NPORT-EX 2 GB41GB033125.htm
1
GAMCO Natural Resources, Gold & Income Trust
Schedule of Investments — March 31, 2025 (Unaudited)
Shares
Market
Value
COMMON STOCKS — 72.0%
Agriculture — 5.5%
38,000‌
Archer-Daniels-Midland Co.(a)
........
$ 1,824,380‌
13,000‌
Bunge Global SA
..................
993,460‌
44,200‌
Corteva Inc.(a)
...................
2,781,506‌
52,590‌
Nutrien Ltd.(a)
...................
2,612,145‌
8,211,491‌
Energy and Energy Services — 16.9%
6,800‌
APA Corp.
......................
142,936‌
16,700‌
Baker Hughes Co.
.................
733,965‌
23,200‌
BP plc, ADR(a)
...................
783,928‌
14,600‌
Chevron Corp.(a)
.................
2,442,434‌
11,200‌
ConocoPhillips(a)
.................
1,176,224‌
12,900‌
Coterra Energy Inc.
................
372,810‌
10,000‌
Devon Energy Corp.
...............
374,000‌
3,500‌
Diamondback Energy Inc.
...........
559,580‌
28,000‌
Eni SpA
........................
432,892‌
9,900‌
EOG Resources Inc.(a)
.............
1,269,576‌
12,800‌
EQT Corp.
......................
683,904‌
38,207‌
Exxon Mobil Corp.(a)
..............
4,543,959‌
16,200‌
Halliburton Co.(a)
.................
410,994‌
2,500‌
Hess Corp.
......................
399,325‌
23,500‌
Kinder Morgan Inc.(a)
..............
670,455‌
6,400‌
Marathon Petroleum Corp.(a)
.........
932,416‌
6,700‌
Occidental Petroleum Corp.
..........
330,712‌
11,500‌
ONEOK Inc.
.....................
1,141,030‌
7,400‌
Phillips 66
......................
913,752‌
24,700‌
Schlumberger NV(a)
...............
1,032,460‌
26,500‌
Shell plc, ADR(a)
.................
1,941,920‌
10,500‌
Suncor Energy Inc.
................
406,560‌
2,600‌
Targa Resources Corp.
.............
521,222‌
13,700‌
The Williams Companies Inc.(a)
.......
818,712‌
20,800‌
TotalEnergies SE, ADR
..............
1,345,552‌
5,800‌
Valero Energy Corp.
...............
766,006‌
25,147,324‌
Equipment and Supplies — 0.4%
9,000‌
The Toro Co.
.....................
654,750‌
Food and Beverage — 2.1%
50,000‌
Mowi ASA
......................
924,843‌
35,600‌
Tyson Foods Inc., Cl. A(a)
...........
2,271,636‌
3,196,479‌
Health Care — 3.2%
60,000‌
Bayer AG
.......................
1,431,858‌
27,000‌
Elanco Animal Health Inc.†
...........
283,500‌
18,200‌
Zoetis Inc.(a)
....................
2,996,630‌
4,711,988‌
Machinery — 2.3%
6,000‌
AGCO Corp.
.....................
555,420‌
62,700‌
CNH Industrial NV
.................
769,956‌
Shares
Market
Value
4,400‌
Deere & Co.(a)
...................
$ 2,065,140‌
3,390,516‌
Metals and Mining — 39.7%
9,500‌
Agnico Eagle Mines Ltd.
............
1,029,895‌
117,000‌
Alamos Gold Inc., Cl. A(a)
...........
3,128,580‌
43,556‌
Anglogold Ashanti plc
..............
1,616,799‌
34,500‌
Artemis Gold Inc.†
................
410,198‌
49,000‌
Aya Gold & Silver Inc.†
.............
378,639‌
118,894‌
Barrick Gold Corp.(a)
..............
2,311,299‌
636,965‌
Bellevue Gold Ltd.†
................
455,719‌
47,500‌
BHP Group Ltd., ADR(a)
............
2,305,650‌
280,700‌
Calibre Mining Corp.†
..............
624,190‌
1,071,198‌
De Grey Mining Ltd.†
..............
1,425,690‌
24,000‌
Discovery Silver Corp.†
.............
35,357‌
101,000‌
Dundee Precious Metals Inc.
.........
1,339,133‌
96,700‌
Eldorado Gold Corp.†
..............
1,626,494‌
92,585‌
Endeavour Mining plc
..............
2,224,794‌
481,853‌
Evolution Mining Ltd.
..............
2,140,720‌
14,500‌
Franco-Nevada Corp.(a)
.............
2,284,620‌
68,000‌
Freeport-McMoRan Inc.(a)
...........
2,574,480‌
85,450‌
G Mining Ventures Corp.†
...........
1,114,552‌
71,000‌
Glencore plc
.....................
257,075‌
31,500‌
Gold Fields Ltd., ADR
..............
695,835‌
307,206‌
Gold Road Resources Ltd.
...........
554,758‌
30,000‌
IAMGOLD Corp.†
.................
187,500‌
82,700‌
K92 Mining Inc.†
.................
713,184‌
286,700‌
Kinross Gold Corp.(a)
..............
3,615,287‌
71,600‌
Lundin Gold Inc.
..................
2,217,085‌
36,500‌
MAG Silver Corp.
.................
557,720‌
112,300‌
Newmont Corp.(a)
................
5,421,844‌
335,439‌
Northern Star Resources Ltd.
.........
3,839,855‌
155,500‌
OceanaGold Corp.
.................
518,675‌
31,500‌
Osisko Gold Royalties Ltd.(a)
.........
665,280‌
28,300‌
Pan American Silver Corp.
...........
730,989‌
957,915‌
Perseus Mining Ltd.
...............
1,993,182‌
46,300‌
Rio Tinto plc, ADR(a)
..............
2,781,704‌
10,500‌
Royal Gold Inc.
...................
1,716,855‌
73,000‌
Victoria Gold Corp.†(b)
.............
0‌
96,200‌
Wesdome Gold Mines Ltd.†
..........
1,145,803‌
712,417‌
Westgold Resources Ltd.
............
1,282,043‌
42,650‌
Wheaton Precious Metals Corp.(a)
.....
3,310,919‌
59,232,402‌
Specialty Chemicals — 1.9%
18,155‌
CF Industries Holdings Inc.
..........
1,418,813‌
18,500‌
Darling Ingredients Inc.†
............
577,940‌
20,800‌
The Mosaic Co.
...................
561,808‌
8,900‌
Yara International ASA
..............
267,236‌
2,825,797‌
TOTAL COMMON STOCKS
.........
107,370,747‌
2
GAMCO Natural Resources, Gold & Income Trust
Schedule of Investments (Continued) — March 31, 2025 (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)
.............
$ 675,000‌
CORPORATE BONDS — 3.9%
Energy and Energy Services — 0.0%
80,000‌
Devon Energy Corp.,
4.500%, 01/15/30
...............
78,536‌
Metals and Mining — 3.9%
750,000‌
AngloGold Ashanti Holdings plc,
3.750%, 10/01/30
...............
692,284‌
750,000‌
Freeport-McMoRan Inc.,
4.125%, 03/01/28
...............
737,761‌
675,000‌
Hecla Mining Co.,
7.250%, 02/15/28
...............
681,351‌
500,000‌
IAMGOLD Corp.,
5.750%, 10/15/28(c)
.............
488,584‌
1,300,000‌
Kinross Gold Corp.,
6.250%, 07/15/33(c)
.............
1,367,314‌
1,750,000‌
Northern Star Resources Ltd.,
6.125%, 04/11/33(c)
.............
1,810,703‌
5,777,997‌
TOTAL CORPORATE BONDS
........
5,856,533‌
U.S. GOVERNMENT OBLIGATIONS — 23.6%
35,540,000‌
U.S. Treasury Bills,
4.187% to 4.406%††, 04/10/25 to
09/18/25(d)
...................
35,244,529‌
TOTAL INVESTMENTS BEFORE OPTIONS
WRITTEN — 100.0%
...........
(Cost $156,069,420)
.............
$ 149,146,809‌
(a) Securities, or a portion thereof, with a value of $43,528,075 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 March 31, 2025, $2,000,000 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
......................
78.5‌%
$ 117,171,813‌
Asia/Pacific
.........................
10.6‌ 
15,808,320‌
Europe
..............................
10.4‌ 
15,470,841‌
South Africa
.........................
0.5‌ 
695,835‌
Total Investments — Long Positions
100.0‌%
$ 149,146,809‌
Short Positions
North America
......................
(3.3‌)%
$ (4,913,791‌)
Europe
..............................
(0.0‌) **
(71,289‌)
Asia/Pacific
.........................
(0.0‌) **
(56,688‌)
Total Investments — Short Positions
(3.3‌)%
$ (5,041,768‌)
* Total investments exclude options written.
** Amount represents greater than (0.05)%.
3
GAMCO Natural Resources, Gold & Income Trust
Schedule of Investments (Continued) — March 31, 2025 (Unaudited)
As of March 31, 2025, options written outstanding were as follows:
Description
Counterparty
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
OTC Call Options Written — (3.1)%
AGCO Corp.
Pershing LLC
20‌
USD
185,140‌
USD
110.00
04/17/25
$ 136‌
AGCO Corp.
Pershing LLC
20‌
USD
185,140‌
USD
110.00
05/16/25
1,106‌
AGCO Corp.
Pershing LLC
20‌
USD
185,140‌
USD
110.00
06/20/25
2,675‌
Agnico Eagle Mines Ltd.
Pershing LLC
58‌
USD
628,778‌
USD
90.00
04/17/25
108,195‌
Agnico Eagle Mines Ltd.
Pershing LLC
37‌
USD
401,117‌
USD
107.50
07/18/25
31,901‌
Alamos Gold Inc., Cl. A
Pershing LLC
380‌
USD
1,016,120‌
USD
22.50
05/16/25
171,147‌
Alamos Gold Inc., Cl. A
Pershing LLC
380‌
USD
1,016,120‌
USD
21.50
07/18/25
220,666‌
Anglogold Ashanti plc
Pershing LLC
56‌
USD
207,872‌
USD
30.00
05/16/25
42,142‌
Anglogold Ashanti plc
Pershing LLC
140‌
USD
519,680‌
USD
31.50
06/20/25
93,663‌
APA Corp.
Pershing LLC
68‌
USD
142,936‌
USD
23.50
07/18/25
5,612‌
Archer-Daniels-Midland Co.
Pershing LLC
130‌
USD
624,130‌
USD
56.50
04/17/25
104‌
Archer-Daniels-Midland Co.
Pershing LLC
112‌
USD
537,712‌
USD
51.00
05/16/25
9,228‌
Archer-Daniels-Midland Co.
Pershing LLC
138‌
USD
662,538‌
USD
50.00
06/20/25
22,160‌
Baker Hughes Co.
Pershing LLC
60‌
USD
263,700‌
USD
40.00
05/16/25
25,338‌
Baker Hughes Co.
Pershing LLC
47‌
USD
206,565‌
USD
45.00
07/18/25
11,150‌
Baker Hughes Co.
Pershing LLC
60‌
USD
263,700‌
USD
45.00
09/19/25
18,808‌
Barrick Gold Corp.
Pershing LLC
500‌
USD
972,000‌
USD
21.00
05/16/25
19,202‌
Barrick Gold Corp.
Pershing LLC
395‌
USD
767,880‌
USD
21.00
07/18/25
31,927‌
BHP Group Ltd., ADR
Pershing LLC
160‌
USD
776,640‌
USD
55.00
04/17/25
314‌
BHP Group Ltd., ADR
Pershing LLC
170‌
USD
825,180‌
USD
57.50
05/16/25
1,106‌
BHP Group Ltd., ADR
Pershing LLC
145‌
USD
703,830‌
USD
55.00
06/20/25
7,275‌
BP plc, ADR
Pershing LLC
75‌
USD
253,425‌
USD
32.50
04/17/25
11,942‌
BP plc, ADR
Pershing LLC
75‌
USD
253,425‌
USD
35.00
05/16/25
4,539‌
BP plc, ADR
Pershing LLC
81‌
USD
273,699‌
USD
36.50
06/20/25
4,084‌
Bunge Global SA
Pershing LLC
13‌
USD
99,346‌
USD
80.00
04/17/25
700‌
Bunge Global SA
Pershing LLC
27‌
USD
206,334‌
USD
105.00
04/17/25
0‌
Bunge Global SA
Pershing LLC
40‌
USD
305,680‌
USD
80.00
05/16/25
7,907‌
Bunge Global SA
Pershing LLC
40‌
USD
305,680‌
USD
82.50
06/20/25
7,130‌
Calibre Mining Corp.
Pershing LLC
1,100‌
CAD
352,000‌
CAD
3.40
05/16/25
11,064‌
CF Industries Holdings Inc.
Pershing LLC
36‌
USD
281,340‌
USD
90.00
04/17/25
466‌
CF Industries Holdings Inc.
Pershing LLC
25‌
USD
195,375‌
USD
100.00
04/17/25
42‌
CF Industries Holdings Inc.
Pershing LLC
21‌
USD
164,115‌
USD
90.00
05/16/25
1,370‌
CF Industries Holdings Inc.
Pershing LLC
50‌
USD
390,750‌
USD
100.00
05/16/25
940‌
CF Industries Holdings Inc.
Pershing LLC
50‌
USD
390,750‌
USD
87.50
06/20/25
8,412‌
Chevron Corp.
Pershing LLC
55‌
USD
920,095‌
USD
155.00
05/16/25
69,741‌
Chevron Corp.
Pershing LLC
51‌
USD
853,179‌
USD
160.00
07/18/25
63,417‌
Chevron Corp.
Pershing LLC
40‌
USD
669,160‌
USD
174.00
09/19/25
28,114‌
CNH Industrial NV
Pershing LLC
307‌
USD
376,996‌
USD
13.00
05/16/25
14,387‌
CNH Industrial NV
Pershing LLC
320‌
USD
392,960‌
USD
12.50
07/18/25
28,262‌
ConocoPhillips
Pershing LLC
40‌
USD
420,080‌
USD
105.00
04/17/25
9,379‌
ConocoPhillips
Pershing LLC
14‌
USD
147,028‌
USD
112.00
05/16/25
1,975‌
ConocoPhillips
Pershing LLC
17‌
USD
178,534‌
USD
115.00
05/16/25
1,457‌
ConocoPhillips
Pershing LLC
41‌
USD
430,582‌
USD
110.00
07/18/25
16,684‌
Corteva Inc.
Pershing LLC
145‌
USD
912,485‌
USD
64.00
05/16/25
27,343‌
Corteva Inc.
Pershing LLC
132‌
USD
830,676‌
USD
66.50
07/18/25
29,710‌
Corteva Inc.
Pershing LLC
155‌
USD
975,415‌
USD
64.00
09/19/25
62,040‌
Coterra Energy Inc.
Pershing LLC
60‌
USD
173,400‌
USD
29.00
05/16/25
7,151‌
Coterra Energy Inc.
Pershing LLC
69‌
USD
199,410‌
USD
29.50
07/18/25
11,255‌
Darling Ingredients Inc.
Pershing LLC
70‌
USD
218,680‌
USD
45.00
05/16/25
243‌
4
GAMCO Natural Resources, Gold & Income Trust
Schedule of Investments (Continued) — March 31, 2025 (Unaudited)
Description
Counterparty
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
Deere & Co.
Pershing LLC
22‌
USD
1,032,570‌
USD
455.00
04/17/25
$ 48,021‌
Deere & Co.
Pershing LLC
22‌
USD
1,032,570‌
USD
467.00
05/16/25
53,753‌
Devon Energy Corp.
Pershing LLC
50‌
USD
187,000‌
USD
37.50
04/17/25
5,326‌
Devon Energy Corp.
Pershing LLC
50‌
USD
187,000‌
USD
42.50
06/20/25
3,648‌
Diamondback Energy Inc.
Pershing LLC
11‌
USD
175,868‌
USD
205.00
04/17/25
1‌
Diamondback Energy Inc.
Pershing LLC
10‌
USD
159,880‌
USD
172.50
06/20/25
3,428‌
Diamondback Energy Inc.
Pershing LLC
14‌
USD
223,832‌
USD
171.00
08/15/25
8,577‌
Dundee Precious Metals Inc.
Pershing LLC
450‌
CAD
858,600‌
CAD
15.00
05/16/25
131,080‌
Dundee Precious Metals Inc.
Pershing LLC
350‌
CAD
667,800‌
CAD
19.00
07/18/25
29,401‌
Elanco Animal Health Inc.
Pershing LLC
135‌
USD
141,750‌
USD
14.00
06/20/25
1,233‌
Eldorado Gold Corp.
Pershing LLC
375‌
USD
630,750‌
USD
20.50
04/17/25
296‌
Eldorado Gold Corp.
Pershing LLC
335‌
USD
563,470‌
USD
19.00
06/20/25
20,234‌
Endeavour Mining plc
Pershing LLC
310‌
CAD
1,071,980‌
CAD
37.00
07/18/25
38,101‌
Eni SpA
Morgan Stanley
18‌
EUR
128,682‌
EUR
15.50
04/17/25
99‌
Eni SpA
Morgan Stanley
20‌
EUR
142,980‌
EUR
15.50
05/16/25
821‌
Eni SpA
Morgan Stanley
18‌
EUR
128,682‌
EUR
15.50
06/20/25
1,153‌
EOG Resources Inc.
Pershing LLC
30‌
USD
384,720‌
USD
136.00
04/17/25
1,291‌
EOG Resources Inc.
Pershing LLC
36‌
USD
461,664‌
USD
130.00
06/20/25
20,470‌
EOG Resources Inc.
Pershing LLC
33‌
USD
423,192‌
USD
145.00
08/15/25
8,338‌
EQT Corp.
Pershing LLC
45‌
USD
240,435‌
USD
41.00
04/17/25
56,400‌
EQT Corp.
Pershing LLC
45‌
USD
240,435‌
USD
43.00
06/20/25
50,973‌
EQT Corp.
Pershing LLC
38‌
USD
203,034‌
USD
50.00
08/15/25
26,749‌
Exxon Mobil Corp.
Pershing LLC
15‌
USD
178,395‌
USD
110.00
05/16/25
14,491‌
Exxon Mobil Corp.
Pershing LLC
104‌
USD
1,236,872‌
USD
122.50
05/16/25
20,711‌
Exxon Mobil Corp.
Pershing LLC
130‌
USD
1,546,090‌
USD
120.00
07/18/25
69,150‌
Exxon Mobil Corp.
Pershing LLC
133‌
USD
1,581,769‌
USD
120.00
09/19/25
90,519‌
Franco-Nevada Corp.
Pershing LLC
52‌
USD
819,312‌
USD
127.50
05/16/25
160,940‌
Franco-Nevada Corp.
Pershing LLC
48‌
USD
756,288‌
USD
130.00
07/18/25
143,651‌
Franco-Nevada Corp.
Pershing LLC
45‌
USD
709,020‌
USD
160.00
09/19/25
53,486‌
Freeport-McMoRan Inc.
Pershing LLC
227‌
USD
859,422‌
USD
44.50
04/17/25
1,652‌
Freeport-McMoRan Inc.
Pershing LLC
226‌
USD
855,636‌
USD
45.50
06/20/25
16,712‌
Freeport-McMoRan Inc.
Pershing LLC
227‌
USD
859,422‌
USD
45.00
08/15/25
32,949‌
G Mining Ventures Corp.
Pershing LLC
200‌
CAD
375,400‌
CAD
16.00
05/16/25
39,509‌
G Mining Ventures Corp.
Pershing LLC
285‌
CAD
534,945‌
CAD
20.00
07/18/25
23,554‌
Glencore plc
Morgan Stanley
36‌
GBP
100,908‌
GBp
420.00
04/17/25
0‌
Gold Fields Ltd., ADR
Pershing LLC
140‌
USD
309,260‌
USD
16.00
05/16/25
87,285‌
Gold Fields Ltd., ADR
Pershing LLC
56‌
USD
123,704‌
USD
20.00
07/18/25
19,718‌
Halliburton Co.
Pershing LLC
50‌
USD
126,850‌
USD
29.50
04/17/25
79‌
Halliburton Co.
Pershing LLC
52‌
USD
131,924‌
USD
32.00
05/16/25
150‌
Halliburton Co.
Pershing LLC
60‌
USD
152,220‌
USD
29.50
06/20/25
1,952‌
Hess Corp.
Pershing LLC
8‌
USD
127,784‌
USD
145.00
04/17/25
12,171‌
Hess Corp.
Pershing LLC
8‌
USD
127,784‌
USD
140.00
06/20/25
17,684‌
Hess Corp.
Pershing LLC
9‌
USD
143,757‌
USD
155.00
08/15/25
12,411‌
K92 Mining Inc.
Pershing LLC
567‌
CAD
703,647‌
CAD
11.00
04/17/25
56,663‌
K92 Mining Inc.
Pershing LLC
260‌
CAD
322,660‌
CAD
10.40
06/20/25
41,116‌
Kinder Morgan Inc.
Pershing LLC
115‌
USD
328,095‌
USD
27.00
04/17/25
20,959‌
Kinder Morgan Inc.
Pershing LLC
120‌
USD
342,360‌
USD
27.00
05/16/25
23,227‌
Kinross Gold Corp.
Pershing LLC
558‌
USD
703,638‌
USD
10.50
04/17/25
119,656‌
Kinross Gold Corp.
Pershing LLC
544‌
USD
685,984‌
USD
11.00
04/17/25
91,045‌
Kinross Gold Corp.
Pershing LLC
545‌
USD
687,245‌
USD
11.50
05/16/25
78,923‌
Kinross Gold Corp.
Pershing LLC
940‌
USD
1,185,340‌
USD
14.00
08/15/25
76,991‌
Lundin Gold Inc.
Pershing LLC
171‌
CAD
761,976‌
CAD
33.00
04/17/25
138,366‌
5
GAMCO Natural Resources, Gold & Income Trust
Schedule of Investments (Continued) — March 31, 2025 (Unaudited)
Description
Counterparty
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
Lundin Gold Inc.
Pershing LLC
240‌
CAD
1,069,440‌
CAD
32.50
06/20/25
$ 201,690‌
Lundin Gold Inc.
Pershing LLC
155‌
CAD
690,680‌
CAD
41.50
08/15/25
59,541‌
MAG Silver Corp.
Pershing LLC
185‌
USD
282,680‌
USD
17.00
06/20/25
14,127‌
Marathon Petroleum Corp.
Pershing LLC
19‌
USD
276,811‌
USD
162.50
04/17/25
631‌
Marathon Petroleum Corp.
Pershing LLC
21‌
USD
305,949‌
USD
175.00
05/16/25
1,144‌
Marathon Petroleum Corp.
Pershing LLC
24‌
USD
349,656‌
USD
162.00
06/20/25
7,835‌
Mowi ASA
Morgan Stanley
250‌
NOK
4,865,000‌
NOK
220.00
05/16/25
1,499‌
Mowi ASA
Morgan Stanley
250‌
NOK
4,865,000‌
NOK
215.00
06/20/25
4,117‌
Newmont Corp.
Pershing LLC
340‌
USD
1,641,520‌
USD
48.00
04/17/25
53,663‌
Newmont Corp.
Pershing LLC
446‌
USD
2,153,288‌
USD
57.50
06/20/25
30,835‌
Northern Star Resources Ltd.
Morgan Stanley
1,200‌
AUD
2,198,400‌
AUD
18.00
04/17/25
56,688‌
Nutrien Ltd.
Pershing LLC
130‌
USD
645,710‌
USD
57.00
04/17/25
352‌
Nutrien Ltd.
Pershing LLC
130‌
USD
645,710‌
USD
59.00
05/16/25
1,811‌
Nutrien Ltd.
Pershing LLC
180‌
USD
894,060‌
USD
58.25
06/20/25
7,646‌
Occidental Petroleum Corp.
Pershing LLC
27‌
USD
133,272‌
USD
60.00
05/16/25
392‌
Occidental Petroleum Corp.
Pershing LLC
20‌
USD
98,720‌
USD
58.00
07/18/25
1,307‌
Occidental Petroleum Corp.
Pershing LLC
20‌
USD
98,720‌
USD
52.50
09/19/25
5,409‌
OceanaGold Corp.
Pershing LLC
585‌
CAD
280,800‌
CAD
5.00
05/16/25
8,480‌
ONEOK Inc.
Pershing LLC
38‌
USD
377,036‌
USD
110.00
04/17/25
763‌
ONEOK Inc.
Pershing LLC
30‌
USD
297,660‌
USD
102.00
05/16/25
7,862‌
ONEOK Inc.
Pershing LLC
38‌
USD
377,036‌
USD
107.00
06/20/25
8,314‌
Osisko Gold Royalties Ltd.
Pershing LLC
171‌
USD
361,152‌
USD
21.00
04/17/25
11,030‌
Osisko Gold Royalties Ltd.
Pershing LLC
144‌
USD
304,128‌
USD
21.00
05/16/25
15,291‌
Pan American Silver Corp.
Pershing LLC
12‌
USD
30,996‌
USD
26.00
04/17/25
1,062‌
Pan American Silver Corp.
Pershing LLC
41‌
USD
105,903‌
USD
27.00
04/17/25
2,036‌
Pan American Silver Corp.
Pershing LLC
85‌
USD
219,555‌
USD
26.00
06/20/25
17,284‌
Pan American Silver Corp.
Pershing LLC
46‌
USD
118,818‌
USD
25.00
08/15/25
14,937‌
Pan American Silver Corp.
Pershing LLC
58‌
USD
149,814‌
USD
26.00
08/15/25
15,953‌
Phillips 66
Pershing LLC
25‌
USD
308,700‌
USD
145.00
04/17/25
54‌
Phillips 66
Pershing LLC
27‌
USD
333,396‌
USD
141.50
05/16/25
1,517‌
Phillips 66
Pershing LLC
22‌
USD
271,656‌
USD
140.00
07/18/25
5,099‌
Rio Tinto plc, ADR
Pershing LLC
170‌
USD
1,021,360‌
USD
72.50
04/17/25
197‌
Rio Tinto plc, ADR
Pershing LLC
150‌
USD
901,200‌
USD
68.00
05/16/25
3,899‌
Rio Tinto plc, ADR
Pershing LLC
143‌
USD
859,144‌
USD
66.00
06/20/25
13,935‌
Royal Gold Inc.
Pershing LLC
42‌
USD
686,742‌
USD
155.00
05/16/25
36,730‌
Schlumberger NV
Pershing LLC
84‌
USD
351,120‌
USD
45.00
04/17/25
1,326‌
Schlumberger NV
Pershing LLC
79‌
USD
330,220‌
USD
47.00
05/16/25
2,728‌
Schlumberger NV
Pershing LLC
84‌
USD
351,120‌
USD
45.00
07/18/25
12,018‌
Shell plc, ADR
Pershing LLC
83‌
USD
608,224‌
USD
71.00
04/17/25
23,352‌
Shell plc, ADR
Pershing LLC
92‌
USD
674,176‌
USD
71.00
06/20/25
36,566‌
Shell plc, ADR
Pershing LLC
90‌
USD
659,520‌
USD
70.00
10/17/25
55,046‌
Suncor Energy Inc.
Pershing LLC
35‌
USD
135,520‌
USD
38.00
04/17/25
4,700‌
Suncor Energy Inc.
Pershing LLC
35‌
USD
135,520‌
USD
41.50
06/20/25
2,738‌
Suncor Energy Inc.
Pershing LLC
35‌
USD
135,520‌
USD
40.00
08/15/25
6,791‌
Targa Resources Corp.
Pershing LLC
13‌
USD
260,611‌
USD
200.00
06/20/25
17,726‌
Targa Resources Corp.
Pershing LLC
13‌
USD
260,611‌
USD
200.00
07/18/25
20,635‌
The Mosaic Co.
Pershing LLC
123‌
USD
332,223‌
USD
30.00
05/16/25
5,997‌
The Mosaic Co.
Pershing LLC
38‌
USD
102,638‌
USD
30.00
06/20/25
2,853‌
The Mosaic Co.
Pershing LLC
47‌
USD
126,947‌
USD
30.00
07/18/25
4,819‌
The Toro Co.
Pershing LLC
45‌
USD
327,375‌
USD
90.00
04/17/25
1‌
The Toro Co.
Pershing LLC
45‌
USD
327,375‌
USD
90.00
06/20/25
1,025‌
The Williams Companies Inc.
Pershing LLC
75‌
USD
448,200‌
USD
56.00
05/16/25
38,279‌
6
GAMCO Natural Resources, Gold & Income Trust
Schedule of Investments (Continued) — March 31, 2025 (Unaudited)
Description
Counterparty
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
The Williams Companies Inc.
Pershing LLC
66‌
USD
394,416‌
USD
56.00
07/18/25
$ 39,949‌
TotalEnergies SE, ADR
Pershing LLC
71‌
USD
459,299‌
USD
70.00
04/17/25
410‌
TotalEnergies SE, ADR
Pershing LLC
71‌
USD
459,299‌
USD
67.50
05/16/25
6,801‌
TotalEnergies SE, ADR
Pershing LLC
66‌
USD
426,954‌
USD
65.00
06/20/25
15,010‌
Tyson Foods Inc., Cl. A
Pershing LLC
125‌
USD
797,625‌
USD
61.00
05/16/25
54,987‌
Tyson Foods Inc., Cl. A
Pershing LLC
106‌
USD
676,386‌
USD
64.00
06/20/25
29,685‌
Tyson Foods Inc., Cl. A
Pershing LLC
57‌
USD
363,717‌
USD
60.00
07/18/25
32,741‌
Tyson Foods Inc., Cl. A
Pershing LLC
49‌
USD
312,669‌
USD
63.00
07/18/25
18,521‌
Valero Energy Corp.
Pershing LLC
19‌
USD
250,933‌
USD
150.00
04/17/25
337‌
Valero Energy Corp.
Pershing LLC
19‌
USD
250,933‌
USD
152.00
05/16/25
1,911‌
Valero Energy Corp.
Pershing LLC
20‌
USD
264,140‌
USD
152.00
06/20/25
3,941‌
Wesdome Gold Mines Ltd.
Pershing LLC
337‌
CAD
577,618‌
CAD
14.25
05/16/25
73,925‌
Wesdome Gold Mines Ltd.
Pershing LLC
285‌
CAD
488,490‌
CAD
17.00
08/15/25
33,387‌
Wesdome Gold Mines Ltd.
Pershing LLC
340‌
CAD
582,760‌
CAD
17.50
09/19/25
38,451‌
Wheaton Precious Metals Corp.
Pershing LLC
160‌
USD
1,242,080‌
USD
66.00
05/16/25
195,508‌
Zoetis Inc.
Pershing LLC
11‌
USD
181,115‌
USD
177.00
04/17/25
377‌
Zoetis Inc.
Pershing LLC
60‌
USD
987,900‌
USD
181.00
05/16/25
9,355‌
Zoetis Inc.
Pershing LLC
61‌
USD
1,004,365‌
USD
177.00
07/18/25
29,344‌
TOTAL OTC CALL OPTIONS WRITTEN
$ 4,663,092‌
OTC Put Options Written — (0.0)%
Energy Select Sector SPDR ETF
Pershing LLC
260‌
USD
3,492,937‌
USD
79.00
05/16/25
$ 5,676‌
VanEck Agribusiness ETF
Pershing LLC
203‌
USD
1,981,253‌
USD
66.50
06/20/25
32,051‌
VanEck Gold Miners ETF
Pershing LLC
765‌
USD
2,324,477‌
USD
32.50
04/17/25
1,504‌
VanEck Gold Miners ETF
Pershing LLC
675‌
USD
2,051,009‌
USD
37.00
05/16/25
8,933‌
TOTAL OTC PUT OPTIONS WRITTEN
$ 48,164‌
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
Exchange Traded Call Options Written — (0.2)%
Alamos Gold Inc., Cl. A
339‌
USD
906,486‌
USD
26.00
09/19/25
$ 111,870‌
Anglogold Ashanti plc
150‌
USD
556,800‌
USD
33.00
04/17/25
63,600‌
Barrick Gold Corp.
270‌
USD
524,880‌
USD
18.00
04/17/25
41,310‌
Darling Ingredients Inc.
70‌
USD
218,680‌
USD
37.50
07/18/25
7,980‌
Darling Ingredients Inc.
45‌
USD
140,580‌
USD
37.50
09/19/25
7,875‌
Elanco Animal Health Inc.
135‌
USD
141,750‌
USD
15.00
04/17/25
1,687‌
FMC Corp.
40‌
USD
147,031‌
USD
65.00
04/17/25
2,000‌
IAMGOLD Corp.
300‌
USD
187,500‌
USD
7.00
09/19/25
19,500‌
MAG Silver Corp.
180‌
USD
275,040‌
USD
17.50
05/16/25
6,300‌
Zoetis Inc.
50‌
USD
823,250‌
USD
200.00
04/17/25
250‌
TOTAL EXCHANGE TRADED CALL OPTIONS WRITTEN
$ 262,372‌
Exchange Traded Put Options Written — (0.0)%
Energy Select Sector SPDR ETF
260‌
USD
3,492,937‌
USD
84.00
04/17/25
$ 2,860‌
VanEck Agribusiness ETF
136‌
USD
1,327,342‌
USD
66.00
04/17/25
65,280‌
TOTAL EXCHANGE TRADED PUT OPTIONS WRITTEN
$ 68,140‌
TOTAL OPTIONS WRITTEN
$ 5,041,768‌