NPORT-EX 2 GB41GB093025.htm
1
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
—
September
30,
2025
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
—
81
.7
%
Agriculture
—
6
.3
%
42,300‌
Archer-Daniels-Midland
Co.
(a)
........
$
2,527,002‌
15,000‌
Bunge
Global
SA
(a)
................
1,218,750‌
45,000‌
Corteva
Inc.
(a)
...................
3,043,350‌
21,000‌
Darling
Ingredients
Inc.
†
............
648,270‌
13,000‌
FMC
Corp.
......................
437,190‌
43,400‌
Nutrien
Ltd.
(a)
...................
2,548,014‌
10,422,576‌
Energy
and
Energy
Services
—
16
.5
%
6,800‌
APA
Corp.
......................
165,104‌
17,900‌
Baker
Hughes
Co.
.................
872,088‌
24,400‌
BP
plc
,
ADR
(a)
...................
840,824‌
20,054‌
Chevron
Corp.
(a)
.................
3,114,186‌
11,200‌
ConocoPhillips
(a)
.................
1,059,408‌
12,900‌
Coterra
Energy
Inc.
................
305,085‌
10,000‌
Devon
Energy
Corp.
...............
350,600‌
3,500‌
Diamondback
Energy
Inc.
...........
500,850‌
29,500‌
Eni
SpA
........................
514,876‌
9,900‌
EOG
Resources
Inc.
(a)
.............
1,109,988‌
12,900‌
EQT
Corp.
......................
702,147‌
4,400‌
Expand
Energy
Corp.
...............
467,456‌
44,407‌
Exxon
Mobil
Corp.
(a)
..............
5,006,889‌
16,200‌
Halliburton
Co.
(a)
.................
398,520‌
40,600‌
Kinder
Morgan
Inc.
(a)
..............
1,149,386‌
4,200‌
Marathon
Petroleum
Corp.
(a)
.........
809,508‌
6,700‌
Occidental
Petroleum
Corp.
..........
316,575‌
11,500‌
ONEOK
Inc.
.....................
839,155‌
7,500‌
Phillips
66
......................
1,020,150‌
24,700‌
Schlumberger
NV
(a)
...............
848,939‌
29,400‌
Shell
plc
,
ADR
(a)
.................
2,102,982‌
10,500‌
Suncor
Energy
Inc.
................
439,005‌
4,200‌
Targa
Resources
Corp.
.............
703,668‌
22,000‌
The
Williams
Companies
Inc.
(a)
.......
1,393,700‌
20,800‌
TotalEnergies
SE
,
ADR
..............
1,241,552‌
6,200‌
Valero
Energy
Corp.
...............
1,055,612‌
27,328,253‌
Food
and
Beverage
—
2
.0
%
63,000‌
Mowi
ASA
......................
1,330,761‌
35,600‌
Tyson
Foods
Inc.
,
Cl. A
(a)
...........
1,933,080‌
3,263,841‌
Health
Care
—
3
.1
%
60,000‌
Bayer
AG
.......................
1,988,606‌
27,000‌
Elanco
Animal
Health
Inc.
†
...........
543,780‌
18,200‌
Zoetis
Inc.
(a)
....................
2,663,024‌
5,195,410‌
Health
Care
Providers
and
Services
—
0
.2
%
60,000‌
Montage
Gold
Corp.
†
..............
291,873‌
Shares
Market
Value
Machinery
—
3
.5
%
6,600‌
AGCO
Corp.
.....................
$
706,662‌
80,500‌
CNH
Industrial
NV
.................
873,425‌
7,800‌
Deere
&
Co.
(a)
...................
3,566,628‌
9,000‌
The
Toro
Co.
.....................
685,800‌
5,832,515‌
Metals
and
Mining
—
48
.0
%
5,200‌
Agnico
Eagle
Mines
Ltd.
............
876,512‌
95,900‌
Alamos
Gold
Inc.
,
Cl. A
(a)
...........
3,343,074‌
248,000‌
Americas
Gold
&
Silver
Corp.
†
........
924,854‌
33,056‌
Anglogold
Ashanti
plc
(a)
............
2,324,828‌
27,500‌
Aris
Mining
Corp.
†
................
269,526‌
70,000‌
Artemis
Gold
Inc.
†
................
1,835,381‌
24,000‌
Aya
Gold
&
Silver
Inc.
†
.............
277,646‌
48,800‌
Barrick
Mining
Corp.
(a)
.............
1,599,176‌
636,965‌
Bellevue
Gold
Ltd.
†
................
482,594‌
53,300‌
BHP
Group
Ltd.
,
ADR
(a)
............
2,971,475‌
199,000‌
Discovery
Silver
Corp.
†
.............
737,831‌
97,500‌
DPM
Metals
Inc.
..................
2,161,296‌
85,100‌
Eldorado
Gold
Corp.
†
..............
2,458,539‌
76,585‌
Endeavour
Mining
plc
..............
3,217,043‌
98,245‌
Equinox
Gold
Corp.
†
...............
1,100,553‌
85,100‌
Equinox
Gold
Corp.
†
...............
954,822‌
275,582‌
Evolution
Mining
Ltd.
..............
1,974,879‌
10,900‌
Franco-Nevada
Corp.
(a)
.............
2,429,719‌
82,300‌
Freeport-McMoRan
Inc.
(a)
...........
3,227,806‌
68,250‌
G
Mining
Ventures
Corp.
†
...........
1,355,977‌
71,000‌
Glencore
plc
.....................
326,187‌
10,400‌
Gold
Fields
Ltd.
,
ADR
..............
436,384‌
307,206‌
Gold
Road
Resources
Ltd.
...........
622,885‌
92,600‌
IAMGOLD
Corp.
†
.................
1,197,318‌
156,200‌
K92
Mining
Inc.
†
.................
1,887,824‌
225,000‌
Kinross
Gold
Corp.
(a)
..............
5,591,250‌
47,200‌
Lundin
Gold
Inc.
..................
3,058,148‌
94,600‌
Newmont
Corp.
(a)
................
7,975,726‌
369,716‌
Northern
Star
Resources
Ltd.
.........
5,805,333‌
95,366‌
OceanaGold
Corp.
.................
2,035,873‌
62,800‌
Orla
Mining
Ltd.
†
.................
678,240‌
30,000‌
Pan
American
Silver
Corp.
...........
1,161,900‌
627,334‌
Perseus
Mining
Ltd.
...............
2,034,024‌
118,300‌
Ramelius
Resources
Ltd.
............
303,723‌
46,300‌
Rio
Tinto
plc
,
ADR
(a)
..............
3,056,263‌
7,415‌
Royal
Gold
Inc.
...................
1,487,301‌
73,000‌
Victoria
Gold
Corp.
†
(b)
.............
0‌
58,500‌
Wesdome
Gold
Mines
Ltd.
†
..........
911,317‌
712,417‌
Westgold
Resources
Ltd.
............
2,111,900‌
36,150‌
Wheaton
Precious
Metals
Corp.
(a)
.....
4,043,016‌
79,248,143‌
Specialty
Chemicals
—
2
.1
%
19,655‌
CF
Industries
Holdings
Inc.
..........
1,763,054‌
37,500‌
The
Mosaic
Co.
...................
1,300,500‌
2
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2025
(Unaudited)
Shares
Market
Value
COMMON
STOCKS
(Continued)
Specialty
Chemicals
(Continued)
8,900‌
Yara
International
ASA
..............
$
325,159‌
3,388,713‌
TOTAL
COMMON
STOCKS
...........
134,971,324‌
Principal
Amount
CONVERTIBLE
CORPORATE
BONDS
—
0
.4
%
Metals
and
Mining
—
0
.4
%
$
750,000‌
Allied
Gold
Corp.
,
8.750
%
,
09/07/28
(c)
.............
675,000‌
CORPORATE
BONDS
—
3
.5
%
Energy
and
Energy
Services
—
0
.1
%
80,000‌
Devon
Energy
Corp.
,
4.500
%
,
01/15/30
...............
80,147‌
Metals
and
Mining
—
3
.4
%
750,000‌
AngloGold
Ashanti
Holdings
plc
,
3.750
%
,
10/01/30
...............
715,875‌
750,000‌
Freeport-McMoRan
Inc.
,
4.125
%
,
03/01/28
...............
745,833‌
374,000‌
Hecla
Mining
Co.
,
7.250
%
,
02/15/28
...............
377,683‌
500,000‌
IAMGOLD
Corp.
,
5.750
%
,
10/15/28
(c)
.............
499,810‌
1,300,000‌
Kinross
Gold
Corp.
,
6.250
%
,
07/15/33
(c)
.............
1,419,510‌
1,750,000‌
Northern
Star
Resources
Ltd.
,
6.125
%
,
04/11/33
(c)
.............
1,853,340‌
5,612,051‌
TOTAL
CORPORATE
BONDS
..........
5,692,198‌
U.S.
GOVERNMENT
OBLIGATIONS
—
14
.4
%
23,955,000‌
U.S.
Treasury
Bills,
3.786
%
to
4.291
%
††
,
10/16/25
to
03/19/26
(d)
...................
23,806,239‌
TOTAL
INVESTMENTS
BEFORE
OPTIONS
WRITTEN
—
100
.0
%
.............
(Cost
$
146,327,456
)
.............
$
165,144,761‌
(a)
Securities,
or
a
portion
thereof,
with
a
value
of
$47,152,099
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,
2025,
$10,260,000
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
......................
77
.3‌
%
$
127,689,842‌
Europe
..............................
11
.4‌
18,858,382‌
Asia/Pacific
.........................
11
.0‌
18,160,153‌
South
Africa
.........................
0
.3‌
436,384‌
Total
Investments
—
Long
Positions
100.0‌%
$
165,144,761‌
Short
Positions
North
America
......................
(
6
.6‌
)
%
$
(
10,931,858‌
)
Asia/Pacific
.........................
(
0
.2‌
)
(
340,507‌
)
Europe
..............................
(
0
.1‌
)
(
113,772‌
)
Total
Investments
—
Short
Positions
(6.9‌)%
$
(11,386,137‌)
*
Total
investments
exclude
options
written.
3
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2025
(Unaudited)
As
of
September
30,
2025,
options
written
outstanding
were
as
follows:
Description
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
OTC
Call
Options
Written
—
(6.0)%
AGCO
Corp.
Pershing
LLC
26‌
USD
278,382‌
USD
96.00
10/17/25
$
30,026‌
AGCO
Corp.
Pershing
LLC
20‌
USD
214,140‌
USD
112.00
11/21/25
7,473‌
AGCO
Corp.
Pershing
LLC
20‌
USD
214,140‌
USD
115.00
12/19/25
8,254‌
Agnico
Eagle
Mines
Ltd.
Pershing
LLC
30‌
USD
505,680‌
USD
122.50
12/19/25
142,121‌
Agnico
Eagle
Mines
Ltd.
Pershing
LLC
22‌
USD
370,832‌
USD
160.00
02/20/26
47,412‌
Alamos
Gold
Inc.,
Cl.
A
Pershing
LLC
141‌
USD
491,526‌
USD
26.65
01/16/26
124,717‌
Anglogold
Ashanti
plc
Pershing
LLC
103‌
USD
724,399‌
USD
47.00
12/19/25
239,927‌
Anglogold
Ashanti
plc
Pershing
LLC
134‌
USD
942,422‌
USD
52.00
02/20/26
270,149‌
APA
Corp.
Pershing
LLC
68‌
USD
165,104‌
USD
22.50
01/16/26
21,983‌
Archer-Daniels-Midland
Co.
Pershing
LLC
112‌
USD
669,088‌
USD
52.50
10/17/25
82,421‌
Archer-Daniels-Midland
Co.
Pershing
LLC
150‌
USD
896,100‌
USD
57.50
12/19/25
67,790‌
Archer-Daniels-Midland
Co.
Pershing
LLC
161‌
USD
961,814‌
USD
62.00
02/20/26
50,688‌
Baker
Hughes
Co.
Pershing
LLC
60‌
USD
292,320‌
USD
41.00
11/21/25
48,280‌
Baker
Hughes
Co.
Pershing
LLC
47‌
USD
228,984‌
USD
42.00
01/16/26
37,123‌
Baker
Hughes
Co.
Pershing
LLC
72‌
USD
350,784‌
USD
52.50
03/20/26
18,917‌
Barrick
Mining
Corp.
Pershing
LLC
330‌
USD
1,081,410‌
USD
25.00
11/21/25
264,812‌
BHP
Group
Ltd.,
ADR
Pershing
LLC
203‌
USD
1,131,725‌
USD
53.00
11/21/25
84,554‌
BHP
Group
Ltd.,
ADR
Pershing
LLC
160‌
USD
892,000‌
USD
55.00
12/19/25
54,389‌
BHP
Group
Ltd.,
ADR
Pershing
LLC
170‌
USD
947,750‌
USD
60.00
01/16/26
28,730‌
BP
plc,
ADR
Pershing
LLC
35‌
USD
120,610‌
USD
32.00
10/17/25
9,145‌
BP
plc,
ADR
Pershing
LLC
41‌
USD
141,286‌
USD
35.00
12/19/25
5,497‌
BP
plc,
ADR
Pershing
LLC
93‌
USD
320,478‌
USD
38.50
02/20/26
6,417‌
Bunge
Global
SA
Pershing
LLC
50‌
USD
406,250‌
USD
82.50
10/17/25
8,572‌
Bunge
Global
SA
Pershing
LLC
50‌
USD
406,250‌
USD
92.50
12/19/25
6,456‌
Bunge
Global
SA
Pershing
LLC
50‌
USD
406,250‌
USD
87.50
02/20/26
18,111‌
CF
Industries
Holdings
Inc.
Pershing
LLC
71‌
USD
636,870‌
USD
95.00
11/21/25
17,631‌
CF
Industries
Holdings
Inc.
Pershing
LLC
65‌
USD
583,050‌
USD
107.00
01/16/26
10,183‌
CF
Industries
Holdings
Inc.
Pershing
LLC
60‌
USD
538,200‌
USD
95.00
03/20/26
34,232‌
Chevron
Corp.
Pershing
LLC
10‌
USD
155,290‌
USD
145.00
10/17/25
14,403‌
Chevron
Corp.
Pershing
LLC
40‌
USD
621,160‌
USD
160.00
10/17/25
4,778‌
Chevron
Corp.
Pershing
LLC
55‌
USD
854,095‌
USD
151.00
11/21/25
40,198‌
Chevron
Corp.
Pershing
LLC
10‌
USD
155,290‌
USD
145.00
12/19/25
15,575‌
Chevron
Corp.
Pershing
LLC
51‌
USD
791,979‌
USD
160.00
12/19/25
21,631‌
Chevron
Corp.
Pershing
LLC
34‌
USD
527,986‌
USD
148.00
01/16/26
40,275‌
CNH
Industrial
NV
Pershing
LLC
400‌
USD
434,000‌
USD
13.00
11/21/25
2,867‌
CNH
Industrial
NV
Pershing
LLC
400‌
USD
434,000‌
USD
12.75
01/16/26
10,609‌
ConocoPhillips
Pershing
LLC
31‌
USD
293,229‌
USD
100.00
11/21/25
6,231‌
ConocoPhillips
Pershing
LLC
41‌
USD
387,819‌
USD
102.00
12/19/25
9,563‌
ConocoPhillips
Pershing
LLC
40‌
USD
378,360‌
USD
101.00
01/16/26
13,513‌
Corteva
Inc.
Pershing
LLC
135‌
USD
913,005‌
USD
75.00
02/20/26
24,577‌
Coterra
Energy
Inc.
Pershing
LLC
60‌
USD
141,900‌
USD
26.50
10/17/25
210‌
Coterra
Energy
Inc.
Pershing
LLC
69‌
USD
163,185‌
USD
27.00
12/19/25
2,299‌
Darling
Ingredients
Inc.
Pershing
LLC
70‌
USD
216,090‌
USD
41.00
11/21/25
2,124‌
Darling
Ingredients
Inc.
Pershing
LLC
70‌
USD
216,090‌
USD
41.00
01/16/26
5,852‌
Deere
&
Co.
Pershing
LLC
26‌
USD
1,188,876‌
USD
510.00
12/19/25
16,635‌
Deere
&
Co.
Pershing
LLC
26‌
USD
1,188,876‌
USD
502.50
01/16/26
26,023‌
Deere
&
Co.
Pershing
LLC
26‌
USD
1,188,876‌
USD
510.00
03/20/26
38,929‌
Devon
Energy
Corp.
Pershing
LLC
50‌
USD
175,300‌
USD
37.50
10/17/25
1,422‌
Devon
Energy
Corp.
Pershing
LLC
50‌
USD
175,300‌
USD
40.00
12/19/25
3,778‌
4
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2025
(Unaudited)
Description
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
Diamondback
Energy
Inc.
Pershing
LLC
11‌
USD
157,410‌
USD
158.00
10/17/25
$
704‌
Diamondback
Energy
Inc.
Pershing
LLC
10‌
USD
143,100‌
USD
172.50
12/19/25
1,675‌
Diamondback
Energy
Inc.
Pershing
LLC
13‌
USD
186,030‌
USD
170.00
02/20/26
5,403‌
DPM
Metals
Inc.
Pershing
LLC
450‌
CAD
997,200‌
CAD
19.00
12/19/25
390,673‌
DPM
Metals
Inc.
Pershing
LLC
315‌
CAD
698,040‌
CAD
23.00
02/20/26
192,789‌
Eldorado
Gold
Corp.
Pershing
LLC
307‌
USD
886,923‌
USD
22.50
11/21/25
205,229‌
Eldorado
Gold
Corp.
Pershing
LLC
155‌
USD
447,795‌
USD
22.50
12/19/25
106,783‌
Endeavour
Mining
plc
Pershing
LLC
305‌
CAD
1,783,030‌
CAD
46.00
11/21/25
277,842‌
Endeavour
Mining
plc
Pershing
LLC
150‌
CAD
876,900‌
CAD
45.00
01/16/26
152,990‌
Eni
SpA
Morgan
Stanley
20‌
EUR
148,660‌
EUR
14.00
10/17/25
10,681‌
Eni
SpA
Morgan
Stanley
18‌
EUR
133,794‌
EUR
15.50
12/19/25
1,881‌
Eni
SpA
Morgan
Stanley
21‌
EUR
156,093‌
EUR
15.25
01/16/26
4,128‌
EOG
Resources
Inc.
Pershing
LLC
30‌
USD
336,360‌
USD
125.00
10/17/25
245‌
EOG
Resources
Inc.
Pershing
LLC
36‌
USD
403,632‌
USD
130.00
12/19/25
3,480‌
EOG
Resources
Inc.
Pershing
LLC
33‌
USD
369,996‌
USD
130.00
02/20/26
6,854‌
EQT
Corp.
Pershing
LLC
47‌
USD
255,821‌
USD
50.00
10/17/25
22,407‌
EQT
Corp.
Pershing
LLC
40‌
USD
217,720‌
USD
60.00
12/19/25
7,236‌
EQT
Corp.
Pershing
LLC
42‌
USD
228,606‌
USD
60.00
02/20/26
12,493‌
Equinox
Gold
Corp.
Pershing
LLC
480‌
USD
538,560‌
USD
7.50
10/17/25
179,160‌
Equinox
Gold
Corp.
Pershing
LLC
285‌
USD
319,770‌
USD
7.50
12/19/25
110,629‌
Expand
Energy
Corp.
Pershing
LLC
22‌
USD
233,728‌
USD
130.00
11/21/25
585‌
Expand
Energy
Corp.
Pershing
LLC
22‌
USD
233,728‌
USD
110.00
01/16/26
11,780‌
Exxon
Mobil
Corp.
Pershing
LLC
30‌
USD
338,250‌
USD
112.50
11/21/25
11,055‌
Exxon
Mobil
Corp.
Pershing
LLC
120‌
USD
1,353,000‌
USD
115.00
11/21/25
30,361‌
Exxon
Mobil
Corp.
Pershing
LLC
62‌
USD
699,050‌
USD
110.00
01/16/26
43,224‌
Exxon
Mobil
Corp.
Pershing
LLC
90‌
USD
1,014,750‌
USD
112.50
01/16/26
50,139‌
Exxon
Mobil
Corp.
Pershing
LLC
142‌
USD
1,601,050‌
USD
120.00
03/20/26
53,734‌
FMC
Corp.
Pershing
LLC
65‌
USD
218,595‌
USD
42.50
10/17/25
113‌
FMC
Corp.
Pershing
LLC
65‌
USD
218,595‌
USD
42.50
12/19/25
3,749‌
Franco-Nevada
Corp.
Pershing
LLC
30‌
USD
668,730‌
USD
210.00
03/20/26
81,677‌
Freeport-McMoRan
Inc.
Pershing
LLC
227‌
USD
890,294‌
USD
41.00
10/17/25
16,311‌
Freeport-McMoRan
Inc.
Pershing
LLC
317‌
USD
1,243,274‌
USD
45.00
12/19/25
41,047‌
Freeport-McMoRan
Inc.
Pershing
LLC
268‌
USD
1,051,096‌
USD
48.00
02/20/26
37,305‌
G
Mining
Ventures
Corp.
Pershing
LLC
285‌
CAD
788,025‌
CAD
24.00
10/17/25
80,653‌
G
Mining
Ventures
Corp.
Pershing
LLC
285‌
CAD
788,025‌
CAD
20.00
02/20/26
172,084‌
Glencore
plc
Morgan
Stanley
36‌
GBP
122,976‌
GBp
350.00
12/19/25
8,380‌
Gold
Fields
Ltd.,
ADR
Pershing
LLC
90‌
USD
377,640‌
USD
26.50
01/16/26
145,231‌
Halliburton
Co.
Pershing
LLC
52‌
USD
127,920‌
USD
26.00
10/17/25
2,210‌
Halliburton
Co.
Pershing
LLC
60‌
USD
147,600‌
USD
26.00
12/19/25
7,525‌
Halliburton
Co.
Pershing
LLC
50‌
USD
123,000‌
USD
24.00
02/20/26
13,880‌
K92
Mining
Inc.
Morgan
Stanley
542‌
CAD
911,644‌
CAD
14.50
10/17/25
86,745‌
K92
Mining
Inc.
Pershing
LLC
480‌
CAD
807,360‌
CAD
19.00
12/19/25
17,244‌
K92
Mining
Inc.
Pershing
LLC
540‌
CAD
908,280‌
CAD
16.00
01/16/26
82,273‌
Kinder
Morgan
Inc.
Pershing
LLC
137‌
USD
387,847‌
USD
30.00
11/21/25
4,425‌
Kinder
Morgan
Inc.
Pershing
LLC
132‌
USD
373,692‌
USD
30.00
01/16/26
9,186‌
Kinder
Morgan
Inc.
Pershing
LLC
137‌
USD
387,847‌
USD
28.00
03/20/26
25,366‌
Kinross
Gold
Corp.
Pershing
LLC
458‌
USD
1,138,130‌
USD
16.50
12/19/25
393,149‌
Kinross
Gold
Corp.
Pershing
LLC
457‌
USD
1,135,645‌
USD
27.00
03/20/26
118,814‌
Lundin
Gold
Inc.
Pershing
LLC
130‌
CAD
1,172,210‌
CAD
78.00
11/21/25
125,363‌
Lundin
Gold
Inc.
Pershing
LLC
170‌
CAD
1,532,890‌
CAD
75.00
12/19/25
197,215‌
Lundin
Gold
Inc.
Pershing
LLC
180‌
CAD
1,623,060‌
CAD
69.00
02/20/26
289,754‌
Marathon
Petroleum
Corp.
Pershing
LLC
21‌
USD
404,754‌
USD
175.00
10/17/25
39,515‌
5
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2025
(Unaudited)
Description
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
Marathon
Petroleum
Corp.
Pershing
LLC
21‌
USD
404,754‌
USD
172.00
12/19/25
$
52,217‌
Mowi
ASA
Morgan
Stanley
250‌
NOK
5,270,000‌
NOK
200.00
10/17/25
30,592‌
Mowi
ASA
Morgan
Stanley
130‌
NOK
2,740,400‌
NOK
200.00
12/19/25
20,170‌
Mowi
ASA
Morgan
Stanley
30‌
NOK
632,400‌
NOK
205.00
12/19/25
3,659‌
Mowi
ASA
Morgan
Stanley
220‌
NOK
4,637,600‌
NOK
205.00
02/20/26
34,281‌
Newmont
Corp.
Pershing
LLC
261‌
USD
2,200,491‌
USD
65.00
11/21/25
520,799‌
Newmont
Corp.
Pershing
LLC
275‌
USD
2,318,525‌
USD
65.00
12/19/25
555,652‌
Newmont
Corp.
Pershing
LLC
163‌
USD
1,374,253‌
USD
80.00
01/16/26
156,513‌
Northern
Star
Resources
Ltd.
Morgan
Stanley
1,232‌
AUD
2,923,536‌
AUD
20.00
12/18/25
340,507‌
Nutrien
Ltd.
Pershing
LLC
154‌
USD
904,134‌
USD
61.00
10/17/25
9,846‌
Nutrien
Ltd.
Pershing
LLC
140‌
USD
821,940‌
USD
61.00
12/19/25
35,107‌
Nutrien
Ltd.
Pershing
LLC
140‌
USD
821,940‌
USD
60.00
02/20/26
52,245‌
Occidental
Petroleum
Corp.
Pershing
LLC
27‌
USD
127,575‌
USD
50.00
11/21/25
3,675‌
Occidental
Petroleum
Corp.
Pershing
LLC
20‌
USD
94,500‌
USD
50.00
01/16/26
4,361‌
Occidental
Petroleum
Corp.
Pershing
LLC
20‌
USD
94,500‌
USD
50.00
03/20/26
5,926‌
OceanaGold
Corp.
Pershing
LLC
323‌
CAD
689,993‌
CAD
21.00
12/19/25
204,612‌
OceanaGold
Corp.
Pershing
LLC
307‌
CAD
912,097‌
CAD
21.50
12/19/25
183,757‌
ONEOK
Inc.
Pershing
LLC
30‌
USD
218,910‌
USD
95.00
11/21/25
147‌
ONEOK
Inc.
Pershing
LLC
47‌
USD
342,959‌
USD
84.00
12/19/25
3,599‌
ONEOK
Inc.
Pershing
LLC
38‌
USD
277,286‌
USD
90.00
01/16/26
1,743‌
Orla
Mining
Ltd.
Pershing
LLC
333‌
USD
359,640‌
USD
11.50
10/17/25
11,687‌
Orla
Mining
Ltd.
Pershing
LLC
295‌
USD
318,600‌
USD
12.50
12/19/25
21,485‌
Pan
American
Silver
Corp.
Pershing
LLC
100‌
USD
387,300‌
USD
34.00
10/17/25
49,656‌
Pan
American
Silver
Corp.
Pershing
LLC
94‌
USD
364,062‌
USD
34.00
12/19/25
58,127‌
Pan
American
Silver
Corp.
Pershing
LLC
106‌
USD
410,538‌
USD
35.00
02/20/26
69,984‌
Phillips
66
Pershing
LLC
22‌
USD
299,244‌
USD
135.00
10/17/25
9,208‌
Phillips
66
Pershing
LLC
25‌
USD
340,050‌
USD
130.00
12/19/25
27,229‌
Phillips
66
Pershing
LLC
28‌
USD
380,856‌
USD
140.00
02/20/26
21,697‌
Rio
Tinto
plc,
ADR
Pershing
LLC
150‌
USD
990,150‌
USD
65.00
10/17/25
31,970‌
Rio
Tinto
plc,
ADR
Pershing
LLC
158‌
USD
1,042,958‌
USD
62.00
12/19/25
93,561‌
Rio
Tinto
plc,
ADR
Pershing
LLC
170‌
USD
1,122,170‌
USD
67.50
02/20/26
66,326‌
Royal
Gold
Inc.
Pershing
LLC
25‌
USD
501,450‌
USD
190.00
11/21/25
40,818‌
Royal
Gold
Inc.
Pershing
LLC
20‌
USD
401,160‌
USD
200.00
01/16/26
30,036‌
Schlumberger
NV
Pershing
LLC
79‌
USD
271,523‌
USD
42.50
11/21/25
1,462‌
Schlumberger
NV
Pershing
LLC
84‌
USD
288,708‌
USD
41.00
01/16/26
5,656‌
Schlumberger
NV
Pershing
LLC
85‌
USD
292,145‌
USD
40.00
03/20/26
10,410‌
Shell
plc,
ADR
Pershing
LLC
90‌
USD
643,770‌
USD
70.00
10/17/25
21,012‌
Shell
plc,
ADR
Pershing
LLC
31‌
USD
221,743‌
USD
68.00
11/21/25
13,287‌
Shell
plc,
ADR
Pershing
LLC
71‌
USD
507,863‌
USD
70.00
11/21/25
20,529‌
Shell
plc,
ADR
Pershing
LLC
90‌
USD
643,770‌
USD
74.00
12/19/25
13,622‌
Suncor
Energy
Inc.
Pershing
LLC
35‌
USD
146,335‌
USD
39.00
10/17/25
10,783‌
Suncor
Energy
Inc.
Pershing
LLC
35‌
USD
146,335‌
USD
41.50
12/19/25
7,450‌
Suncor
Energy
Inc.
Pershing
LLC
35‌
USD
146,335‌
USD
41.50
02/20/26
10,216‌
Targa
Resources
Corp.
Pershing
LLC
13‌
USD
217,802‌
USD
200.00
11/21/25
670‌
Targa
Resources
Corp.
Pershing
LLC
13‌
USD
217,802‌
USD
185.00
01/16/26
6,106‌
Targa
Resources
Corp.
Pershing
LLC
16‌
USD
268,064‌
USD
185.00
03/20/26
11,639‌
The
Mosaic
Co.
Pershing
LLC
125‌
USD
433,500‌
USD
37.00
10/17/25
4,213‌
The
Mosaic
Co.
Pershing
LLC
125‌
USD
433,500‌
USD
34.00
12/19/25
34,976‌
The
Mosaic
Co.
Pershing
LLC
125‌
USD
433,500‌
USD
37.50
02/20/26
26,502‌
The
Toro
Co.
Pershing
LLC
45‌
USD
342,900‌
USD
78.00
10/17/25
4,291‌
The
Toro
Co.
Pershing
LLC
45‌
USD
342,900‌
USD
80.00
12/19/25
9,430‌
The
Williams
Companies
Inc.
Pershing
LLC
78‌
USD
494,130‌
USD
60.00
11/21/25
36,795‌
6
GAMCO
Natural
Resources,
Gold
&
Income
Trust
Schedule
of
Investments
(Continued)
—
September
30,
2025
(Unaudited)
Description
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
The
Williams
Companies
Inc.
Pershing
LLC
66‌
USD
418,110‌
USD
60.00
12/19/25
$
33,026‌
The
Williams
Companies
Inc.
Pershing
LLC
80‌
USD
506,800‌
USD
61.00
01/16/26
38,772‌
TotalEnergies
SE,
ADR
Pershing
LLC
66‌
USD
393,954‌
USD
66.00
10/17/25
219‌
TotalEnergies
SE,
ADR
Pershing
LLC
71‌
USD
423,799‌
USD
63.00
11/21/25
5,598‌
TotalEnergies
SE,
ADR
Pershing
LLC
71‌
USD
423,799‌
USD
64.00
12/19/25
6,566‌
Tyson
Foods
Inc.,
Cl.
A
Pershing
LLC
106‌
USD
575,580‌
USD
60.00
10/17/25
327‌
Tyson
Foods
Inc.,
Cl.
A
Pershing
LLC
106‌
USD
575,580‌
USD
58.00
11/21/25
10,619‌
Tyson
Foods
Inc.,
Cl.
A
Pershing
LLC
120‌
USD
651,600‌
USD
59.00
12/19/25
10,902‌
Valero
Energy
Corp.
Pershing
LLC
19‌
USD
323,494‌
USD
145.00
11/21/25
50,090‌
Valero
Energy
Corp.
Pershing
LLC
20‌
USD
340,520‌
USD
155.00
01/16/26
42,924‌
Valero
Energy
Corp.
Pershing
LLC
23‌
USD
391,598‌
USD
160.00
03/20/26
47,781‌
Wesdome
Gold
Mines
Ltd.
Pershing
LLC
300‌
CAD
650,400‌
CAD
19.00
10/17/25
55,234‌
Wheaton
Precious
Metals
Corp.
Pershing
LLC
118‌
USD
1,319,712‌
USD
92.50
10/17/25
231,801‌
Wheaton
Precious
Metals
Corp.
Pershing
LLC
131‌
USD
1,465,104‌
USD
95.00
12/19/25
250,487‌
Wheaton
Precious
Metals
Corp.
Pershing
LLC
112‌
USD
1,252,608‌
USD
110.00
02/20/26
127,144‌
Zoetis
Inc.
Pershing
LLC
60‌
USD
877,920‌
USD
175.00
11/21/25
2,626‌
Zoetis
Inc.
Pershing
LLC
61‌
USD
892,552‌
USD
165.00
12/19/25
12,866‌
TOTAL
OTC
CALL
OPTIONS
WRITTEN
$
9,868,099‌
OTC
Put
Options
Written
—
(0.0)%
Energy
Select
Sector
SPDR
ETF
Pershing
LLC
275‌
USD
2,456,850‌
USD
79.00
02/20/26
$
48,791‌
VanEck
Gold
Miners
ETF
Pershing
LLC
605‌
USD
4,566,540‌
USD
40.00
11/21/25
109‌
VanEck
Gold
Miners
ETF
Pershing
LLC
600‌
USD
4,528,800‌
USD
40.00
12/19/25
334‌
TOTAL
OTC
PUT
OPTIONS
WRITTEN
$
49,234‌
Description
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
Exchange
Traded
Call
Options
Written
—
(0.9)%
Alamos
Gold
Inc.,
Cl.
A
188‌
USD
655,368‌
USD
32.00
11/21/25
$
73,320‌
Alamos
Gold
Inc.,
Cl.
A
291‌
USD
1,014,426‌
USD
29.00
01/16/26
203,700‌
Corteva
Inc.
160‌
USD
1,082,080‌
USD
75.00
12/19/25
15,200‌
Corteva
Inc.
145‌
USD
980,635‌
USD
75.00
03/20/26
32,263‌
Darling
Ingredients
Inc.
70‌
USD
216,090‌
USD
40.00
04/17/26
11,200‌
Elanco
Animal
Health
Inc.
135‌
USD
271,890‌
USD
16.00
10/17/25
56,700‌
Eldorado
Gold
Corp.
227‌
USD
655,803‌
USD
32.00
03/20/26
60,722‌
Franco-Nevada
Corp.
42‌
USD
936,222‌
USD
175.00
11/21/25
204,330‌
Franco-Nevada
Corp.
37‌
USD
824,767‌
USD
170.00
01/16/26
197,210‌
IAMGOLD
Corp.
184‌
USD
237,912‌
USD
8.00
01/16/26
96,600‌
IAMGOLD
Corp.
320‌
USD
413,760‌
USD
10.00
01/16/26
108,800‌
Kinross
Gold
Corp.
790‌
USD
1,963,150‌
USD
22.00
02/20/26
361,820‌
Zoetis
Inc.
61‌
USD
892,552‌
USD
165.00
01/16/26
12,139‌
TOTAL
EXCHANGE
TRADED
CALL
OPTIONS
WRITTEN
$
1,434,004‌
Exchange
Traded
Put
Options
Written
—
(0.0)%
Energy
Select
Sector
SPDR
ETF
290‌
USD
2,590,860‌
USD
70.00
12/19/25
$
34,800‌
TOTAL
EXCHANGE
TRADED
PUT
OPTIONS
WRITTEN
$
34,800‌
TOTAL
OPTIONS
WRITTEN
$
11,386,137‌