GAMCO Natural Resources, Gold & Income Trust (GNT) NPORT-P GAMCO Natural Resources, Gold & Income Trust (Sep 2024 report)

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