NPORT-EX 2 GB41GB093024.htm
1
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
—
September
30,
2024
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
70
.1
%
Agriculture
—
5
.2
%
33,600‌
Archer-Daniels-Midland
Co.
(a)
........
$
2,007,264‌
11,700‌
Bunge
Global
SA
(a)
................
1,130,688‌
45,000‌
Corteva
Inc.
(a)
...................
2,645,550‌
39,090‌
Nutrien
Ltd.
(a)
...................
1,878,665‌
7,662,167‌
Energy
and
Energy
Services
—
15
.7
%
7,300‌
APA
Corp.
......................
178,558‌
17,200‌
Baker
Hughes
Co.
.................
621,780‌
22,600‌
BP
plc
,
ADR
.....................
709,414‌
15,115‌
Chevron
Corp.
(a)
.................
2,225,986‌
10,100‌
ConocoPhillips
(a)
.................
1,063,328‌
12,089‌
Coterra
Energy
Inc.
................
289,532‌
10,000‌
Devon
Energy
Corp.
...............
391,200‌
3,500‌
Diamondback
Energy
Inc.
...........
603,400‌
26,800‌
Eni
SpA
........................
408,167‌
9,900‌
EOG
Resources
Inc.
(a)
.............
1,217,007‌
11,400‌
EQT
Corp.
......................
417,696‌
35,407‌
Exxon
Mobil
Corp.
(a)
..............
4,150,408‌
16,200‌
Halliburton
Co.
(a)
.................
470,610‌
2,500‌
Hess
Corp.
......................
339,500‌
36,900‌
Kinder
Morgan
Inc.
(a)
..............
815,121‌
10,500‌
Marathon
Oil
Corp.
................
279,615‌
6,400‌
Marathon
Petroleum
Corp.
(a)
.........
1,042,624‌
6,100‌
Occidental
Petroleum
Corp.
..........
314,394‌
10,300‌
ONEOK
Inc.
.....................
938,639‌
4,900‌
Phillips
66
......................
644,105‌
23,800‌
Schlumberger
NV
(a)
...............
998,410‌
26,500‌
Shell
plc
,
ADR
(a)
.................
1,747,675‌
10,500‌
Suncor
Energy
Inc.
................
387,660‌
23,300‌
The
Williams
Companies
Inc.
(a)
.......
1,063,645‌
21,200‌
TotalEnergies
SE
,
ADR
..............
1,369,944‌
5,300‌
Valero
Energy
Corp.
...............
715,659‌
23,404,077‌
Equipment
and
Supplies
—
0
.5
%
9,000‌
The
Toro
Co.
.....................
780,570‌
Food
and
Beverage
—
1
.3
%
25,000‌
Mowi
ASA
......................
449,519‌
25,000‌
Tyson
Foods
Inc.
,
Cl. A
(a)
...........
1,489,000‌
1,938,519‌
Health
Care
—
4
.3
%
60,000‌
Bayer
AG
.......................
2,025,377‌
27,000‌
Elanco
Animal
Health
Inc.
†
...........
396,630‌
20,000‌
Zoetis
Inc.
(a)
....................
3,907,600‌
6,329,607‌
Machinery
—
2
.8
%
4,000‌
AGCO
Corp.
.....................
391,440‌
94,700‌
CNH
Industrial
NV
.................
1,051,170‌
Shares
Market
Value
6,500‌
Deere
&
Co.
(a)
...................
$
2,712,645‌
4,155,255‌
Metals
and
Mining
—
37
.8
%
28,718‌
Agnico
Eagle
Mines
Ltd.
............
2,313,522‌
113,600‌
Alamos
Gold
Inc.
,
Cl. A
(a)
...........
2,265,184‌
16,800‌
Anglogold
Ashanti
plc
..............
447,384‌
34,500‌
Artemis
Gold
Inc.
†
................
330,855‌
49,000‌
Aya
Gold
&
Silver
Inc.
†
.............
637,657‌
126,694‌
Barrick
Gold
Corp.
(a)
..............
2,519,944‌
346,315‌
Bellevue
Gold
Ltd.
†
................
316,041‌
47,500‌
BHP
Group
Ltd.
,
ADR
(a)
............
2,950,225‌
930,962‌
De
Grey
Mining
Ltd.
†
..............
894,633‌
90,000‌
Dundee
Precious
Metals
Inc.
.........
911,679‌
130,500‌
Eldorado
Gold
Corp.
†
..............
2,266,785‌
92,585‌
Endeavour
Mining
plc
..............
2,200,216‌
571,853‌
Evolution
Mining
Ltd.
..............
1,834,427‌
14,400‌
Franco-Nevada
Corp.
(a)
.............
1,789,200‌
68,000‌
Freeport-McMoRan
Inc.
(a)
...........
3,394,560‌
56,250‌
G
Mining
Ventures
Corp.
†
...........
390,125‌
71,000‌
Glencore
plc
.....................
405,987‌
32,100‌
Gold
Fields
Ltd.
,
ADR
..............
492,735‌
323,102‌
Gold
Road
Resources
Ltd.
...........
381,974‌
141,000‌
K92
Mining
Inc.
†
.................
820,489‌
318,700‌
Kinross
Gold
Corp.
(a)
..............
2,983,032‌
65,400‌
Lundin
Gold
Inc.
..................
1,414,433‌
36,500‌
MAG
Silver
Corp.
†
................
512,460‌
106,700‌
Newmont
Corp.
(a)
................
5,703,115‌
335,439‌
Northern
Star
Resources
Ltd.
.........
3,703,535‌
51,500‌
Osisko
Gold
Royalties
Ltd.
(a)
.........
953,265‌
270,100‌
Osisko
Mining
Inc.
†
...............
972,596‌
23,700‌
Pan
American
Silver
Corp.
...........
494,619‌
957,915‌
Perseus
Mining
Ltd.
...............
1,728,484‌
40,500‌
Rio
Tinto
plc
,
ADR
(a)
..............
2,882,385‌
13,200‌
Royal
Gold
Inc.
...................
1,851,960‌
73,000‌
Victoria
Gold
Corp.
†
(b)
.............
0‌
67,700‌
Wesdome
Gold
Mines
Ltd.
†
..........
635,227‌
513,634‌
Westgold
Resources
Ltd.
............
915,271‌
198,783‌
Westgold
Resources
Ltd.
............
366,934‌
58,350‌
Wheaton
Precious
Metals
Corp.
(a)
.....
3,564,018‌
56,244,956‌
Specialty
Chemicals
—
2
.5
%
16,455‌
CF
Industries
Holdings
Inc.
..........
1,411,839‌
14,000‌
Darling
Ingredients
Inc.
†
............
520,240‌
12,000‌
FMC
Corp.
......................
791,280‌
25,500‌
The
Mosaic
Co.
...................
682,890‌
8,900‌
Yara
International
ASA
..............
281,769‌
3,688,018‌
TOTAL
COMMON
STOCKS
...........
104,203,169‌
2
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2024
(Unaudited)
Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
—
0
.5
%
Metals
and
Mining
—
0
.5
%
$
750,000‌
Allied
Gold
Corp.
,
8.750
%
,
09/07/28
(c)
.............
$
746,250‌
CORPORATE
BONDS
—
4
.4
%
Energy
and
Energy
Services
—
0
.1
%
80,000‌
Devon
Energy
Corp.
,
4.500
%
,
01/15/30
...............
79,279‌
Metals
and
Mining
—
4
.3
%
750,000‌
AngloGold
Ashanti
Holdings
plc
,
3.750
%
,
10/01/30
...............
695,628‌
750,000‌
Freeport-McMoRan
Inc.
,
4.125
%
,
03/01/28
...............
745,559‌
675,000‌
Hecla
Mining
Co.
,
7.250
%
,
02/15/28
...............
688,937‌
500,000‌
IAMGOLD
Corp.
,
5.750
%
,
10/15/28
(c)
.............
494,988‌
1,300,000‌
Kinross
Gold
Corp.
,
6.250
%
,
07/15/33
(c)
.............
1,409,977‌
500,000‌
New
Gold
Inc.
,
7.500
%
,
07/15/27
(c)
.............
510,386‌
1,750,000‌
Northern
Star
Resources
Ltd.
,
6.125
%
,
04/11/33
(c)
.............
1,843,467‌
6,388,942‌
TOTAL
CORPORATE
BONDS
..........
6,468,221‌
U.S.
GOVERNMENT
OBLIGATIONS
—
25
.0
%
37,533,000‌
U.S.
Treasury
Bills,
4.511
%
to
5.298
%
††
,
10/17/24
to
03/20/25
(d)
...................
37,210,716‌
TOTAL
INVESTMENTS
BEFORE
OPTIONS
WRITTEN
—
100
.0
%
.............
(Cost
$
157,454,914
)
.............
$
148,628,356‌
(a)
Securities,
or
a
portion
thereof,
with
a
value
of
$39,814,096
were
deposited
with
the
broker
as
collateral
for
options
written.
(b)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(c)
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(d)
At
September
30,
2024,
$7,000,000
of
the
principal
amount
was
pledged
as
collateral
for
options
written.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
Geographic
Diversification
%
of
Total
Investments
*
Market
Value
Long
Positions
North
America
......................
79
.7‌
%
$
118,525,996‌
Asia/Pacific
.........................
10
.1‌
14,934,991‌
Europe
..............................
9
.9‌
14,674,634‌
South
Africa
.........................
0
.3‌
492,735‌
Total
Investments
—
Long
Positions
100.0‌%
$
148,628,356‌
Short
Positions
North
America
......................
(
2
.9‌
)
%
$
(
4,280,085‌
)
Europe
..............................
(0.0‌)
**
(
13,549‌
)
Total
Investments
—
Short
Positions
(2.9‌)%
$
(4,293,634‌)
*
Total
investments
exclude
options
written.
**
Amount
represents
greater
than
(0.05)%.
3
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2024
(Unaudited)
As
of
September
30,
2024,
options
written
outstanding
were
as
follows:
Description
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
OTC
Call
Options
Written
—
(2.3)%
AGCO
Corp.
Pershing
LLC
20‌
USD
195,720‌
USD
117.00
10/18/24
$
30‌
Agnico
Eagle
Mines
Ltd.
Pershing
LLC
135‌
USD
1,087,560‌
USD
76.00
10/18/24
72,985‌
Agnico
Eagle
Mines
Ltd.
Pershing
LLC
121‌
USD
974,776‌
USD
74.00
12/20/24
110,392‌
Anglogold
Ashanti
plc
Pershing
LLC
100‌
USD
266,300‌
USD
35.00
11/15/24
832‌
Anglogold
Ashanti
plc
Pershing
LLC
40‌
USD
106,520‌
USD
35.00
12/20/24
1,060‌
Archer-Daniels-Midland
Co.
Pershing
LLC
23‌
USD
137,402‌
USD
65.00
10/18/24
156‌
Archer-Daniels-Midland
Co.
Pershing
LLC
85‌
USD
507,790‌
USD
67.50
10/18/24
111‌
Archer-Daniels-Midland
Co.
Pershing
LLC
108‌
USD
645,192‌
USD
65.00
12/20/24
9,109‌
Archer-Daniels-Midland
Co.
Pershing
LLC
112‌
USD
669,088‌
USD
65.00
02/21/25
17,031‌
Baker
Hughes
Co.
Pershing
LLC
60‌
USD
216,900‌
USD
37.00
10/18/24
2,851‌
Baker
Hughes
Co.
Pershing
LLC
47‌
USD
169,905‌
USD
38.00
01/17/25
6,955‌
Baker
Hughes
Co.
Pershing
LLC
65‌
USD
234,975‌
USD
39.00
03/21/25
10,768‌
Barrick
Gold
Corp.
Pershing
LLC
100‌
USD
198,900‌
USD
19.00
10/18/24
12,075‌
Barrick
Gold
Corp.
Pershing
LLC
426‌
USD
847,314‌
USD
23.50
01/17/25
17,973‌
Barrick
Gold
Corp.,
ADR
Pershing
LLC
266‌
USD
529,074‌
USD
23.50
02/21/25
15,957‌
BHP
Group
Ltd.,
ADR
Pershing
LLC
160‌
USD
993,760‌
USD
65.00
10/18/24
8,996‌
BHP
Group
Ltd.,
ADR
Pershing
LLC
170‌
USD
1,055,870‌
USD
58.00
11/15/24
90,152‌
BHP
Group
Ltd.,
ADR
Pershing
LLC
145‌
USD
900,595‌
USD
66.00
12/20/24
25,485‌
BP
plc,
ADR
Pershing
LLC
76‌
USD
238,564‌
USD
38.00
10/18/24
88‌
BP
plc,
ADR
Pershing
LLC
73‌
USD
229,147‌
USD
37.00
11/15/24
548‌
BP
plc,
ADR
Pershing
LLC
77‌
USD
241,703‌
USD
38.00
12/20/24
839‌
BP
plc,
ADR
Pershing
LLC
76‌
USD
238,564‌
USD
34.50
01/17/25
4,607‌
Bunge
Global
SA
Pershing
LLC
27‌
USD
260,928‌
USD
110.00
10/18/24
196‌
Bunge
Global
SA
Pershing
LLC
50‌
USD
483,200‌
USD
115.00
12/20/24
2,470‌
Bunge
Global
SA
Pershing
LLC
40‌
USD
386,560‌
USD
110.00
02/21/25
6,920‌
CF
Industries
Holdings
Inc.
Pershing
LLC
61‌
USD
523,380‌
USD
85.00
11/15/24
24,803‌
CF
Industries
Holdings
Inc.
Pershing
LLC
50‌
USD
429,000‌
USD
85.00
12/20/24
25,944‌
CF
Industries
Holdings
Inc.
Pershing
LLC
53‌
USD
454,740‌
USD
92.50
01/17/25
14,816‌
Chevron
Corp.
Pershing
LLC
40‌
USD
589,080‌
USD
162.50
11/15/24
2,681‌
Chevron
Corp.
Pershing
LLC
55‌
USD
809,985‌
USD
155.00
12/20/24
17,859‌
Chevron
Corp.
Pershing
LLC
56‌
USD
824,712‌
USD
155.00
01/17/25
23,453‌
CNH
Industrial
NV
Pershing
LLC
320‌
USD
355,200‌
USD
12.00
11/15/24
6,986‌
CNH
Industrial
NV
Pershing
LLC
320‌
USD
355,200‌
USD
12.50
12/20/24
9,953‌
ConocoPhillips
Pershing
LLC
35‌
USD
368,480‌
USD
130.00
10/18/24
29‌
ConocoPhillips
Pershing
LLC
34‌
USD
357,952‌
USD
120.00
12/20/24
3,481‌
ConocoPhillips
Pershing
LLC
32‌
USD
336,896‌
USD
122.00
02/21/25
5,767‌
Corteva
Inc.
Pershing
LLC
145‌
USD
852,455‌
USD
57.50
10/18/24
32,985‌
Corteva
Inc.
Pershing
LLC
145‌
USD
852,455‌
USD
58.00
11/15/24
42,529‌
Corteva
Inc.
Pershing
LLC
160‌
USD
940,640‌
USD
62.50
01/17/25
29,229‌
Coterra
Energy
Inc.
Pershing
LLC
60‌
USD
143,700‌
USD
29.00
11/15/24
315‌
Coterra
Energy
Inc.
Pershing
LLC
60‌
USD
143,700‌
USD
27.00
12/20/24
1,850‌
Deere
&
Co.
Pershing
LLC
20‌
USD
834,660‌
USD
410.00
10/18/24
25,651‌
Deere
&
Co.
Pershing
LLC
20‌
USD
834,660‌
USD
380.00
11/15/24
85,536‌
Deere
&
Co.
Pershing
LLC
25‌
USD
1,043,325‌
USD
430.00
12/20/24
40,563‌
Devon
Energy
Corp.
Pershing
LLC
50‌
USD
195,600‌
USD
50.00
10/18/24
45‌
Devon
Energy
Corp.
Pershing
LLC
50‌
USD
195,600‌
USD
48.00
12/20/24
1,458‌
Diamondback
Energy
Inc.
Pershing
LLC
5‌
USD
86,200‌
USD
188.56
10/18/24
205‌
Diamondback
Energy
Inc.
Pershing
LLC
6‌
USD
103,440‌
USD
203.56
10/18/24
30‌
Diamondback
Energy
Inc.
Pershing
LLC
10‌
USD
172,400‌
USD
200.00
12/20/24
1,781‌
4
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2024
(Unaudited)
Description
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
Diamondback
Energy
Inc.
Pershing
LLC
14‌
USD
241,360‌
USD
200.00
02/21/25
$
5,398‌
Dundee
Precious
Metals
Inc.
Pershing
LLC
450‌
CAD
616,500‌
CAD
12.50
11/15/24
43,305‌
Dundee
Precious
Metals
Inc.
Pershing
LLC
450‌
CAD
616,500‌
CAD
13.50
01/17/25
33,311‌
Elanco
Animal
Health
Inc.
Pershing
LLC
135‌
USD
198,315‌
USD
18.00
12/20/24
5,198‌
Endeavour
Mining
plc
Pershing
LLC
330‌
CAD
1,060,620‌
CAD
35.00
11/15/24
22,393‌
Eni
SpA
Morgan
Stanley
18‌
EUR
123,138‌
EUR
14.80
10/18/24
124‌
Eni
SpA
Morgan
Stanley
18‌
EUR
123,138‌
EUR
15.50
12/20/24
554‌
Eni
SpA
Morgan
Stanley
18‌
EUR
123,138‌
EUR
15.50
01/17/25
866‌
EOG
Resources
Inc.
Pershing
LLC
30‌
USD
368,790‌
USD
137.00
10/18/24
183‌
EOG
Resources
Inc.
Pershing
LLC
36‌
USD
442,548‌
USD
135.00
12/20/24
6,851‌
EOG
Resources
Inc.
Pershing
LLC
33‌
USD
405,669‌
USD
136.00
02/21/25
10,051‌
EQT
Corp.
Pershing
LLC
45‌
USD
164,880‌
USD
40.00
10/18/24
875‌
EQT
Corp.
Pershing
LLC
45‌
USD
164,880‌
USD
36.00
12/20/24
12,709‌
EQT
Corp.
Pershing
LLC
24‌
USD
87,936‌
USD
36.00
02/21/25
8,595‌
Exxon
Mobil
Corp.
Pershing
LLC
91‌
USD
1,066,702‌
USD
120.00
10/18/24
11,234‌
Exxon
Mobil
Corp.
Pershing
LLC
133‌
USD
1,559,026‌
USD
110.00
11/15/24
114,467‌
Exxon
Mobil
Corp.
Pershing
LLC
123‌
USD
1,441,806‌
USD
120.00
01/17/25
57,964‌
FMC
Corp.
Pershing
LLC
40‌
USD
263,760‌
USD
75.00
12/20/24
6,985‌
Franco-Nevada
Corp.
Pershing
LLC
64‌
USD
795,200‌
USD
130.00
11/15/24
20,064‌
Franco-Nevada
Corp.
Pershing
LLC
58‌
USD
720,650‌
USD
130.00
01/17/25
32,135‌
Franco-Nevada
Corp.
Pershing
LLC
22‌
USD
273,350‌
USD
130.00
03/21/25
16,439‌
Freeport-McMoRan
Inc.
Pershing
LLC
197‌
USD
983,424‌
USD
47.00
11/15/24
87,101‌
Freeport-McMoRan
Inc.
Pershing
LLC
30‌
USD
149,760‌
USD
49.00
11/15/24
9,660‌
Freeport-McMoRan
Inc.
Pershing
LLC
144‌
USD
718,848‌
USD
48.00
12/20/24
66,524‌
Freeport-McMoRan
Inc.
Pershing
LLC
83‌
USD
414,336‌
USD
49.00
12/20/24
33,778‌
Freeport-McMoRan
Inc.
Pershing
LLC
226‌
USD
1,128,192‌
USD
49.00
01/17/25
102,585‌
Glencore
plc
Morgan
Stanley
71‌
GBP
303,667‌
GBp
450.00
10/18/24
3,085‌
Gold
Fields
Ltd.,
ADR
Pershing
LLC
140‌
USD
214,900‌
USD
20.00
11/15/24
1,160‌
Gold
Fields
Ltd.,
ADR
Pershing
LLC
56‌
USD
85,960‌
USD
18.00
01/17/25
3,342‌
Gold
Fields
Ltd.,
ADR
Pershing
LLC
125‌
USD
191,875‌
USD
16.50
03/21/25
17,715‌
Halliburton
Co.
Pershing
LLC
52‌
USD
151,060‌
USD
43.00
10/18/24
0‌
Halliburton
Co.
Pershing
LLC
60‌
USD
174,300‌
USD
37.00
11/15/24
530‌
Halliburton
Co.
Pershing
LLC
50‌
USD
145,250‌
USD
33.00
12/20/24
3,301‌
Halliburton
Co.
Pershing
LLC
52‌
USD
151,060‌
USD
33.00
01/17/25
4,666‌
Hess
Corp.
Pershing
LLC
8‌
USD
108,640‌
USD
160.00
10/18/24
12‌
Hess
Corp.
Pershing
LLC
8‌
USD
108,640‌
USD
155.00
12/20/24
764‌
Hess
Corp.
Pershing
LLC
9‌
USD
122,220‌
USD
150.00
02/21/25
3,604‌
K92
Mining
Inc.
Pershing
LLC
500‌
CAD
393,500‌
CAD
8.50
10/18/24
2,952‌
K92
Mining
Inc.
Pershing
LLC
260‌
CAD
204,620‌
CAD
9.00
12/20/24
3,934‌
K92
Mining
Inc.
Pershing
LLC
650‌
CAD
511,550‌
CAD
9.25
02/21/25
14,722‌
Kinder
Morgan
Inc.
Pershing
LLC
117‌
USD
258,453‌
USD
20.50
10/18/24
19,828‌
Kinder
Morgan
Inc.
Pershing
LLC
142‌
USD
313,678‌
USD
22.00
12/20/24
11,515‌
Kinder
Morgan
Inc.
Pershing
LLC
110‌
USD
242,990‌
USD
22.00
02/21/25
11,031‌
Kinross
Gold
Corp.
Pershing
LLC
558‌
USD
522,288‌
USD
11.00
11/15/24
7,862‌
Kinross
Gold
Corp.
Pershing
LLC
1,115‌
USD
1,043,640‌
USD
7.50
12/20/24
227,159‌
Kinross
Gold
Corp.
Pershing
LLC
777‌
USD
727,272‌
USD
11.00
01/17/25
25,952‌
Lundin
Gold
Inc.
Pershing
LLC
75‌
CAD
219,375‌
CAD
26.00
11/15/24
20,541‌
Lundin
Gold
Inc.
Pershing
LLC
93‌
CAD
272,025‌
CAD
27.50
11/15/24
17,644‌
Lundin
Gold
Inc.
Pershing
LLC
100‌
CAD
292,500‌
CAD
22.00
12/20/24
53,311‌
Lundin
Gold
Inc.
Pershing
LLC
68‌
CAD
198,900‌
CAD
27.50
12/20/24
13,815‌
Lundin
Gold
Inc.
Pershing
LLC
168‌
CAD
491,400‌
CAD
27.50
02/21/25
42,289‌
Marathon
Oil
Corp.
Pershing
LLC
24‌
USD
63,912‌
USD
28.00
10/18/24
534‌
5
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2024
(Unaudited)
Description
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
Marathon
Oil
Corp.
Pershing
LLC
35‌
USD
93,205‌
USD
30.00
12/20/24
$
1,651‌
Marathon
Oil
Corp.
Pershing
LLC
46‌
USD
122,498‌
USD
30.00
01/17/25
2,922‌
Marathon
Petroleum
Corp.
Pershing
LLC
24‌
USD
390,984‌
USD
175.00
10/18/24
2,154‌
Marathon
Petroleum
Corp.
Pershing
LLC
29‌
USD
472,439‌
USD
180.00
01/17/25
14,173‌
Marathon
Petroleum
Corp.
Pershing
LLC
11‌
USD
179,201‌
USD
175.00
02/21/25
8,556‌
Mowi
ASA
Morgan
Stanley
250‌
NOK
4,743,750‌
NOK
200.00
12/20/24
8,920‌
Newmont
Corp.
Pershing
LLC
404‌
USD
2,159,380‌
USD
45.00
10/18/24
346,846‌
Newmont
Corp.
Pershing
LLC
197‌
USD
1,052,965‌
USD
50.00
12/20/24
107,223‌
Newmont
Corp.
Pershing
LLC
20‌
USD
106,900‌
USD
57.50
12/20/24
3,896‌
Nutrien
Ltd.
Pershing
LLC
130‌
USD
624,780‌
USD
55.00
12/20/24
9,384‌
Nutrien
Ltd.
Pershing
LLC
130‌
USD
624,780‌
USD
55.00
01/17/25
11,154‌
Occidental
Petroleum
Corp.
Pershing
LLC
20‌
USD
103,080‌
USD
66.00
11/15/24
260‌
Occidental
Petroleum
Corp.
Pershing
LLC
21‌
USD
108,234‌
USD
65.00
01/17/25
869‌
Occidental
Petroleum
Corp.
Pershing
LLC
20‌
USD
103,080‌
USD
60.00
02/21/25
2,751‌
ONEOK
Inc.
Pershing
LLC
30‌
USD
273,390‌
USD
77.50
10/18/24
41,541‌
ONEOK
Inc.
Pershing
LLC
36‌
USD
328,068‌
USD
83.00
11/15/24
30,271‌
ONEOK
Inc.
Pershing
LLC
37‌
USD
337,181‌
USD
110.00
12/20/24
310‌
Osisko
Gold
Royalties
Ltd.
Pershing
LLC
200‌
USD
370,200‌
USD
20.00
01/17/25
15,637‌
Osisko
Gold
Royalties
Ltd.
Pershing
LLC
200‌
USD
370,200‌
USD
20.00
03/21/25
22,790‌
Osisko
Mining
Inc.
Morgan
Stanley
565‌
CAD
275,155‌
CAD
3.25
12/20/24
68,639‌
Pan
American
Silver
Corp.
Pershing
LLC
82‌
USD
171,134‌
USD
20.00
10/18/24
11,245‌
Pan
American
Silver
Corp.
Pershing
LLC
85‌
USD
177,395‌
USD
22.00
12/20/24
12,312‌
Phillips
66
Pershing
LLC
5‌
USD
65,725‌
USD
135.00
10/18/24
831‌
Phillips
66
Pershing
LLC
22‌
USD
289,190‌
USD
145.00
11/15/24
2,290‌
Phillips
66
Pershing
LLC
22‌
USD
289,190‌
USD
130.00
12/20/24
16,722‌
Rio
Tinto
plc,
ADR
Pershing
LLC
170‌
USD
1,209,890‌
USD
72.50
10/18/24
18,728‌
Rio
Tinto
plc,
ADR
Pershing
LLC
85‌
USD
604,945‌
USD
70.00
12/20/24
36,953‌
Rio
Tinto
plc,
ADR
Pershing
LLC
150‌
USD
1,067,550‌
USD
68.00
02/21/25
103,528‌
Royal
Gold
Inc.
Pershing
LLC
45‌
USD
631,350‌
USD
145.00
11/15/24
17,144‌
Royal
Gold
Inc.
Pershing
LLC
45‌
USD
631,350‌
USD
147.00
01/17/25
26,057‌
Royal
Gold
Inc.
Pershing
LLC
40‌
USD
561,200‌
USD
150.00
03/21/25
28,276‌
Schlumberger
NV
Pershing
LLC
75‌
USD
314,625‌
USD
50.00
10/18/24
244‌
Schlumberger
NV
Pershing
LLC
75‌
USD
314,625‌
USD
49.00
12/20/24
4,769‌
Schlumberger
NV
Pershing
LLC
13‌
USD
54,535‌
USD
45.00
01/17/25
2,386‌
Schlumberger
NV
Pershing
LLC
75‌
USD
314,625‌
USD
46.50
01/17/25
10,404‌
Shell
plc,
ADR
Pershing
LLC
83‌
USD
547,385‌
USD
74.00
10/18/24
326‌
Shell
plc,
ADR
Pershing
LLC
92‌
USD
606,740‌
USD
75.00
11/15/24
1,433‌
Shell
plc,
ADR
Pershing
LLC
90‌
USD
593,550‌
USD
71.00
12/20/24
7,382‌
Suncor
Energy
Inc.
Pershing
LLC
35‌
USD
129,220‌
USD
40.00
10/18/24
334‌
Suncor
Energy
Inc.
Pershing
LLC
35‌
USD
129,220‌
USD
40.00
12/20/24
2,692‌
Suncor
Energy
Inc.
Pershing
LLC
35‌
USD
129,220‌
USD
41.25
01/17/25
2,497‌
The
Mosaic
Co.
Pershing
LLC
85‌
USD
227,630‌
USD
35.00
10/18/24
1‌
The
Mosaic
Co.
Pershing
LLC
85‌
USD
227,630‌
USD
30.00
12/20/24
6,567‌
The
Toro
Co.
Pershing
LLC
45‌
USD
390,285‌
USD
97.50
10/18/24
207‌
The
Toro
Co.
Pershing
LLC
45‌
USD
390,285‌
USD
95.00
12/20/24
7,827‌
The
Williams
Companies
Inc.
Pershing
LLC
72‌
USD
328,680‌
USD
47.00
10/18/24
2,148‌
The
Williams
Companies
Inc.
Pershing
LLC
75‌
USD
342,375‌
USD
47.00
12/20/24
9,390‌
The
Williams
Companies
Inc.
Pershing
LLC
90‌
USD
410,850‌
USD
47.00
01/17/25
13,990‌
TotalEnergies
SE,
ADR
Pershing
LLC
71‌
USD
458,802‌
USD
70.00
10/18/24
711‌
TotalEnergies
SE,
ADR
Pershing
LLC
70‌
USD
452,340‌
USD
68.50
12/20/24
10,274‌
TotalEnergies
SE,
ADR
Pershing
LLC
71‌
USD
458,802‌
USD
71.00
02/21/25
8,243‌
Tyson
Foods
Inc.,
Cl.
A
Pershing
LLC
125‌
USD
744,500‌
USD
62.50
12/20/24
19,138‌
6
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2024
(Unaudited)
Description
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
Tyson
Foods
Inc.,
Cl.
A
Pershing
LLC
125‌
USD
744,500‌
USD
65.00
01/17/25
$
13,711‌
Valero
Energy
Corp.
Pershing
LLC
18‌
USD
243,054‌
USD
160.00
10/18/24
178‌
Valero
Energy
Corp.
Pershing
LLC
17‌
USD
229,551‌
USD
162.00
12/20/24
2,448‌
Valero
Energy
Corp.
Pershing
LLC
18‌
USD
243,054‌
USD
150.00
01/17/25
8,226‌
Wesdome
Gold
Mines
Ltd.
Pershing
LLC
340‌
CAD
431,460‌
CAD
13.50
11/15/24
9,351‌
Wesdome
Gold
Mines
Ltd.
Pershing
LLC
337‌
CAD
427,653‌
CAD
13.00
01/17/25
21,644‌
Wheaton
Precious
Metals
Corp.
Pershing
LLC
270‌
USD
1,649,160‌
USD
60.00
11/15/24
96,836‌
Wheaton
Precious
Metals
Corp.
Pershing
LLC
154‌
USD
940,632‌
USD
62.00
01/17/25
61,142‌
Zoetis
Inc.
Pershing
LLC
50‌
USD
976,900‌
USD
200.00
12/20/24
39,821‌
Zoetis
Inc.
Pershing
LLC
60‌
USD
1,172,280‌
USD
202.00
01/17/25
48,601‌
TOTAL
OTC
CALL
OPTIONS
WRITTEN
$
3,424,106‌
OTC
Put
Options
Written
—
(0.0)%
VanEck
Agribusiness
ETF
Pershing
LLC
132‌
USD
996,732‌
USD
71.50
12/20/24
$
16,654‌
TOTAL
OTC
PUT
OPTIONS
WRITTEN
$
16,654‌
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
Exchange
Traded
Call
Options
Written
—
(0.4)%
Alamos
Gold
Inc.,
Cl.
A
321‌
USD
640,074‌
USD
20.00
12/20/24
$
42,372‌
Alamos
Gold
Inc.,
Cl.
A
305‌
USD
608,170‌
USD
20.00
02/21/25
53,375‌
Barrick
Gold
Corp.
475‌
USD
944,775‌
USD
20.00
12/20/24
58,900‌
Darling
Ingredients
Inc.
70‌
USD
260,120‌
USD
45.00
10/18/24
350‌
Darling
Ingredients
Inc.
70‌
USD
260,120‌
USD
47.50
12/20/24
3,150‌
Elanco
Animal
Health
Inc.
135‌
USD
198,315‌
USD
22.00
10/18/24
3,375‌
Eldorado
Gold
Corp.
713‌
USD
1,238,481‌
USD
18.00
10/18/24
21,390‌
Eldorado
Gold
Corp.
257‌
USD
446,409‌
USD
18.00
11/15/24
21,845‌
Eldorado
Gold
Corp.
335‌
USD
581,895‌
USD
15.00
12/20/24
167,500‌
FMC
Corp.
40‌
USD
263,760‌
USD
70.00
10/18/24
2,000‌
FMC
Corp.
40‌
USD
263,760‌
USD
70.00
11/15/24
9,520‌
Kinross
Gold
Corp.
737‌
USD
689,832‌
USD
10.00
11/15/24
26,532‌
MAG
Silver
Corp.
180‌
USD
252,720‌
USD
17.50
02/21/25
11,700‌
MAG
Silver
Corp.
180‌
USD
252,720‌
USD
17.50
05/16/25
18,720‌
Wheaton
Precious
Metals
Corp.
157‌
USD
958,956‌
USD
65.00
03/21/25
60,445‌
Zoetis
Inc.
50‌
USD
976,900‌
USD
195.00
10/18/24
20,000‌
TOTAL
EXCHANGE
TRADED
CALL
OPTIONS
WRITTEN
$
521,174‌
Exchange
Traded
Put
Options
Written
—
(0.2)%
Energy
Select
Sector
SPDR
ETF
260‌
USD
2,282,800‌
USD
87.00
10/18/24
$
31,460‌
Energy
Select
Sector
SPDR
ETF
260‌
USD
2,282,800‌
USD
87.00
11/15/24
61,360‌
Energy
Select
Sector
SPDR
ETF
260‌
USD
2,282,800‌
USD
85.00
12/20/24
56,940‌
VanEck
Agribusiness
ETF
132‌
USD
996,732‌
USD
70.00
10/18/24
63,360‌
VanEck
Gold
Miners
ETF
1,000‌
USD
3,982,000‌
USD
29.00
11/15/24
35,000‌
VanEck
Gold
Miners
ETF
735‌
USD
2,926,770‌
USD
34.00
12/20/24
35,280‌
VanEck
Gold
Miners
ETF
700‌
USD
2,787,400‌
USD
34.00
01/17/25
48,300‌
TOTAL
EXCHANGE
TRADED
PUT
OPTIONS
WRITTEN
$
331,700‌
TOTAL
OPTIONS
WRITTEN
$
4,293,634‌