+:!@=L\)" =ZL2'Y(#JLE:FVW
MNAK5X)0L@JX;%>* ]54;B5TC3@V*0%3YQ. C-6WQ%FTU6W(JRN-M$4\][JQE
M0.^8#QSVDO..79(49Y0/R0%J_P!MU.V\Q6/K0"MMY#+:]X;6,^7FG 65VT7!
M%)H=]B<G*QUMA"9RF <ZODI@/-CQD3SR/&< RX0A(4H3!/2ERP"VT!3:BCI)
M*3(B :JJA#5('9$J Z*1B23@ .6< ICVA-*WUR\SP$W#A@3C+N;(!EY:IRXP
M!YF_H'-_LH#NU* 669_2';S0 ]@=H'_6, E3:5-J2?).$ XV XT"KHR&52=\
MX!(2$JD!A_C /*1T#F'<@(ZZ"= I6(*5#9N@/56GG^LTS;WR?*I6E$\[8,!5
M';[J)Q3=JT^RH!*BW4OR.)4I02VDCXLS 4GVDTW\8APCI91B.: G_P"WS6AL
MNK46JJ41074I:!W)?!^;5W9E,!:/]P5Q27K1;TGI-H=J%CAG(0GT50%,"2E3
M.S=* 4MD&4Y2@&TTZ4S6%%&!S!.PSXB CFY5%;FE_#TBN@9X*=E^J#. ZE+P
M,QW8#F?4)83!EX( ^G_\\G/_ ,'; 2&I!\RSZP_D@(+*1/8(!8;1(2QGSP"2
M,KJB) +$CQF(# @\,?# ;(3FQW0'-7,];1U"3O3-/.("]M!7[VCLJM54I7SA
M0*0G@I#G5> " HK6M\-^[0#5)!2TIP%L;@A)RH^2! 1^NJ;K4I5.9  P@!&@
M;51Y:Q*BEQAQ#J%#:"A0,X"S=?ZF-^O":L'H(8990>.1 S'NJ)@!ML3E/"4
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L/-@,\V SS8#/-@,\V SS8#/-@,\V SS8#/-@,\V SS8#/-@,&_R=GC@/_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>gntncsr123121003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gntncsr123121003.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@!&0+N P$1  (1 0,1 ?_$ ,H  0 " @,!
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M?1.]/LG1QNSAFR$[8Z/<>6NO@XYV<"/QL\AUA$7;5G,?69G7&^R?\=O+]O\
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M  .=$4OC-_KGZ>+^+9?5P#/IIN,(Q<S*E(PB+.3N_H9N*YW9;?BM^J'2S/\
M#=V2KF]O8L>Z,'+O 6+:(XV08>^$BK#D'(?RK"S^L\.K1\WITXK=U..^N7-T
MS6FO(Y<NO^.RF3/T12NK*UY6K5\58LY+(8R:6Q:P=L,+S=]%9.GX]PBYI19Y
M [NH3.7W7=I[,Q/GG_'Q=\SU<6MO#BB8\L3?P]&$1OXN%YV9:PAG*F/DIRU+
MM+&G6CQ-:Q!4DD@R,?>./>G+WLD8.W.;:</(M\O+%?\ R63NI.31%7'F9/\
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M'E"Q#+6E;EQE(?6BF&.0>SAJ/%N/8N;2V(" @(" @(" @(" @(" @(" @("
M@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M@(" @(" @(" @(" @(*_GM^;:PMAJ4]A[65-M8<32 K-P_<ACYB9OOBT'TH(
M#*X[?^],?:QUF.':N NQ%#,)\MS)R1FVC\!?P\&K/V:R/[B#2.%^J+NR+<]?
MVCDZ7L&O.,AV(7D>Q)%&3$PM$0,(D>FC^OP]*@^K $0 0%M!%F9F]#*CE 04
M/*]'-L9#/ODRDM0TYREDR&*BGD"K8DFY><BC%]&8^7\8S<"\J<OP]VK&OIK+
M_%CG_A3LZF1?Z48&UF+N6BR&5H6<AW7B0HW9*\3M"#1QLP#P9A%N#*1DIKF=
M\DYM44W,S)]/,+D:N.BFLWH[>,B>"ME(;4D=UXC9F,))Q]8V/1N;7R\5;L9F
M=.4C"*:ZE[9->/&8'%X4CQU/#W8+0M#-)'K'"[D8&P_E>\U=B8W[7YGUT6HN
M\<73HGLI!$4MF-/KK5TJ],=K5LR.4B"QRQ6"NP8TIS>C%:/7FGCKN_()ZN[^
MAWU99L\.312-4:B_Q9<^77M,UTSVOE\I-D+0V >WW;Y&I!/)%6M]U\#Q,(OR
MR:::>EN#I9X9PTUWZ5NFO13=H>VX^GV SUL+E@K-.T,+U99J,YUBEK.^O<2]
MV[<X>CR>12F,Z\NLKA$:,FI/4*-/'TH*-*(8*E:,8H(0;00 &T$6]QEJZZ9F
MLLVVQ$4A![4_/.[_ )8#]%T5%6- 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M0$! 0$! =V9G=WT9N+NZ"I7NI&(>U+C]OP3;DRL3\LE?',Q0Q%YK%HG:"+TL
MY.7WJ#&_5S?6X'<MQ99L/CS_ /X?"D[2.+^2:\;-(_F?NA!!8L!M;;^WZY08
M>C%3&1^:8P;620OWTLA:G(7I)W02B @(" @(" @(" @(""N;4_/.[_E@/T71
M06- 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
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M-6/NZX^]&@M-+'T*$#5Z5:*K /P8H0&,6]X69D'N@(" @(" @(" @(" @("
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MG^UMS1Y^N=N[8K'WF/@M2"45<]'9B%A$7-VUX.;OH@VP@(" @(" @(" @("
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M++R,^K +Z,PCKQX,@NZ @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
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MMG+'B,[FXJ.1C )#KG',3L$C:B^H 0\?=0=MK]6>G>ZLI[*V_FHK^0:(I^X
M)A?NP<6(M3 6X.;>5!;D! 0$! 0$! 0$! 0$'66:*$'.4QC!NTC=A;[+H-:]
M7^I^%Q.P\X6"W)2BW'%"W@8X)X)9VEYQX-$[GQY7?M%!\LR]?^LHQ&3;JL:B
M+NWXFIY&_F5!]TXV627'599"YI)(8R,G\KN+.[\%1DH"#3%W?>]K^_+-#%96
MA1N4)[->OM>Z#@]F.'NW"229S$M;#$3Q$ NPZ>7BG(QBN73&CQ4Z8C%.=-+H
MMR:_EKT5P6_?V\MT8"?#!1Q494K]VG5N9*647&+Q$O(48PL[&1>8NQ6R*\R+
M<TU[)DOF8Y<W1YHCHQA[[CSNY[.ZHMK[:EJU+,=)\C?OW(CL",;R=U#$$0'%
MJ1DQ.Y.7!F\JS;6>*<UM-\S7U-74B(TW5Z(I7M9^R-T3YW;GC[T(UKU66>ID
M8HW<HQGJR%'(X._'E=QYFU\BM]T1;%\>6;:I$3Q3;.6)HJ-+?^\2QV/WA9&D
MVT\E=CJACAC-K<-:>;P\-DIW/D(N=V(@Y&X/VK5ED\5MMV6[JF8K$=VU.9.%
MTQDLZXC*]\KO/>T\FX\K@AI#A=K2G!-3L1R%/=.L#26>243$8=&?E#U2U?M7
M.+HBV+[O+,]5:5_@WP\5W!;YJ1TSC$,B?=VZ]PYB6CL^2G5KT:%:_8LWXCF[
MZ2Z#R00",9Q\C<C:D?'M[%N^V;>*9]FZE--,K%MT71;^J*[(1FYNO>+VWL?;
M^Z+N*L6/;9%"52N<>L,T0EWHNYN+.S&!,RM\1$X9)B)C9,52VN,3EB9B=TT4
M[IM]9'!Y/>-K%R8BS6DW+E.^@L')%W4$;4X8![U^;77^JZOIPXK+3;F0ZH]/
MJ/";.U92[.2L;VCU_!KM(Z""L=<]K=E"O8M<S<T4LI5Z41-^%;EA+T?!01\O
M6#(6?5K3[<QQO\$;>6"W*[.W!VBI">ON<R#%+?$UJ4H[N_@KM]U#AL/.;CV?
M!GE"TQ-Z>1!R,NQKK/XRWNO<#CJ[A*.2A!]>+-W< 4XBU\GJH,_%VMF8XGEQ
M/3C(A/\ \\V+A"0GUUXRRFQ^GBZ#C?\ F,UN#8>;Q0[-R@U[E.8'8Y*L!B(B
M[ZZ,<C\''@+,[OY$'Q)6KG:FAJB!226#")HQU8B(R8>5N#NSOKYE!]T%LS?>
M7Q,%#+7</5IA"$7A1Q_M!^41868CM& ZZ-Q_%]JHQ*70/"U(YAAW'GJO?_#C
MH7&HP#K^\@K@$8_808L'1>[B)QL8\\5GS#1Q?<5,K%G5GU9_&,<A:M_-H+#7
MW-N?# T62V7*, -H\^$DAM1N_E=H7[B5F_@H,VGU2V-/+W$^2'&V6?1Z^2"2
MB>O9HWB!C$OX+N@M$,T,T8RPF,D1MJ!@[$+MYV=N"#N@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @("#POW8*-&S=GU:"K$<TKBVK\D8N1:-Y>#(-
M1C];#I&[,[37]'XM_4Y/_P!T&TMN9_'[AP5'.8YS>AD81L5GD'D-P-M6YA?L
M=!(H" @(" @(" @(" @(*[F^H.T,-8>I;R 29'L;'56*S:=]-6;N86,VU^^9
MF0?'?UBLPV3ZHV[LE2QCN\IU&&M=$8Y^5@?0B!B/EUUX,[Z^=097U:9,X_4Q
M_8'@Y+_LVSJ-TI!B[OO(>;C$QES:Z:<$'U7[4ZJP 3S8+%VR;3E&M>E#5O+^
M6A;1U1P^Z^H$;-WVR9#\[P9"J?VC[MT'8M_92$^6SM#-#Y>:&.O,/^S-K]I!
MP/4_%B)%;P^:I"/PGFQT[\/*_P"*:371 _U<V&+-WUV>N_8XST;L;L_IYH60
M98=3NGA'W;[BQ\4G[R:P$3^[I(XH*3U;Z^X_9M#&6MOM0W$5V:2*<(K@Z1,
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MA*WG.#C]X@M.%SN'SE +^)N17:A]DL1,3,_[TF[1=O*S\4&<@(" @(" @("
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M?%#JTD9<S.^GG\OH4'U_CI+DM"M)>A:O<.,'LP"3$P2.S<PL3<'9G5&0@("
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M;Q-+%P^-[7NSL]BP[^?OIG,_MH+"@(" @(" @(" @(" @(" @(" @(" @("
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M  2E+OIR;W"%!(XCIYLS%6&MU<5"=]O_ !]GFM6O]_.\DO\ M(+$@(" @("
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MJ?GG=_RP'Z+HK*K&@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
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M_).W?E#$?TP+T3]^WXI[+G"S[%WP=\)_:OYZW5\IA_@:RYV_;M^;ZI=+_/\
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M[MFV?HN+OMW_  ]\/F_ZS/[5[7]PJ?\ :+AR_:^+NAUOR6[.^6Y]B?L<S/\
M,3?X*)=_SO+.V[_Z7//^!YH^7Z+47]5+_)F3_OK_ ,AETN^W;O9C[EVY,[5_
ML6)_]69+]VVN?+R<O_J[G?FY>9\5OU6K+O'_ #ALC^_VO\!,G+\\_!=]5C-_
MV_FM[WGC?VNYKY'I?TTR<KR7_''TG,RV?#=VKHH,7+?FJY_,2_R'7'\C[=WP
MSV.G)\\;8?,O6K]CW3?\"/\ P;KO^5_^B=D]SGROMS\7_)/?5B^#6_FLE_2T
MEVGR;K?JYCC'FGXOVPXV;_Q.YS\&?^0*X?B?;N],[K^3Y[?3,O.YO\S[Y_\
M34'[ME9C[=W_ &1]-KO9]SE[)^I-=2_V49CY/_\ T%=>9]V/^RWZX</QO)'P
M3]+7OUJ?\H83^]-_(7&?O1Z9VN5]F=D-Q;6_RSBO[I!_1LO1SO/.URY/DA*+
MDZ-*[U_R!U<_OA_X2LN5_P!JSXY_^DND?=GX(^EI_H9_F63^=QWZ1@7LY.3?
M^SF/+S,ORSVVMB?6(_:/LS\(?Z<5P_%^_P!#MS_L]+:G4'^W;/\ EV'_  \Z
MO+^Y'PW=C-WVY^7ZH9^ROR>:^5K7[HJ6_;LV3]=Q[=VV/IM:_P E^Q'=_P#?
M<O\ X^1<N=]KE_#:[\O[M^V?IA-_5Y_93B/^M_ENO7SLVR'EY6?:V0N+JI^:
M_:CMGY/RG\JLG+RW_#;]4G,\MOQ?ME\B-^U&?Y=E_P 6ZQ^+Y(^&>R77\KSS
MZ9H;YZQ_\/N(_F<=_1,M?F?>^:6.1Y)],ZPX?_AV+Y!L?T)K?YGFWV]S'XF;
M;*3I?G#_ /YB/]U9_)\O.VQV7I^-YN5LGML?-70+]K&$_"G_ *,UU_'S_"S^
M1^Z.UMWH_P#MKWY^$_\ 2KE^-]C>Z_D_=C9ZF]D13M[?YJV1\I3_ .!G5Y7W
M)^"[ML+_ +?S6][Y2ZH_MAW!\IA_(C6/PLMOQ?N/R_+=\/[6_=X?\/5[^;D_
MQ9+'Y'ELV6?3#7XN6[;?VRS^A/[&JWX%G]TEU_-^W\C'XGG^;U/7I[_9-A?(
M5G]VNNW.\]_PPD>2/^R>R]\U[+_;%C?E[_\ *=<_P<D?#/8Z?G^:_:^KS_;!
5%\@%_C&6>7[?R?N9YF2S;?\ L?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>gntncsr123121004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gntncsr123121004.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@#K0+X P$1  (1 0,1 ?_$ ,@  0 " P$! 0
M       "!0$#! 8'" $! 0$! 0$!              $" P0%!A   00! @0#
M @H%"P$$" 4% @ ! P0%$1(A,1,&02(443)A<8&Q0G(C,Q4'D=%24Q:AP>%B
MDM*3TU24521#LQ<W@K)S-'2T=3;PHF,E-5:#E2;Q$0$  0("!@@%  D#! ("
M P   1$"(0,Q05%AH1+P<8&1L<'1!.$B,E(3\4)B<H*R,Q05DL(%HB-3--(D
MXO)#<T3_V@ , P$  A$#$0 _ /U2@(" @(" @(" @(" @(" @(" @(" @("
M@(" @(" @(" @(" @(" @(" @(" @HC=^H7UG^=%1U= U= U= U= U= U= U
M= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U
M= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U= U
M= 9WU07Z((" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M@(" @(" @H3^\+ZS_.BL(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" W-!?H@@(" @(" @(" @(" @(" @(" @(" @("
M @(" @(" @(" @(" @(" @(" @(""A/[POK/\Z*P@(" @(" @(" @(" @("
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M+6)I3T;Z3 KD9-:UBM9Y>K?X)GYT12DTPYNO=VXM^;S^0QO=#Y&*26UA(<?
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MZ95D\MN$4UZ-L]NAQS+XY[L9KA33LCLT[79W?W9^'Y>LQ9.&G^#Q17<C4>4
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MD9Y!+1VWZ>S1<LN[FNC"-?@Z9EO+9.,ZO&$)*U\L()8V++M%ZIGOUK%@FO'
M(/JU<YI"V^9Q?1C%W9G9GU6JQS8\NC5&':S$3RX<VG7./8O>V;%2?%MZ6S9L
MA&9QGZW7U$9L_&*3<PGJ&OTN.GB_-<<V)B<:=CME3%,*]JGR,LM_)Y;U-J]#
M1Q#PPQ5<;U&F.26,92E)H6>0].H(B/N\'=V?PZ612V*4K=72YWS6Z=-(IH*]
MC^(,A#4AR%J/%P8^O;$XB*O8L'8.0&*0Q8#'8T/$6T\S\>6BLQR1,S$5K3=&
MOS2+N>8B)FE*[]C10RF4;*8W'36SG:KE;=&2=]&>>(*1SQ]7:S"1!N9G?3B0
MZJS;%)FFFVO_ %1!%TQ,171=3_IJ[<M5DR'>%>B=RW7K#CI9V"K/)!K(TX"Q
M%L=MVC/]+5EFR:63-(TQYM9D5OB*SHGR=W:MVY9H6(KDKV)Z-J>F]IV87E&$
M]!-V%F'=MT8M.&YG6,VV(F)C7%6LJZ9K$ZIHN5R=1 0$! 0$! 0$! 0$! 0$
M! 04)_>%]9_G16$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! ;F@G?[0QMN>Q)UK-:*[_P"_U:\Q1PSZCL=S%N3D+:$X
M.+OXKK;G3$:L-#C=E1,UQAVUL%C()+4C0M(5PV.5Y&8^ QC$(#JW 6$.7QK-
MV9,Q1JW+B)JABNWZ&,*,J[R$\5:*D#R%NTA@(RC;XVZCMJK?FS=IVU2S+BW0
MUVNV,79CLA(TC%9LC=ZH&X21V!C&,3B,='%V$&_EUX.D9LQ3=@3E1-=_3R:R
M[4HR4O3V+%NQ*TK6([LDY>HCE%MHG&0[6#0>&@LS/J^K/JZOY9K6*0GXHI2:
MRZL3A*F,ZQQG+8M67%[-NP?4EDV-H+._!F86Y"+,S>SBLWYDW=35F7%O6Y[O
M:6%O8>]B;492T[\LD\[.3[FDE/J.0$W$7$N(^Q:C.NBZ)C3:S.3;,3$Z+G5!
MA,=%-;F>)I9+IM).4K,?NQC&PMJW 6$.7QK,WS,1#461$U:Z7;]"G^'])Y"_
M#(#JU7,MVD4FS5B]NC1"S*W9DS7>EN7$4W.:SV?BK%N28SG&O/*T]F@,KM6E
ME%V=C./XQ9W9GT+Q9U;<Z8CJ2[)B9Z].]OL]MXRQ!D(96-QR4HV)B8G8@E
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MB(G=W=WU=USNNFZ:RZ6VQ;%(=*RT(" @(" @(" @(" @(" @(""A/[POK/\
M.BL(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(
M" @(" W-!YX\_('=YV9K%B+&-8,*UHC/T]@8HV@DI0UVU$I6LOOWZ:OH^W5F
M?3V6Y?R4U\=TUV4>.Z^E]=7#?'7TU/1]P6;$68P812D$<LMEI0%W9C8:DI"Q
M,W/0F9UY[(^6[J\X>F[3;^]Y2\KB,YEX,1@\9D;<DER:7'6*MTB=CM5)C'J
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M>:6<W,P'7S2D9,WP-P7+.FMTMY%M+(WK1<G40$! 0$! 0$! 0$! 0$! 0$!
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M" @("#I9GCV![2;C[?%_U(B#L\D3/XBW!_A;@[?HXH-**(" @(" @(" @("
MW-!1P8W\=K9S+7,G:JW:ENY7I206)(8Z05">,'Z0DT9N3!U#Z@EN8M/=T4G"
MVNLC&ZC5'WQW3)B3R$-6H\=#$4<M>"9Y!DD>Q%))-%'MX [-%Y2+7V:>*MTT
MF=E:>#-N,1U.L>^LE-W!)6JT^MCH+PXZ4!@M%.[OM8[#2B#UQ",CXB[Z[6<M
M6]U(6?3B[,Y&65[MIX&S--#C&HS7I8H)3@*Q(,H1,)21N)[(V/<XB3:N[:\D
MB-/9Y^A.HEGRU"[%VYV_LEE@KO=EL926:;2,Y7".$2U>0G=V)MQ.^UF;@6J8
M]Q3BX*W?69O]>S3HP1XZKB8LI.4QD\O4E&Q]@+#HSZ'7;S\.'Q\)=A$STT5(
MQF(Z::,GWOG,;5BMYFG6**[CY+]**H9[PDA&-W@E(V<2W=9M)!T9O9XK5T4F
M8Z::);-8B=7PJSE>\.YL+%<@OTZEK)!!%;I-6.0(C&2R%<XCZFI"0O(VA\B]
MC::*1YQQ6=%>O@QE^\LWBIP&4:MKTKP!EH*T-LMA6)!'RV-'B#:$@DPFVI>.
MW5E8QG@3A#CK]U=RXRGDI;LL%L[&:FQV+88K!=+S&3O*(/*9B !Y1 6X^/'5
MI&B-N/F3IGL\E]1[ERDW:F2R<U)POX\+&P.G+$%AX(]X21!,P2,!\&T?D^K:
MOS4NPBJVQ6:.+&X^CBNWX^[)[MV_<AHE>N3^IE*.RSPO(3=#=T6'CY&$6V\%
MJ_Y:LV_-1Q1]^=QC2G,\?%+,[TRK2M%;KUV>W:CKE 9S@+D8-+N8@][]EO&\
MN--Z3=A5KS/</>12PXZ&:G5R=3,U:L\X!,4$T%B!Y0;9O$QYZ$VY^6JEL:.W
MP;V]GB[J_?.4L9\JL%-IL?%>?&RB$%IYF('V'8ZK ]=HQDYBY:[?-NU\JD).
M'!;]EYC-9K"Q93)5X*HVF8ZT$)$9,'%MTCEPU+35F;DWBFJ!?(" @(" @("
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M_!-5!+^%L$]>G7DKO,&/LM=JE-)+*8V1W:2O)(1&1>=_>=T'3C</C<8-@:$
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M" @(" @-S07Z((" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
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M\Z*P@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
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M 0$! 0$! 0$! 0$! 0$! 0$%"?WA?6?YT5A 0$! 0$! 0$! 0$! 0$! 0$!
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M"":GD,;(T-^A986DB(FU%]0<A(2;D3.L9N3-E)TQ.B73*SHOK&B8TPM;!S!
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M0A\>:ZY^3^.[EF:RY>WS_P MO-$4A>KB[B @(#<T&S"=T5LOE<I2K,&S&2]
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M @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(""A/[POK/\Z*P@("
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M)L=VXQE$#N3L+EMCW:-S?@Z:HWK,8RN;7<F/"C'=K3PS5I(GL-:>1A@&%O\
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MP@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(*$_O"^L_SHK" @("
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M#_=0_P!Y/PW_ &SW'Y\O[H[S^,.TO^;H?[J'^\GX;_MGN/SY?W1WG\8=I?\
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MC_LC^I.:3EAD:U8"8@B 2;D["S.E9*0V**H3^\+ZS_.BL(" @(" @(" @("
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M 0$! 0$! 0$%"?WA?6?YT5A 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
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MGO,KEOFZ/INQB7+V6;6R+)PNMPF%AWKW31[;PD]JP3/<E$HL?3;C+/.;;0$
M;B_%^*XY&3.9=2.W<[YV=&7;S3^EJ_+O 6,!V9C,9:;2V /+:']F68GD(?\
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M>]4E.O,[?UBC=MWRLN^5[J^R*1.&R<7GS?;67S68QVM>&_+CM+%71OQU3MY
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M;HB,HK#&#NXL3.0^\S.SNWQLB,HH@(" @(" @(" @(" @(" @(" @(" @("
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M?_C3Z/O,N,R;IM^JS3&V-KYOLKYRK;8N^B_1.R=CT'YP-_\ ZQ2U_P"6H?\
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M8:EB=Y(HY">%^O)T')Q:1R8=^NKL_P JWJ[?*$Z<9>Q65$! 0$! 0$! 0$!
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M2Z<C"^K@>C:Z%R=2[W-LQ3DM6WV]T3]=SUR\KUB @(" @(" @(" @(" @("
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M5C(9XML]E\?!/ZNOBBD'TL<V[J,0CMWZ";[A!S<1?DW!DC G%TUNU\=7DIR
M4KE1L6K<.I,^LEUY'EW<.+?;%M4IX4/6KGQ_9E#''6*C:M5V@AAKR@)@XSQU
MG?I=;4'XMJ[.X;7=N#\%>GDE$8NR,9%1/'C8L>@W1/!5W1[86AF&<!!V#>[,
M0,WG(O+P96)H3%5O0JVJ_J7L62L]:<Y8F)F;I1EHPQ#IS8=/'VJ*ZD! 0$!
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M$P]-^7%UO+=C5Y$.T_S)P<;!V_W)'DZD3:0X_+Q,Y;6Y U@/-\7)>N<_)O\
MKLI.VWT>6/;YMGT7UC9=ZNNIW):[J[ S9QU2I9>"&Y1MT]=W3LQQNSB+^+/K
MP6,S)C*S+<:VS2>QO*SIS;+HI2^*QVT=GY86*L_Y?8$JKMTPJA&3-X21NXR,
M_P .YG4]]$QG75VGL9B<FVCTQR1Q@4DKL,4;.4A/R81;4G?Y%Y7KA\I[3AE+
M\DL\8"_0LCDYJ0:?]B6NW3X/*Z^G[B:>XLKICEJ^9[:*Y%]-$\U.Y[OL0Q/L
MG $#ZB]"NVK?!&S/_*O)[O\ JW?O2]/LOZ-G[L*+\T_,?:40\9#SU5P'Q=A8
MG?\ 0NOL=-W[ESE_R'TV_OVM'YKGD RG9QXZ*.>^.5=ZT4Q.$9'T^#&3<697
MV-/GKHY#W]?DIIYX<_<?>?YFX*G%9R.)Q=2I-,$!Y 9IK$==Y'T:24!87V+6
M3[?)OFD775V:*IG>XSK+:S;;3P>E[5[5/"XV^9W/Q',9<SM7<AHPC)*8:!TQ
M;D L_E7F]QG<](B*6VX1#T>WR>6LS-;KL:JK\EI(G_+ZG /"Q5FL0W ^D,S3
M$1;OAT)EW_Y'^K75,11P_P"._I4G3$S5[E>%[WS_ /...S)CNWHZTK063S=4
M89W'>P&[&PDXO[VC\=%[O^/ISW5^R7S_ /D?Z<4^^UV/VY^:&K__ .Y5_P#_
M !L?]]9_+D?9/^IT_%G_ 'Q_I>HQE6]%C(JV4LCD+; X6;+1M$,NKO\ ]FSN
MS-M?31>;,F)FML4AZ<N+HCYIK+QH_ESG\(<C]F=Q28VF1/(V(N1M9JBY<78'
M?S WR+U_W=M_]2WFG;&$O)_:763_ -N[EC9IA8=I=U9RSF;O;7<M2*MG*4(V
M1FJDY5[%<WVM(#/Q%V?FRQGY-L6Q?9/RS-,=,2WDYU_/.7?$<U*X:)AZY>1Z
MQ 0$! 0$! 0$! 0$! 0$! 0$! 0&YH/,=OTQ]3F\B6& Y8;V5>/-%*)&SA)(
M(CLUWLS-Y%+L+>R5B*W]WA!B^Y^XO21VAL0M3J%A8'J=)W<QR$< RN\KDY,X
MO/N#XN.JW,?-_%,<&-797Q:[W?>=#K'0G&2O=J%<QL]F&(6%@NUZ[.P1RD91
MD%G_ +1A+5OD:6Q7#]WBM^$3/7P6CY_/-E"P!W(@F?(%5'*O"S.T?H@N"'3W
M;.J[FXL_+:SOIJI&/'A3U/AQKZ-1YV_'E\ACX[3E>FFJQ5IJT49/*[4NO*3#
M/*T0#P<O>Y<.+\59T=_EZGIYRW=@YNUFLA/D++LTEG%8Z4XP?[-C>6V)D ZD
MS;MGM?XW2F'39!.GO\5,V2?M6*Y9*"/(Y*6K:LT<S7L'*-L(Y!<GM0[FVE&Q
ML^K.XZ,[,0<E(T4ZO2JTQKU^M%K!G^Z2LUL58-JA7+11U\I/%$QO&%;KN'1"
M20&D<]6%W?B''37BKT\/7@G3QZ=K?-W3D8);L!VH))*^2Q5*(V%A8X[GI^J[
M#N+W^H>WCP^'139USX)MZE0^;[BMXG&V[EJ/K9!\FT#P1N'1""M8:-V\S[S\
MC$^K:>QO%8GZ?X:^#K;'S?Q4\6Z+N+/8G 82,K0W9LOC(HL;8E!MSY(]FP3<
M>!,4<N[XHR?Q7:[ZIC?^ERC17IN6GYB6@+&T\"967?,R]&T=*.62P-6(>I.8
M- Q&.N@QZMRWK&F>/IQ:C".G30KJW>&:DP6(R$DCUZ\ R19^7HL=B*>M(,)%
M)7D*.08BT(BVLYCJ/#3577U]/@SJZFT^Z\Y5EGBO3QQVGN56BB:,'KO2FR U
MGEBF$WW?9FPDQLQ"?AHI&KIJE9UHCW5GK7<OX?!;KPT8KM\+,O2ZA-!2BJR;
M!T+W]TQ,[O\ HU96-%9V3XT:NC9N\'(_>W<!S="M.VRZ&.M4;-F&)B&&[>"N
M7V<4IZB49ZAOT)GY_ B-4[?*?1BZ:17IJ]5A6[AS]C(#@RO0U[ 6;L19,HFU
M,:@0R #1.6QC)K&I?U0?1F\)&,5Z::+/GY53QW<_<=ON(X8X>K0KW7H6&8(P
M#IC TGJ&D>7?N(G9V!A=MC_*K'J3Z/:J @(" @\!F>TNX,AD<L.*A;!0WZ]N
M*W:&RYQ6Y)HMD,OIQ;2.1BT<Y-&+3AYM>$C1TVK7%HA[+RD<<%YL=U9(;D4]
MO#69JW1G"*O) !1]"&*%B!Y&(=X^;:VNFC::KYLQH[D\IV+D[IYF[!6AJ6KD
MF-DKQ,4;N4%,8RFJ[G"0!$B!V;R.+\-6T4]?)JM>[SE*KV?EJ=O'9"E2![+!
MDAE&]) ;UYKO2..1F@C"/IL<#[@C9G\[O[5:X3&Y/57T/R_S\U@3R52%ZTM[
M&V[-8SA(7]+%,$[].&.*+1R(-HZ<6Y^Q6)BO;/@F/"/%;]N81C[WREN%M<)C
M9I3H"XD+#D+@BUW9KHSB'3]YN&Z0V\%+='31I\?!;M/3J\'!-VCW?'W+8R=6
M,&FMVV;(Y$;&AS8_KB<4< ..L,T40M&7':8L^NI;=LLPZ=.TNQZ=.Q==R]J9
M#(]SX^U6V?A=AHH\\)%H1!1F]55VCIYMTKD!?U75MPGCV]/ NQCIHZ>+@H]J
MYFCE(+T^.@RD.^\'ISD!GKO9R$ED;$>\7%]\9BQ_2;:VFO%9LPBFZ.!.OKGB
MV]H]G9/&YOU&1ZLLE8K917QD@Z<XVY>IYP&()W+335C,F9VX.ZMN$=E"[&>U
MJD_+ZS-C>X2L')+?MS9.;$5BF?TT9W DCCE8&9F8W"1V=RUVZOHDZ.FU:XUZ
MO!SS?E]<#*P,$1?A1P48A"H=>%ZAU#>0W;JQ&>A&6_6(V)WUU]JU7YIG?5BG
MRQU)UNS<Z%O9# %;&QY6&]!'))')./&P4YM( "Y!K,+QC([DWFXZ:,L1HCM_
MEHW7&>FN)5[?E[W#+0AIQTJF-L5L/9Q<N0BE9RM3225S:0M(]S!-T3W.>I,Y
M/P?QN_JPZI2GGQA98_L6>3(XVW<H_8!<GLWZMLZTH-K2]-&4<=>**+B^FOEU
MX:NK%.$^,>B?#S;NS.TLMA<G0FM4X3 <:U&2P!BYP%!8E.,6U;4A**41;1^&
MW16OA;PTDQXSQ>[65$! 0$! 04)_>%]9_G16$! 0<&>HS9#!Y&A"XM-;K301
M.;Z"Q2 XMJ[:\-76K+J71.R6+XK;,;8EH[3Q5G$=L8O%V2$K-*M'#*4;NX.0
M-H^UW9GT^1=/<9D7YDW1HF7/V^7-F7%LZ85(]JY+&]ZOG,(<08[*-MS^/D)P
M8I!]RS#H)-U/VF?37Y5TC.B[+Y+M,?3/EU,3DS&9SVZ_JCSZVCN_MWNRSW5B
M,_V\](I<=7G@..\4@B[SOIJS1B[\&^%7V^;9%EUM]?FIHW,^YRLR;[;K*?+7
M3O1ZGYR_N,!_B6OU*T]OMOX)7W.RSBL\AB.Z,KV[6BDR0X?/Q&TQ6*&LE=Y
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M+%&_3Y.1"XN/#7D@N2P>%.>*<L?6*> 0""5X0<@&-]P,)::LP/Q'3D@VACZ
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MRF+.CE+Q,<YN5<HQC!W:&O$\,AOMB'B[NS:DY/XI&A)TO3J @(" @(" @("
M@(""A/[POK/\Z*P@("#R_P":$MF+\O<^==W:3TA-JW-A)V$__P KNO1[2(G-
MMKM</<S,95U-BS[7BK0=KXF.FS>G"E!T6;D[/$S_ ,KK/N)F<RZNFLGMHB,N
MVFBD/(YSO[OW!X\\CD^U((:,9@$DHY #=NH; /E$7?FZ].5[7*ONBV+\9_9>
M;-]UFV6S=-F$?M-WYH[9+W9U>S__ !\^:A]4S^Z[B.L;%\&KNI[+#GF-,631
M??8VV5T3?%7O7UU?7GXKPO>\)^=01_P%/-RM5[562D3>\T_59FV_#M=U[?\
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M[/Q%2W"*=7!NZ:S57U_RLI5\=<QT4T PS1205;/I6]7$$DC2.)S=321O+IP
M=>&NJ1JW4X,S%:[Z\7ND40$! 0$! 04)_>%]9_G16$! 0$! 0$! 0$! 0$!
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M,W'1)*X5;,5DZ^3I#;@$P BDC*.1MIA)$91R 3,[MJ)@[<'T0=: @(" @("
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M5O>0M5&8;#.#,VA[Q9FX\>"\^;;;$_+/-'51Z,JZ^8^:.6>NJR7-U$! 0$!
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MVYJQ.N=L^$$QA2-GFYK7:64MYHK4E66O2N-2((:QU&>H565Y'$B,")FW/O\
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M^/M9)XX' QQ[QUCD:./J-'T^ BS>]KJDS2VNXF*W4ZO!U6_S OTL14R-NE7
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M]78PM&6T[ZO,=>-R=_:_#C\JZVY^9$4BZ:=;E=D9=TUFV*]2V   ! !8 !M
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ML(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
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M[/IRU;Y$$F 6?5F9G=F9WTXZ-R090$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
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MS( ]VUW[P+MSTY,S0;VO;FZ;V&9I"K,.FN]H3&377DD8UZ=-23A3ITT2U?\
MB-V1M(OQ>': B;OYM-A/IO;R\0%VT,FX#])V2!92=QX2/(-CSN UM]-(^+\7
M!Y&'<S;=S@VYAUU=N.B#BK]ZX"R035[D!XTJTULKSR;18("C8G9B9M0^U;4M
M=&Y(-S]W]O#7@LR6^E!9-XXI)(Y8QU8F'S.0ML;4F;<6C)02B[L[<EROX3'?
MC+(=0X>AQUZL3;CCW:;=[#YMNNNG'DD8DX.>YW%D"REC&X;&_B$M)@]=-+.U
M:*,I1WC&);9".38[$[;=&9VX\4@EV3=Q8>"]Z"Q9:*XP%)TB8F9V .H3">FT
MB$/,XL^NG%*E%?'^8?9<CBP9:%]Y1B/O,WVVG3/5V^[/71I/=UX:ZJT*I2]\
M8&HTSY*U%5>.>Q#&+$4I&U5Q:0MH#JSCO9R;Z*G3C0UT;[O>7:](X@LY&$'F
MCCF F=R'IS/MB)R%G$6D?@&K^;PU2F-#55J[P[LA[:I5[)UCMO-,P'%&3"00
M@+R6)WUUU&&(")V\>21IH:JNZ;N'"PWBI2VP&S'$]B4>.V.)F<MTALVP/*+N
MVYVU9D\ARR]Y]M0T8;TMUHZ]AR:!R"1B+IMJ9-&X[]HMQ<M-&;CJDD-D_=.#
MCG"L%N.:U+#ZB*.-W,7C(7(#(P8A 387VD7/P2<*[EC&F]KK=W860*333C%9
MNUPL11"QR"3'%U=H2,+"9;&=V9O,[-KHDX5W)#CQ'?\ A,I3IWXC:OC[5.:\
M4MIW@.,('C8MP&S:BW6;4F+3X]59B@ZOXW[6:HUM\@ Q/-Z9F<3:3K=-Y6CZ
M3CU-Q1CN%MO%N2@M,?D:.1I0WJ,PV*E@=\,P/J)-_P#CFDP.A 0$!!3V.WNV
MI[S9:6"-YW,"*9I"&,Y(W88RD 2:.0Q=F87)G=DC :HNR^U&?J1T0=C#8#[Y
M"%HWE"?9&VYV$.I$),(Z-P2,.FPG%VVNW\-;LSV;-499;4#5;.YRVR1,[NPF
M&NTMKD^CNVK>"#5CL3V^)Q34F&:2F4C1S=8YS I689&<R(W=W8&;BZM4HZ[N
M+Q]Z2I);@":2C,UFH1-J\<S 0,8_#M,F^53>KG# X.*:5XZX136K39";81 4
MED!$.J6UVW:" L[<D@=$%?'!D;4T6SU\H1-;=BU/8&_I;AU\K<3T^5!6EV1V
ML30B] -L Q1Q@Q2,.V"3JPLXL6A=,^(;O=\$);#[1[=,+('38VMLS3;CD)V9
MCZK-&[EK'I)Y_)IQX\T@=$6 Q$5H+85F:R$I3C*[DY=4H6KD?%WU=XA84'30
MH4\?4CITXFAK1,[1QMJ[,SN[OSU\70;T! 0$! 0$! 0$! 04)_>%]9_G16$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M!UP%T1?AYG][Y&UT1%"'Y?.-R/+-</\ '!RI9(Y^I,\#QF[Q%"T#GTV_Z-^E
MNVZZMJD84Z:?B3C7IH0@_+ZQ%C:]/U<;O#A+F&<^F^CG:*,FDTU]UNGQ;Q2=
M$QNC@MDTF.N91J?EW)7RA3G+%9JRR1VB:0K#'%9BKA"Q1@,O1)M8F)G(-6Y<
M>"78U[>-?5+<*=G!F?\ +N:;%8RCZT(BQN)#'#(,6K/-%+6FCEV.[,X;ZGF#
MQ9^:5QKU<#X\4>Z.S.Y^XZ?0N9&M$,E>2":O&$_0&1S8@G 6D'<>C;=)-6;P
M\=6NO45\U@'9TXRA)ZD/+FSS+^1^('&4?3Y^]YN:6X4W5XU]4F*UWTX4]'/W
M%V9D[LF6''V*CT\X -?J7H2E$)HXVB&>$@,/-L /*3<Q9V=N*DQ6*-1-)JY)
M?R\RTN1KSRY,)X*CZUGD&5Y!!Z!TWB$>ITA'>?4U8=SZZ._BE\5KOKQ9MPIN
MIP;K/Y?6)L;8IM;C$IL)4PS'TWT8ZI2$\FFONEU. K<W8_Q1/<612G5,.NCV
M9/6SOXF5D#'J9.1H]CZ__N!0$+:Z_0Z#Z^W59_5F-WG,K&FN_P J/*Y'L[/X
M_'AV_C=;?KZN,@MS/7?IB5#IQD8S/(P@+QQ:N),[L_NZN_#436[=6OAZ)HCL
MF/'U>QSW9E3/YB.SE)#/'P4Y:L-2*26 M]DFZQD<1@Y,\8"+"_#FL4TM5T*R
MIV-EHIJ)RVZQO6H^BNR=.7_KQ"$X0"W'OZ9@V]CUV[N;,[,[JS-:[TC"FYC'
M=D]PXWTUJGDH"O0!9K!#8":>O%5LE$8Q1.4G5^R*%G'<7%G<>#,VB<>G3:-V
M&[(R&#"6EC[D4N,MUH8+36(RZXR05FK,<9 3#M(0%]KMY>.G-+L8F%MFDQ/3
M35R5OR\RT=W#R39*.>MB"I'"!#+N%JM;T\D<8]3I")EK)N<-W'1^&BM<:]?&
M&9BL4ZO%@/RWOR8JEC[.0B;\/H3X^O-'$7%GL5YZ\A@1.S[?2LT@ZZ%KPT2N
MO7AP6<>/%80=G9.7-P9S(6X"O#;BL3101D,3105)ZT8!N(BW;K+DY/\ %X)&
M''C3T)QX>-5UVWASQ&+]$<C2EZBU/O%MK:6;,D[-H^ONM)HI&B(69K,RLT00
M$!!\PL4K Y^YVQTG?'X^S8[C#<&L;Q31N4,3<-KZ7I)3V_U&69^F?V8F/3A5
MJ(^:/VICX\:=[9@\_E/3!'-;."_5Q=67!X4(XX8KQ%0&0GXAJ7V^Z/9&X[-O
M+BMWZZ:<68C&-BU[#RV:R5>W-<O17('KQ$4;2C)/#9)C>43 8:_2%^&D9:D+
MLZSF1'+)9.,/,83#9S']JXK-U/3XBQ/2Q>.C]%'U)#&Q:@:2>PQ@ N8QN3"V
MU]-Q>9UK7$;:>"3.$SLJMJ^;[K+N&Y1+(Q53IRSPC#<,-QTXZ[O%9: 8!(R(
M]LI&,NWWAT;DIJF>OX-:X[/BK1[E[@*E5LUG.[DJE/+CZMPBM#++$U5VEJR1
MQ1.<6ADXBPL[NVU]=%K"E='_ .S/']$H29J]3R&6N8?)RY.I.^)@L9B78'2K
MEZIY":8(7CT8]HN?3?9NXZ:<,1'CY+Z>;MFRO=\M6R0YEQ]%A[&2KRTFAGCF
MDBL2]#J2%"S']D C(P".Y^6B3-(F=E/-*XQ'7Y+SLDS+N/N9Y[LYV)IZ]D*,
MQ,X!#-3@=CB':S[>HQ@W'Z/MU6YBD4V3*1-:3^S#V:RT(" @(" @(" @(" @
M(*$_O"^L_P Z*P@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(
M" @(" @(" @(" @G&S-K(_(>3>U_!$;&=]S"_-@)R^,FU07" @(" @(" @("
M @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(""A/[POK/\Z*P
M@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
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M!!!QW$Y[>+['VZ<=,QH[_P"99T]W@^EX>>Y8Q-*>Z(!<E@C.R$1,<;2$#.;
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M^L_SHK" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
M@F/DC<OI%P'XO%_YD$$!!/W8?A-_Y!_I000$$X?>?ZI?,B+-\IC&K6+3VX6K
M5',;<_4'9$\7WC2%KH+A]+7D@W13P2N;12#(\;L)L+L^UW%B9GTY>4F?XD*L
M1V:\LLL4<HG+ [#, NSD#D+$S$S<M1=G0;$$"G@"4(3D$99=SQ1N[,1,/O;6
MYOIKQ08DLUXY8H9)0"6=W:&,B9B-Q;<6UGXOHW%]$&);=6*:&"68(Y[#DU>(
MB9BD<&W$P"_$M!XOH@16ZLLTT$4P235W$;$0DSE&Y#N%C9N(ZB^K:^""77@Z
M[P=0>NPM(\6K;V!W=F+;STU;35!,G86<G?1FXN[^Q!"O8@LP1V*\@RP3"TD4
MH.SB0$VHD+MS9V0JF@(" @(" @(" @(""NL]QX&KD0QUB]#'>D<6& B;=K)P
M!G_9<_HZ\_!()=ENU7J59;5F1HJ\ %)-*7 1 &U(G^!F9!M9V=F=N+/Q9T'+
M<RN-I.XV[,<#M&4SM(3#]F!"!'Q\&*06^5!BQE\97HV;TUF,*=/?ZJ=R\L?2
M]_<[<MOBBQ"&*SF+RPR%CY^L,3LTC[3'1RXM[["B.Y!IM7:M08RLRC$,L@0Q
MN3Z;I)280%OA(GT9!N0:8[E62S-5CE$K%=@*>)G\P-)KL=V_K;7T01@R%&>J
M5N*<"J@\C'/N;8W2)PDU)^#;2%V=!HQ6?PN6ZC8VY%:>'3J-&6KLQ:[2T_9+
M3@_)T'>@(" @(" @(" @(*$_O"^L_P Z*P@(" @(" @(" @(" @(" @(" @(
M" @(" @(" @(" @(" @(" @(" @D ;BTUT;F[^QFYH!GN+7DW(6]C,@B@()S
M<#V^ -M_1S_E000$$X?>?ZI?,B/GN2[.NV\%W7-&>S%7)\O8RN.<3WV)Z\DO
MI2CT^B?EZG[3 #>U-4=,:].UN/J[NZD+H[ER._)'?L6:N#>]MMV(7DC<=,;6
M*$'DCT,(RD<]29_>9AUXZ*SIG^+Q]'*W1W>"#PVX,KE<G2L7&(<CA@AU>1AE
MAECK12E+&[-O<HS?<Y-Y7;P=E=G7/@U=H_A\Y5\O<'<DDMN3%O8![%*26S3*
M2S-)7(+D 2,[R1DT4P02R^6)GY<!?1G?,<,"=/?\%O@O6R]P8>:2?U=5I,CZ
M209)K'3B>&#R%8FCB*3[3?H[MRX:OHK'EYPS/GY2L<UEZ$G=>+<"-VPOK9\F
M3Q2,T,7IG%C=W'BQ.7EVZ[O#DZENN=WG#4[-_E+5WQBILME^W?1ET[<#V[6/
MMNQ.,5@(6>(CT^B7NDWB+NR8Q/9YP83';Y2\ZU',8.UDAWDY6[].;N"^!RUQ
M-Y*9E(;31A+)''UVC#46\H:-JS<4BFC56?".G63MUTCQEO\ 5Y.G+ZJX9W#D
MQE6$KT9SQ",9WYF"22<8XY= BV]0F%G?GP9]5?AX2O\ ^7DV=NRYO)9.M%:O
M7/15(\J3 )RL$W1MQ#6ZAFPG((@1;=W$FYZMSS=],]7_ ,EC3V^4*S#9'NF#
MMJC#;":K(,>,:2&.66.&/$O [,;21QD82O..V<F'<+:<6'0EN=/;^CIM<[='
M9YXK9[7<D(8RHU^6P/<6ZC7LQ'(?0Z-@YFD:0QB+<]'>SR;6W$ OXJ1II/7W
M:>_#BU.BO9WZ/-](4! 0$! 0$! 0$!!\]*WG<..0ITX)&S$^5EM#NIS68KD$
M\K/&[3@XA'TH78'WEY=G+31+=4=_?I)USTT:%7W(6=M6<HU>K:C>S6S%:U4C
MCMGJP5S:L3G(15R*5Q$HVC'AKM]JSJ[/.%F<8Z_*73;#,-%8_!!OMB]M#\2"
MWZMI.HTQ>IZ;/]MKTMO6Z/#3W>.JW=IW5]?.C-NC?3T\JN?*8S,28K1QFNL6
M.OC7(8K&H@=ZJ<4/V[=4G$1+:Y<7%DCZH_A\35_J\%WE*V5G[#[J@>.<[4MC
M(M4 A,S<'F+I;!?B0Z>ZS>')/MZ_]S<?5/3]589-L[CY</:OVBNP0WR>V=.M
M(##"=6:,>I%&<Q&/6(>/AP]FJD:6)T/)QT\];Q>0MR-DX[-?$SSX\'*Q&;6V
MNVCB\C.VZ1@8-!?7RZ-IHI&$1_#\?BUINW?,[,K7NSY4'M0Y"3*!GJ<D73&9
MZS8\98R N'V&P6UW?28^:U&GO\_@D3AV1Y+3L_(?AQS4[Q69FGFAAKY.:.V!
M6)I&D?9)#/KTY0:/4R#R/JW+W4C&$G2ZXLG6QW>V6&V,X-=BHC5D&O/)&;CU
M1)NI&! VCDVNK\%FW7&_RAJ[R\Y402%;[+N]OPUYY,I':LS2T3@FC::&/(E.
M<32& Q/UH>#>;1]4MT1.SE\DG7&VOF]OB<U2R92/5AL T0CO.Q6FKMJ^OD;K
M"#NXZ<=.2TBQ440$! 0$! 0$! 04)_>%]9_G16$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$&PA>.)F\9.+O\#<F_G1&M%$$X6;>Q
M/R'S/\B(@[N[ZOS=%$!!.'WG^J7S(C7:[UQE>:P[U[)X^I-Z>YE  7K0RZL)
M,3N32.P.^AD(.(^+MH^B,277B^Y<9D\GDL?3+J28J1H;9[HW9I7%B<6%B>3R
MZ\7<6;7@SOHZ1HJ3IHUXONB#)SQ^EI6RH3;_ $^3< :M)LUXCY^HPEIY2(&$
MO!^2#O@RV*L TD%R"8"DZ(E'*!,\NFNS5G][X.:",V:PT&G7OUXM2(6WR@.I
M 6PFXOS8_*_P\$&W\0H>L]%ZF+UFW?Z;>/5V_M;-=VGPZ(.0^XL2STNC.-D+
MUEZ<,E<AE!I6C.5V(A?AH,3I$5)62 @("#G+'42OAD"@ KL8/%'8=M3$'?5V
M%_#5!T(" @(" @(" @("#S=SO6"N=R8*%B?$XV0H<CDX^GTXB#3JNP.32&,6
MOVA"/#1^>CI M8^X,'+?_#X[\!WMSAZ9I!>3<(L;CMUUU87W:>SBA5LHY?%7
MY)HJ5N&S)6+;.$1B;@_%O,S/PXL_Z$%?2[FDOW-M+&V)\:TQUGR;%$T?4B)P
M,A C:0HQ,7'<P\^3.W%()=(=S=NG%8E')UGBJ.+69&E#;'N+8.Y]>#.7#7VH
M(Q]U=M2310QY2J4L[@T(-*&I/(VH:<?IL_E]O@@V_CV$]7-3]?!ZJL)'/!U!
MW@(-J3DVOT6?5_8F\HTCW7VR;0N.4JD-@NG 32@XF3.PZ"^NC^9V;X^"4'/4
M[Q[:N!?F>S'$&)M'4LG/H.R47</*[O\ 2XLWBZ:JFNCMR&>QU+%-DW-[%:3I
MM6]/I(4QS$P1!%H^A.9$S-QT^1)V$-$/<#0U);.:K/A0B(18K,L) >_EL.,R
MX^UG0;9.Y>WHIX8),E6&:PT90 \H:F,SNT1#QXL;MH+^*;ARTN].W+4.0F:V
M$,6,LG3ME,[ PR@3CPU?CN=O*FJIKH[ASV$.S7JA?KE9M@,M6$9!<Y(R8G$P
M9G\PNP%Q;V(.Y 0$! 0$! 0$%"?WA?6?YT5A 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$$XQ9W<B]T>+_#[&^5!D2>1R GXF^K/_6_
MIY(C6BB";<(7?Q-]&^)N+_S(B"*(""</O/\ 5+YD126L#W(V)RO;%>M%)0RD
MMIX\J\K,T4%Z0I)FDB?SE('5)@V\"X:NW%2(PB-A.F9VKO X:>H><&P#!'?O
M'- 0NSD\)5X8F=W;D^X"5G&*=?C*UI,4U44]?$]TOVL?:4E6.$(J)T(\R,S-
M&0C$\<)M$S/(Q%PWL^FG'1W2<4C!S6.W,[/>CS$.+AI%4.AMQ4<L>LK5"EWD
MQBS1MH,^D>NFK-QV\-+7&O31,$:*=-,3Y<6JKV;F)9+DUVE"QV*F:B"-S"3:
M>0N--".NGTHV\SJ3]--T>?JW$Q7M\H)NT.XI8K%.L/H_7T'@OVI)8Y8RG>D-
M<98FVO-')N$1/CL<&UXDK?C,]?FQ9A1NI]L92&S3R159(YH;D4]N&22L[=.O
M2L0B\0UHXA]Z81Y;G9FY::)S4QZTIJZO%[6A8FLT:]B: JLTT0225C=G*,B%
MG<"=N&HN^CI*PWJ @(" @(" @(" @(" @(/&V^W.XQHY? TVK%B\Q+9-K\DA
M-+7CO$Y6!Z+ [2$Q2'TWWMS;7EQ:HC8:)K#(]GW@=Q!X@#\;;(B3$^YJ[5F@
MY[?O.'Z/%)Q_ZN/-ZI$4X<*>B?97:E[#R1/?UDEI4PQ\%GU#R"<0.SZM%TH]
MFNQGXD3MQ;X7M1LQF%[BQ].3 1A7/$D<_2R33&%B."<C-@Z/3=GD!ST8M^CL
MVO/@LS%8I.RC432:[ZJBWV/G,AC*].U#3B:A2AQL8@9$%@ LUY3,V<&V#LK>
M4/-Q)^/MW$_-7?'!(PBFZ>,-M_M_-W\QW-4AJ0QT<I+1'U\NX# (88W(XV87
M:7;IY/,VTU+?]U?!)_VT\6R?M#.2PCC]*XU:EF_<KW6,NM,5T)Q&,PV>71[/
MG+<^NUN''AB8^6FZG3II;B<>VO3IH:,WV;W)8PD.'I%$U(,;!4B@&<Z\4-B+
M[PR (RZPF.UAUY:<N.JW,UNKO8MBD4W-]SM+/&4Q0F(O7R\F4J/',\92A/"<
M91D[QGTS#J:L^A,_P>$C5V\96FG?182=J3_PM4Q]-QKWJ5B._7:60IX^N$_J
M' S88R<#=W%W86TUX-P2=6[TH;=[1F,5W5E_0W9(HJ-C&V"EAJU[;N4@' <)
MN\Q0;1)NIJ/D?AKJ[:\!JHXC[#NAB<I3K!$'J\?3JUADE*5QD@FFFD8I' 7<
M6>9MK[?D9(T]L<*>AZ3QJV6^TL^12%"8B5;+S92H\<[QE-'9BDC('=XY.F<?
M5X<"9_@UX-G;QDII[%AVQVF6)RAVWB  *A#6#61YI!-K%BQ,/4<(]1=YQTT9
MOBX,K&OLX0DZ>]ZA11 0$! 0$! 04)_>%]9_G16$! 0$&V6(1B FYZN)_6;B
MB(]"7]GFVK<6XM\"*-#(XL3-Y2Y/JR(QTST)]. <"^#P11HS=V;:^I-JWQ>U
M$3AC-IHM6X$3:/P=G;7B@@3ZRN[-S+@WAQ=(66\PB>2<=K",;/M)M>;<-/E0
M:&B-VU9N;.[?"S<T$NA+P\OO-J/%N/Q(B(QF3,[-SY?#I[$5D8)29G$=6?@S
MZMS0#B<0 G^EJ^G#ER000$! 0$! 0$! 0$! 0$! 0$! 0$! 03D\K-&WT>)?
M6_H0003D\PM)XOP/X_;\J(@BIR\-H?LMQ^-^+H((" @G#[S_ %2^9$49_F+.
M%?N?6D+W,-/T,9"QOI;ZA/!#J^FHZV0,"TUT9M5)GY:].E%IC1<8WO&C<CHQ
MB$DEVU5@M3QUXY)8X&L1[PZLK-M!BT?3=Q\5;L*TU);C3>K<1WEF2J83(9BI
M5BQF=$.C/7E-RKG)"4X#,,@BSBX@[.8OP?PTXJS%,)2)K%8Z:G<WYA=L>GDL
M'--%%&$,H=2O,!2PV)1ABEA%QW2 4ABVHMXM[62BU;F[UPSXR;(L%IX:LIPW
M(O2S=: HQ8SZL6W<#,#L6NG%G;10<L??-,;V0CF^UK1S58<8U6.2::P]FJUG
MR@&[=H.I:LVC"VKJT[Z^B5\/5"CWL<W:CYLJW5GENS4:50-T3R&UTZE<2ZG$
M'+07-W;R\>'@ILWM3IG<[WS.5Q>/EM]P01NPEJ#8P+%G;&PN1%(VQB\NG/1)
MF$B)(N\L)/9GK5'GN2UX(K4GIH)91Z4XL<+L0BXN\@OJ+:^#^Q)BALWN>?\
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MN=WX<'0;I#ZK2 3LQ"3F#ZMH[/X?J128GX%'HPN##NUXZ::.R(D_DEA(N 1
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MY.S<Q=HL_,QXN/;%%Z:J\3R.[ZS=-PT$^F_39V]UM=--75KC5*84>K440$!
M0$!!0G]X7UG^=%80$! 0$! 0$! 0$! 03FD:21S9M&?31OB;1!! 0$! 0$!
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M66%WT**W.\>YP;]B79N)O M7^DL?EB<N8G3AW?!TG+F+XF-&OK^+TZ\[N("
M@(" @(" @(" @(*$_O"^L_SHK" @(" @(" @(" @(" @(,N3OIKX<&080$!
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M9:<<D]7TPY".$II"<K1:?].S1:.T8Z&6_3V>&J1C*3A#3W=D"#NNK3EO9&K
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M @(" @H3^\+ZS_.BL(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
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MR&YG@F.P\,+NSN_V9.VUW\"=O!=I]O%)IIPIW5ER_/,3%=&->^D?%NN=VY$
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M'KR@<.9B%GU)V?*7!L1\QY-&VA_SK-T5MI^S3Q:K\T3O\H]&SM[MSN3 G,T
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M-HT<T]B2R]8C(I'%@!Y2:-MVFFUR?@K$8=L>?I7J2?7RZ=:SF_,6E'B9,@T
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M@DD-/\(]J^L]=^$4_6;&C]1T(^IL:/I;=VFNG3\OQ<$%I%%'%&$40L$<;,(
M+:"(LVC,S-R9DF2(20$! 0$! 0$! 0$! 0$! 0$%"?WA?6?YT5A 0$! 0$!
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M)HK$XTII('F)XK#P%,[$3Q-$_$--N_=H[/IX*QC*3A#U"BB @(" @(" @("
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M#9B=BU;5D$8>R^W88BB&N9 _1$.I+*;A'6E::&*-R)W",)!9]H\%8E)BKK_
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M8V".SS<>/%;B/FC][ITV)$UC^'RZ=KZ.L*(" @(*$_O"^L_SHK" @(" @("
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MGB;_ /MN+;?9X*UQJ:J+90$! 0$%"?WA?6?YT5A 0$! 0$! 0$! 0$! 0$!
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MTT06$4@2QA(&NPQ8AU9V?1VU;@^CL@D@(" @(" @(" @^>=S5[E._P!X7L7
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MX^&X'W"W/VM\;(((""<9,SN)>X7!_@]C_(@B0N).+\VX.@E#[S_5+YD1>("
M@(" @(" @(" @(,. .;&XLYBSL):<69]-69_AT090$! 0$! 0$! 0$! 0$!
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M0&W1GYF^-O:SH)"&V1V;BSB3B_M9V1%T@(" @(" @(" @(" @(" @(" @("
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M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$%"?WA?6?YT5A 0$! 0$!
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MF?W<?Q/\Z"""9\(P'V^9_EY?R((@+D3"WCX^Q!F0F(N'NMP%O@010$! 0$!
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M'XS#^[+]+)_E;/MD/QF']V7Z63_*V?;(?C,/[LOTLG^5L^V0_&8?W9?I9/\
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MVLEEJ=N**/T$P!"\1$6Z.2-I!<]S#YN/%F7.^R(MB8UMVWS-TQL6RYNH@("
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E!P0."!P0."!P0."!P0."!P0."!P0."!P0."!P0."#+::LJ/_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
