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June 30, 2023
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22216
GAMCO Natural Resources, Gold & Income Trust
(Exact name of registrant as specified in charter)
One Corporate Center
Rye, New York 10580-1422
(Address of principal executive offices) (Zip code)
John C. Ball
Gabelli Funds, LLC
One Corporate Center
Rye, New York 10580-1422
(Name and address of agent for service)
Registrant’s telephone number, including area
code: 1-800-422-3554
Date of fiscal year end: December 31
Date of reporting period: June 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission
to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of
1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection,
and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A
registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid
Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden
estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. | Reports to Stockholders. |
| (a) | The Report to Shareholders
is attached herewith. |
GAMCO
Natural Resources, Gold & Income Trust
Semiannual
Report — June
30, 2023
(Y)our
Portfolio Management Team
|
| | |
|
|
Caesar
M. P. Bryan | | Vincent
Hugonnard-Roche |
|
To
Our Shareholders,
For
the six months ended June 30, 2023, the net asset value (NAV) total return of the GAMCO Natural Resources, Gold & Income Trust (the
Fund) was 4.5%, compared with total returns of 10.5% and 0.3% for the Chicago Board Options Exchange (CBOE) Standard & Poor’s
(S&P) 500 Buy/Write Index and the Philadelphia Gold & Silver (XAU) Index, respectively. The total return for the Fund’s
publicly traded shares was 1.5%. The Fund’s NAV per share was $6.04, while the price of the publicly traded shares closed at $5.02
on the New York Stock Exchange (NYSE). See page 3 for additional performance information.
Enclosed
are the financial statements, including the schedule of investments, as of June
30, 2023.
Investment
Objective and Strategy (Unaudited)
The
GAMCO Natural Resources, Gold & Income Trust is a diversified, closed-end management investment company. The Fund’s investment
objective is to provide a high level of current income. The Fund’s secondary investment objective is to seek capital appreciation
consistent with the Fund’s strategy and primary objective. Under normal market conditions, the Fund will attempt to achieve its
objectives by investing 80% of its assets in equity securities of companies principally engaged in natural resource and gold industries,
and by writing covered call options on the underlying equity securities.
As
permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder
reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made
available on the Fund’s website (www.gabelli.com), and you will be notified by mail each time a report is posted and provided with
a website link to access the report. If you already elected to receive sharehold-er reports electronically, you will not be affected
by this change and you need not take any action. To elect to receive all future reports on paper free of charge, please contact your
financial intermediary, or, if you invest directly with the Fund, you may call 800-422-3554 or send an email request to info@gabelli.com. |
Performance
Discussion (Unaudited)
During
the first quarter of 2023, the price of gold bullion rose by 8.0% in a very volatile intra period pattern. After early indications of
slowing inflation from the December CPI release, the gold market rallied 6% in hopes that the Federal Reserve was close to finishing
raising rates, and the real 10-year U.S. Treasury rate contracted to 1.15%. However, the January and February CPI numbers surprised to
the upside, proving that inflation remained present in a persistently strong labor market despite announced layoffs. These new sets of
data sent the bullion price down 7% and real rates back to 1.66%. Whereas the first sign of economic weakness would have been expected
in the labor market, it was the regional bank crisis at the end of the quarter that exposed the first damage of quantitative tightening.
Following the failure of Silicon Valley Bank and Signature Bank, gold reacted as reserve currency and recouped 9% of performance. The
gold mining companies continued their recovery.
The
agriculture sector performed rather poorly due to the weak fertilizer segment. Volatility levels during the first quarter contracted
but remained elevated, with the gold sector at 36%, 34% for the base metals sector, 30% for agriculture, and 32% for energy equities.
During
the second quarter of 2023, the price of gold bullion fell by 2.5% after hitting a 52-week high at the beginning of the period. A persistent
inflation reading continued to shake the 10-year U.S. Treasury rate from 1.15% to 1.62% at the end of the period. While we have not seen
any sign of labor market weakness, the yield curve remains extremely inverted, with the 2-10 year U.S. Treasury spread reaching -1.06%.
This likely explains why the Federal Reserve opted for the “skip or pause” option at its June meeting to let the tightening
slowly sink in and avoid overtightening. The gold mining companies performed in line with bullion, with the Philadelphia Gold and Silver
Index (XAU) down 8.3% for the period, leaving the gold mining companies fairly valued, given the gold price. Volatility levels during
the second quarter contracted significantly, with the gold sector at 33%, 30% for the base metals sector, 27% for agriculture, and 27%
for energy equities. At the end of the quarter, the price of WTI oil was down another 6.65% and seeing the same scenario as in the prior
period. Fears that an anticipated recession would lower demand continued to erode pricing. The supply side of the equation is still disciplined,
with U.S. production flat at 12.2 million barrels per day. OPEC continued to monitor the demand picture closely and reduced production
to 28.6 million barrels per day. In that environment, the Energy Select Sector Index (IXE), declined a modest 1.3% during the quarter.
The agriculture sector performed poorly as fertilizer prices continued to contract.
We
appreciate your confidence and trust.
The
views expressed reflect the opinions of the Fund’s portfolio managers and Gabelli Funds, LLC, the Adviser, as of the date of this
report and are subject to change without notice based on changes in market, economic, or other conditions. These views are not intended
to be a forecast of future events and are no guarantee of future results. |
Comparative
Results
Average
Annual Returns through June 30, 2023 (a) (Unaudited)
| |
Six
Months | | |
1
Year | | |
3
year | | |
5
year | | |
10
year | | |
Since
Inception (1/27/11) | |
GAMCO
Natural Resources, Gold and Income Trust (GNT) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
NAV
Total Return (b) | |
| 4.52 | % | |
| 17.70 | % | |
| 8.76 | % | |
| 5.74 | % | |
| 3.11 | % | |
| 0.04 | % |
Investment
Total Return (c) | |
| 1.54 | | |
| 15.21 | | |
| 8.81 | | |
| 3.95 | | |
| 2.43 | | |
| (1.24 | ) |
CBOE
S&P 500 Buy/Write Index | |
| 10.47 | | |
| 9.02 | | |
| 10.56 | | |
| 4.42 | | |
| 6.26 | | |
| 6.18 | |
Philadelphia
Gold & Silver Index | |
| 0.25 | | |
| 10.28 | | |
| 2.57 | | |
| 9.51 | | |
| 4.09 | | |
| (2.79 | )(d) |
Dow
Jones U.S. Basic Materials Index | |
| 7.06 | | |
| 17.36 | | |
| 17.56 | | |
| 8.95 | | |
| 9.66 | | |
| 7.03 | (d) |
S&P
Global Agribusiness Equity Index | |
| (9.73 | ) | |
| (7.07 | ) | |
| 15.55 | | |
| 6.85 | | |
| 6.33 | | |
| 5.12 | (d) |
| (a) | Performance
returns for periods of less than one year are not annualized. Returns represent past performance
and do not guarantee future results. Investment returns and the principal value of an investment
will fluctuate. The Fund’s use of leverage may magnify the volatility of net asset
value changes versus funds that do not employ leverage. When shares are sold, they may be
worth more or less than their original cost. Current performance may be lower or higher than
the performance data presented. Visit www.gabelli.com for performance information as of the
most recent month end. The CBOE S&P 500 Buy/Write Index is an unmanaged benchmark index
designed to reflect the return on a portfolio that consists of a long position in the stocks
in the S&P 500 Index and a short position in a S&P 500 (SPX) call option. The Philadelphia
Gold & Silver Index is an unmanaged indicator of stock market performance of large North
American gold and silver companies. The Dow Jones U.S. Basic Materials Index measures the
performance of the basic materials sector of the U.S. equity market. The S&P Global Agribusiness
Equity Index is designed to provide exposure to twenty-four of the largest publicly traded
agribusiness companies, comprised of a mix of Producers, Distributors & Processors, and
Equipment & Materials Suppliers companies. Dividends are considered reinvested. You cannot
invest directly in an index. |
| (b) | Total
returns and average annual returns reflect changes in the NAV per share and reinvestment
of distributions at NAV on the ex-dividend date and are net of expenses. Since inception
return is based on an initial NAV of $19.06. |
| (c) | Total
returns and average returns reflect changes in closing market values on the NYSE and reinvestment
of distributions. Since inception return is based on an initial offering price of $20.00. |
| (d) | From
January 31, 2011, the date closest to the Fund’s inception for which data are available. |
Investors
should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing.
Summary
of Portfolio Holdings (Unaudited)
The
following table presents portfolio holdings as a percent of total investments as of June
30, 2023:
GAMCO
Natural Resources, Gold & Income Trust
Long
Positions | |
| | |
Metals
and Mining | |
| 42.5 | % |
U.S.
Government Obligations | |
| 20.8 | % |
Energy
and Energy Services | |
| 19.3 | % |
Health
Care | |
| 5.4 | % |
Agriculture | |
| 5.1 | % |
Machinery | |
| 3.4 | % |
Specialty
Chemicals | |
| 2.4 | % |
Food
and Beverage | |
| 1.0 | % |
Automotive | |
| 0.1 | % |
| |
| 100.0 | % |
Short
Positions | |
| | |
Call
Options Written | |
| (1.5 | )% |
Put
Options Written | |
| (0.3 | )% |
| |
| (1.8 | )% |
The
Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the SEC) for the first and third quarters
of each fiscal year on Form N-PORT. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI
(800-422-3554). The Fund’s Form N-PORT is available on the SEC’s website at www.sec.gov and may also be reviewed and copied
at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained
by calling 800-SEC-0330.
Proxy
Voting
The
Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year.
A description of the Fund’s proxy voting policies, procedures, and how each Fund voted proxies relating to portfolio securities
is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate
Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.
GAMCO
Natural Resources, Gold & Income Trust
Schedule
of Investments — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS — 74.7% | |
| | | |
| | |
| | | |
Agriculture
— 5.1% | |
| | | |
| | |
| 25,500 | | |
Archer-Daniels-Midland
Co. (a) | |
$ | 2,179,130 | | |
$ | 1,926,780 | |
| 10,000 | | |
Bunge
Ltd. (a) | |
| 1,028,100 | | |
| 943,500 | |
| 35,500 | | |
Corteva
Inc. (a) | |
| 2,179,420 | | |
| 2,034,150 | |
| 33,090 | | |
Nutrien
Ltd. (a) | |
| 3,068,058 | | |
| 1,953,964 | |
| | | |
| |
| 8,454,708 | | |
| 6,858,394 | |
| | | |
Automotive
— 0.1% | |
| | | |
| | |
| 19,000 | | |
Iveco
Group NV† | |
| 216,993 | | |
| 171,087 | |
| | | |
| |
| | | |
| | |
| | | |
Energy
and Energy Services — 19.3% | |
| | | |
| | |
| 7,300 | | |
APA
Corp. | |
| 505,469 | | |
| 249,441 | |
| 19,500 | | |
Baker
Hughes Co. | |
| 860,139 | | |
| 616,395 | |
| 27,000 | | |
BP
plc, ADR (a) | |
| 1,095,714 | | |
| 952,830 | |
| 17,345 | | |
Chevron
Corp. (a) | |
| 3,103,378 | | |
| 2,729,236 | |
| 11,700 | | |
ConocoPhillips (a) | |
| 1,386,720 | | |
| 1,212,237 | |
| 15,089 | | |
Coterra
Energy Inc. | |
| 432,100 | | |
| 381,752 | |
| 13,000 | | |
Devon
Energy Corp. | |
| 879,085 | | |
| 628,420 | |
| 3,800 | | |
Diamondback
Energy Inc. | |
| 554,357 | | |
| 499,168 | |
| 40,000 | | |
Eni
SpA | |
| 746,351 | | |
| 575,368 | |
| 9,200 | | |
EOG
Resources Inc. (a) | |
| 1,234,162 | | |
| 1,052,848 | |
| 37,600 | | |
Exxon
Mobil Corp. (a) | |
| 4,293,123 | | |
| 4,032,600 | |
| 17,000 | | |
Halliburton
Co. (a) | |
| 659,518 | | |
| 560,830 | |
| 3,200 | | |
Hess
Corp. | |
| 482,832 | | |
| 435,040 | |
| 35,282 | | |
Kinder
Morgan Inc. (a) | |
| 636,151 | | |
| 607,556 | |
| 15,000 | | |
Marathon
Oil Corp. (a) | |
| 329,628 | | |
| 345,300 | |
| 9,500 | | |
Marathon
Petroleum Corp. | |
| 1,080,245 | | |
| 1,107,700 | |
| 6,000 | | |
NextEra
Energy Partners LP | |
| 390,735 | | |
| 351,840 | |
| 9,649 | | |
Occidental
Petroleum Corp. (a) | |
| 665,014 | | |
| 567,361 | |
| 8,700 | | |
ONEOK
Inc. | |
| 605,972 | | |
| 536,964 | |
| 8,500 | | |
Phillips
66 | |
| 956,958 | | |
| 810,730 | |
| 5,100 | | |
Pioneer
Natural Resources Co. (a) | |
| 1,230,791 | | |
| 1,056,618 | |
| 24,000 | | |
Schlumberger
NV (a) | |
| 1,564,200 | | |
| 1,178,880 | |
| 32,500 | | |
Shell
plc, ADR (a) | |
| 1,956,391 | | |
| 1,962,350 | |
| 15,500 | | |
Suncor
Energy Inc. (a) | |
| 636,185 | | |
| 454,460 | |
| 21,000 | | |
The
Williams Companies Inc. (a) | |
| 907,155 | | |
| 685,230 | |
| 25,200 | | |
TotalEnergies
SE, ADR (a) | |
| 1,588,833 | | |
| 1,452,528 | |
| 6,600 | | |
Valero
Energy Corp. (a) | |
| 861,871 | | |
| 774,180 | |
| | | |
| |
| 29,643,077 | | |
| 25,817,862 | |
| | | |
Food
and Beverage — 1.0% | |
| | | |
| | |
| 5,000 | | |
Mowi
ASA | |
| 112,370 | | |
| 79,284 | |
| 25,000 | | |
Tyson
Foods Inc., Cl. A (a) | |
| 2,264,150 | | |
| 1,276,000 | |
| | | |
| |
| 2,376,520 | | |
| 1,355,284 | |
| | | |
Health
Care — 5.4% | |
| | | |
| | |
| 60,000 | | |
Bayer
AG | |
| 3,733,988 | | |
| 3,317,466 | |
| 27,000 | | |
Elanco
Animal Health Inc.† | |
| 947,070 | | |
| 271,620 | |
Shares | | |
| |
Cost | | |
Market
Value | |
| 20,600 | | |
Zoetis
Inc. (a) | |
$ | 3,991,369 | | |
$ | 3,547,526 | |
| | | |
| |
| 8,672,427 | | |
| 7,136,612 | |
| | | |
Machinery
— 3.4% | |
| | | |
| | |
| 4,000 | | |
AGCO
Corp. | |
| 576,323 | | |
| 525,680 | |
| 94,700 | | |
CNH
Industrial NV | |
| 1,515,349 | | |
| 1,363,680 | |
| 6,400 | | |
Deere
& Co. (a) | |
| 2,717,664 | | |
| 2,593,216 | |
| | | |
| |
| 4,809,336 | | |
| 4,482,576 | |
| | | |
Metals
and Mining — 38.0% | |
| | | |
| | |
| 41,718 | | |
Agnico
Eagle Mines Ltd. (a) | |
| 2,719,304 | | |
| 2,085,066 | |
| 180,000 | | |
Alamos
Gold Inc., Cl. A (a) | |
| 1,936,431 | | |
| 2,145,600 | |
| 91,500 | | |
Artemis
Gold Inc.† | |
| 511,400 | | |
| 328,772 | |
| 389,000 | | |
B2Gold
Corp. | |
| 1,747,100 | | |
| 1,388,730 | |
| 175,294 | | |
Barrick
Gold Corp. (a) | |
| 4,057,635 | | |
| 2,967,727 | |
| 50,000 | | |
BHP
Group Ltd., ADR (a) | |
| 3,214,833 | | |
| 2,983,500 | |
| 511,802 | | |
De
Grey Mining Ltd.† | |
| 504,324 | | |
| 458,560 | |
| 67,500 | | |
Dundee
Precious Metals Inc. | |
| 483,525 | | |
| 445,839 | |
| 117,300 | | |
Eldorado
Gold Corp.† | |
| 1,197,902 | | |
| 1,184,730 | |
| 96,185 | | |
Endeavour
Mining plc | |
| 2,443,509 | | |
| 2,305,245 | |
| 508,853 | | |
Evolution
Mining Ltd. | |
| 1,358,559 | | |
| 1,091,491 | |
| 25,900 | | |
Franco-Nevada
Corp. (a) | |
| 4,068,793 | | |
| 3,693,340 | |
| 79,500 | | |
Freeport-McMoRan
Inc. (a) | |
| 3,557,785 | | |
| 3,180,000 | |
| 62,137 | | |
Fresnillo
plc | |
| 1,279,735 | | |
| 481,533 | |
| 80,000 | | |
Glencore
plc | |
| 461,693 | | |
| 451,612 | |
| 16,500 | | |
Gold
Fields Ltd., ADR | |
| 223,740 | | |
| 228,195 | |
| 193,500 | | |
K92
Mining Inc.† | |
| 1,230,874 | | |
| 839,876 | |
| 90,000 | | |
Karora
Resources Inc.† | |
| 436,669 | | |
| 275,146 | |
| 258,400 | | |
Kinross
Gold Corp. | |
| 1,720,650 | | |
| 1,232,568 | |
| 19,500 | | |
Lundin
Gold Inc. | |
| 164,848 | | |
| 233,308 | |
| 36,500 | | |
MAG
Silver Corp.† | |
| 571,178 | | |
| 406,610 | |
| 115,272 | | |
Newcrest
Mining Ltd. | |
| 2,319,037 | | |
| 2,028,751 | |
| 70,900 | | |
Newmont
Corp. (a) | |
| 5,130,848 | | |
| 3,024,594 | |
| 398,005 | | |
Northern
Star Resources Ltd. | |
| 2,700,046 | | |
| 3,202,783 | |
| 116,200 | | |
Osisko
Gold Royalties Ltd. | |
| 1,680,147 | | |
| 1,785,994 | |
| 226,100 | | |
Osisko
Mining Inc.† | |
| 738,580 | | |
| 549,569 | |
| 920,671 | | |
Perseus
Mining Ltd. | |
| 2,322,586 | | |
| 1,011,953 | |
| 49,000 | | |
Rio
Tinto plc, ADR (a) | |
| 4,026,750 | | |
| 3,128,160 | |
| 7,300 | | |
Royal
Gold Inc. | |
| 839,353 | | |
| 837,894 | |
| 142,000 | | |
SSR
Mining Inc. | |
| 2,312,581 | | |
| 2,013,560 | |
| 112,700 | | |
Victoria
Gold Corp.† | |
| 1,110,720 | | |
| 656,761 | |
| 102,700 | | |
Wesdome
Gold Mines Ltd.† | |
| 1,026,315 | | |
| 534,916 | |
| 198,783 | | |
Westgold
Resources Ltd.† | |
| 296,002 | | |
| 190,684 | |
| 76,750 | | |
Wheaton
Precious Metals Corp. (a) | |
| 3,783,244 | | |
| 3,317,135 | |
| | | |
| |
| 62,176,696 | | |
| 50,690,202 | |
| | | |
Specialty
Chemicals — 2.4% | |
| | | |
| | |
| 10,000 | | |
CF
Industries Holdings Inc. | |
| 948,450 | | |
| 694,200 | |
| 12,000 | | |
FMC
Corp. | |
| 1,519,280 | | |
| 1,252,080 | |
| 25,500 | | |
The
Mosaic Co. | |
| 1,804,936 | | |
| 892,500 | |
See
accompanying notes to financial statements.
GAMCO
Natural Resources, Gold & Income Trust
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Shares | | |
| |
Cost | | |
Market
Value | |
| | | |
COMMON
STOCKS (Continued) | |
| | | |
| | |
| | | |
Specialty
Chemicals (Continued) | |
| | | |
| | |
| 8,900 | | |
Yara
International ASA | |
$ | 494,707 | | |
$ | 314,256 | |
| | | |
| |
| 4,767,373 | | |
| 3,153,036 | |
| | | |
TOTAL
COMMON STOCKS | |
| 121,117,130 | | |
| 99,665,053 | |
| | | |
| |
| | | |
| | |
Principal
Amount |
|
|
|
|
|
|
|
|
|
|
|
| | | |
CONVERTIBLE
CORPORATE BONDS — 0.1% | |
| | | |
| | |
| | | |
Metals
and Mining — 0.1% | |
| | | |
| | |
$ | 200,000 | | |
Fortuna
Silver Mines Inc., 4.650%, 10/31/24 | |
| 200,000 | | |
| 191,000 | |
| | | |
| |
| | | |
| | |
| | | |
CORPORATE
BONDS — 4.4% | |
| | | |
| | |
| | | |
Metals
and Mining — 4.4% | |
| | | |
| | |
| 750,000 | | |
AngloGold
Ashanti Holdings plc, 3.750%, 10/01/30 | |
| 641,969 | | |
| 644,157 | |
| 750,000 | | |
Freeport-McMoRan
Inc., 4.125%, 03/01/28 | |
| 699,940 | | |
| 705,577 | |
| 675,000 | | |
Hecla
Mining Co., 7.250%, 02/15/28 | |
| 673,407 | | |
| 669,580 | |
| 500,000 | | |
IAMGOLD
Corp., 5.750%, 10/15/28 (b) | |
| 500,000 | | |
| 374,762 | |
| 1,300,000 | | |
Kinross
Gold Corp., 6.250%, 07/15/33 (b) | |
| 1,283,334 | | |
| 1,286,145 | |
| 500,000 | | |
New
Gold Inc., 7.500%, 07/15/27 (b) | |
| 421,987 | | |
| 467,530 | |
| 1,750,000 | | |
Northern
Star Resources Ltd., 6.125%, 04/11/33 (b) | |
| 1,727,841 | | |
| 1,699,116 | |
| | | |
| |
| 5,948,478 | | |
| 5,846,867 | |
| | | |
TOTAL
CORPORATE BONDS | |
| 5,948,478 | | |
| 5,846,867 | |
Principal
Amount |
| |
| |
Cost |
|
| Market
Value |
|
|
|
| |
U.S.
GOVERNMENT OBLIGATIONS — 20.8% | |
| |
|
| |
|
|
$ |
28,128,000 |
| |
U.S.
Treasury Bills, 4.900% to 5.321%††, 07/11/23 to 12/14/23 (c) | |
$ | 27,811,560 |
|
| $ |
27,814,441 |
|
|
|
| |
| |
| |
|
| |
|
|
TOTAL
INVESTMENTS BEFORE OPTIONS WRITTEN — 100.0% | |
$ | 155,077,168 |
|
| |
133,517,361 |
|
|
| |
| |
|
| |
|
|
OPTIONS
WRITTEN — (1.8)%
(Premiums received $5,457,835) | |
| |
|
| |
(2,427,938) |
|
| |
| |
|
| |
|
|
Other
Assets and Liabilities (Net) | |
| |
|
| |
1,677,777 |
|
|
| |
| |
|
| |
|
|
PREFERRED
SHARES
(1,167,338 preferred shares outstanding) | |
| |
|
| |
(29,183,450) |
|
| |
| |
|
| |
|
|
NET
ASSETS — COMMON SHARES
(17,156,274 common shares outstanding) | |
| |
|
| $ |
103,583,750 |
|
| |
| |
|
| |
|
|
NET
ASSET VALUE PER COMMON SHARE
($103,583,750 ÷ 17,156,274 shares outstanding) | |
| |
|
| $ |
6.04 |
|
| (a) | Securities,
or a portion thereof, with a value of $40,605,559 were deposited with the broker as collateral
for options written. |
| (b) | 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. |
| (c) | At
June 30, 2023, $15,005,000 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 | |
| 77.5 | % | |
$ | 103,422,772 | |
Europe | |
| 12.5 | | |
| 16,718,023 | |
Asia/Pacific | |
| 9.4 | | |
| 12,666,838 | |
Latin
America | |
| 0.4 | | |
| 481,533 | |
South
Africa | |
| 0.2 | | |
| 228,195 | |
Total
Investments — Long Positions | |
| 100.0 | % | |
$ | 133,517,361 | |
| |
| | | |
| | |
Short
Positions | |
| | | |
| | |
North
America | |
| (1.8 | )% | |
$ | (2,344,360 | ) |
Europe | |
| (0.0 | )** | |
| (83,578 | ) |
Total
Investments — Short Positions | |
| (1.8 | )% | |
$ | (2,427,938 | ) |
| * | Total
investments exclude options written. |
| ** | Amount
represents greater than (0.05)%. |
See
accompanying notes to financial statements.
GAMCO
Natural Resources, Gold & Income Trust
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
As
of June 30, 2023, options written outstanding were as follows:
Description | |
Counterparty |
| |
Number
of Contracts | | |
Notional
Amount | | |
Exercise
Price | | |
Expiration
Date | |
|
Market
Value | |
OTC
Call Options Written — (1.3)% | |
|
| |
| | | |
| | | |
| | | |
| |
|
| | |
AGCO
Corp. | |
Pershing
LLC |
| |
| 20 | | |
USD | 262,840 | | |
USD | 135.00 | | |
10/20/23 | |
|
$ | 17,955 | |
Agnico
Eagle Mines Ltd. | |
Pershing
LLC |
| |
| 95 | | |
USD | 474,810 | | |
USD | 63.50 | | |
08/18/23 | |
|
| 1,495 | |
Agnico
Eagle Mines Ltd. | |
Pershing
LLC |
| |
| 127 | | |
USD | 634,746 | | |
USD | 60.00 | | |
10/20/23 | |
|
| 12,512 | |
Agnico
Eagle Mines Ltd. | |
Pershing
LLC |
| |
| 35 | | |
USD | 174,930 | | |
USD | 53.00 | | |
12/15/23 | |
|
| 11,781 | |
Agnico
Eagle Mines Ltd. | |
Pershing
LLC |
| |
| 160 | | |
USD | 799,680 | | |
USD | 60.00 | | |
12/15/23 | |
|
| 24,760 | |
Alamos
Gold Inc., Cl. A | |
Pershing
LLC |
| |
| 640 | | |
USD | 762,880 | | |
USD | 11.00 | | |
08/18/23 | |
|
| 79,069 | |
Alamos
Gold Inc., Cl. A | |
Pershing
LLC |
| |
| 360 | | |
USD | 429,120 | | |
USD | 11.75 | | |
10/20/23 | |
|
| 40,036 | |
Alamos
Gold Inc., Cl. A | |
Pershing
LLC |
| |
| 150 | | |
USD | 178,800 | | |
USD | 12.50 | | |
10/20/23 | |
|
| 11,523 | |
Archer-Daniels-Midland
Co. | |
Pershing
LLC |
| |
| 135 | | |
USD | 1,020,060 | | |
USD | 86.00 | | |
07/21/23 | |
|
| 98 | |
Archer-Daniels-Midland
Co. | |
Pershing
LLC |
| |
| 85 | | |
USD | 642,260 | | |
USD | 75.00 | | |
08/18/23 | |
|
| 24,004 | |
Archer-Daniels-Midland
Co. | |
Pershing
LLC |
| |
| 85 | | |
USD | 642,260 | | |
USD | 77.50 | | |
09/15/23 | |
|
| 18,754 | |
B2Gold
Corp. | |
Pershing
LLC |
| |
| 1,300 | | |
USD | 464,100 | | |
USD | 4.50 | | |
07/21/23 | |
|
| 1,450 | |
B2Gold
Corp. | |
Pershing
LLC |
| |
| 1,290 | | |
USD | 460,530 | | |
USD | 5.00 | | |
10/20/23 | |
|
| 10,897 | |
B2Gold
Corp. | |
Pershing
LLC |
| |
| 1,300 | | |
USD | 464,100 | | |
USD | 4.70 | | |
12/15/23 | |
|
| 23,695 | |
Baker
Hughes Co. | |
Pershing
LLC |
| |
| 65 | | |
USD | 205,465 | | |
USD | 35.00 | | |
08/18/23 | |
|
| 2,316 | |
Baker
Hughes Co. | |
Pershing
LLC |
| |
| 65 | | |
USD | 205,465 | | |
USD | 33.00 | | |
10/20/23 | |
|
| 10,507 | |
Baker
Hughes Co. | |
Pershing
LLC |
| |
| 65 | | |
USD | 205,465 | | |
USD | 33.00 | | |
12/15/23 | |
|
| 14,042 | |
Barrick
Gold Corp. | |
Pershing
LLC |
| |
| 283 | | |
USD | 479,119 | | |
USD | 17.00 | | |
07/21/23 | |
|
| 11,247 | |
Barrick
Gold Corp. | |
Pershing
LLC |
| |
| 301 | | |
USD | 509,593 | | |
USD | 21.00 | | |
07/21/23 | |
|
| 173 | |
Barrick
Gold Corp. | |
Pershing
LLC |
| |
| 254 | | |
USD | 430,022 | | |
USD | 17.50 | | |
08/18/23 | |
|
| 13,227 | |
Barrick
Gold Corp. | |
Pershing
LLC |
| |
| 200 | | |
USD | 338,600 | | |
USD | 19.00 | | |
08/18/23 | |
|
| 3,457 | |
Barrick
Gold Corp. | |
Pershing
LLC |
| |
| 130 | | |
USD | 220,090 | | |
USD | 22.00 | | |
08/18/23 | |
|
| 546 | |
Barrick
Gold Corp. | |
Pershing
LLC |
| |
| 95 | | |
USD | 160,835 | | |
USD | 17.50 | | |
09/15/23 | |
|
| 6,313 | |
Barrick
Gold Corp. | |
Pershing
LLC |
| |
| 130 | | |
USD | 220,090 | | |
USD | 22.00 | | |
09/15/23 | |
|
| 771 | |
Barrick
Gold Corp. | |
Pershing
LLC |
| |
| 360 | | |
USD | 609,480 | | |
USD | 24.00 | | |
09/15/23 | |
|
| 1,186 | |
Bayer
AG | |
Morgan
Stanley |
| |
| 300 | | |
EUR | 1,520,100 | | |
EUR | 60.00 | | |
08/18/23 | |
|
| 3,830 | |
Bayer
AG | |
Morgan
Stanley |
| |
| 300 | | |
EUR | 1,520,100 | | |
EUR | 58.00 | | |
09/15/23 | |
|
| 10,706 | |
BHP
Group Ltd., ADR | |
Pershing
LLC |
| |
| 160 | | |
USD | 954,720 | | |
USD | 72.50 | | |
07/21/23 | |
|
| 37 | |
BHP
Group Ltd., ADR | |
Pershing
LLC |
| |
| 160 | | |
USD | 954,720 | | |
USD | 65.00 | | |
09/15/23 | |
|
| 10,343 | |
BHP
Group Ltd., ADR | |
Pershing
LLC |
| |
| 180 | | |
USD | 1,074,060 | | |
USD | 65.00 | | |
11/17/23 | |
|
| 27,531 | |
BP
plc, ADR | |
Pershing
LLC |
| |
| 90 | | |
USD | 317,610 | | |
USD | 36.00 | | |
07/21/23 | |
|
| 3,618 | |
BP
plc, ADR | |
Pershing
LLC |
| |
| 90 | | |
USD | 317,610 | | |
USD | 38.00 | | |
10/20/23 | |
|
| 6,827 | |
BP
plc, ADR | |
Pershing
LLC |
| |
| 90 | | |
USD | 317,610 | | |
USD | 37.00 | | |
12/15/23 | |
|
| 13,433 | |
Bunge
Ltd. | |
Pershing
LLC |
| |
| 50 | | |
USD | 471,750 | | |
USD | 105.00 | | |
07/21/23 | |
|
| 1,129 | |
Bunge
Ltd. | |
Pershing
LLC |
| |
| 50 | | |
USD | 471,750 | | |
USD | 105.00 | | |
10/20/23 | |
|
| 10,897 | |
CF
Industries Holdings Inc. | |
Pershing
LLC |
| |
| 50 | | |
USD | 347,100 | | |
USD | 95.00 | | |
08/18/23 | |
|
| 620 | |
CF
Industries Holdings Inc. | |
Pershing
LLC |
| |
| 50 | | |
USD | 347,100 | | |
USD | 80.00 | | |
10/20/23 | |
|
| 10,029 | |
Chevron
Corp. | |
Pershing
LLC |
| |
| 58 | | |
USD | 912,630 | | |
USD | 180.00 | | |
08/18/23 | |
|
| 857 | |
Chevron
Corp. | |
Pershing
LLC |
| |
| 55 | | |
USD | 865,425 | | |
USD | 170.00 | | |
09/15/23 | |
|
| 8,374 | |
Chevron
Corp. | |
Pershing
LLC |
| |
| 60 | | |
USD | 944,100 | | |
USD | 180.00 | | |
10/20/23 | |
|
| 5,829 | |
CNH
Industrial NV | |
Pershing
LLC |
| |
| 300 | | |
USD | 432,000 | | |
USD | 16.00 | | |
08/18/23 | |
|
| 5,418 | |
CNH
Industrial NV | |
Pershing
LLC |
| |
| 347 | | |
USD | 499,680 | | |
USD | 16.00 | | |
10/20/23 | |
|
| 13,943 | |
CNH
Industrial NV | |
Pershing
LLC |
| |
| 300 | | |
USD | 432,000 | | |
USD | 16.00 | | |
12/15/23 | |
|
| 20,173 | |
ConocoPhillips | |
Pershing
LLC |
| |
| 40 | | |
USD | 414,440 | | |
USD | 110.00 | | |
09/15/23 | |
|
| 10,987 | |
Corteva
Inc. | |
Pershing
LLC |
| |
| 120 | | |
USD | 687,600 | | |
USD | 65.00 | | |
08/18/23 | |
|
| 2,382 | |
Corteva
Inc. | |
Pershing
LLC |
| |
| 120 | | |
USD | 687,600 | | |
USD | 62.00 | | |
09/15/23 | |
|
| 9,555 | |
Corteva
Inc. | |
Pershing
LLC |
| |
| 115 | | |
USD | 658,950 | | |
USD | 65.00 | | |
10/20/23 | |
|
| 8,502 | |
Coterra
Energy Inc. | |
Pershing
LLC |
| |
| 45 | | |
USD | 113,850 | | |
USD | 31.00 | | |
07/21/23 | |
|
| 6 | |
Coterra
Energy Inc. | |
Pershing
LLC |
| |
| 50 | | |
USD | 126,500 | | |
USD | 29.00 | | |
08/18/23 | |
|
| 641 | |
See
accompanying notes to financial statements.
GAMCO
Natural Resources, Gold & Income Trust
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Description | |
Counterparty | |
|
Number
of Contracts | | |
Notional
Amount | | |
Exercise
Price | | |
Expiration
Date | |
|
Market
Value | |
Coterra
Energy Inc. | |
Pershing
LLC | |
|
| 55 | | |
USD | 139,150 | | |
USD | 29.00 | | |
10/20/23 | |
|
$ | 2,786 | |
Deere
& Co. | |
Pershing
LLC | |
|
| 24 | | |
USD | 972,456 | | |
USD | 410.00 | | |
08/18/23 | |
|
| 34,035 | |
Deere
& Co. | |
Pershing
LLC | |
|
| 20 | | |
USD | 810,380 | | |
USD | 430.00 | | |
09/15/23 | |
|
| 19,245 | |
Deere
& Co. | |
Pershing
LLC | |
|
| 20 | | |
USD | 810,380 | | |
USD | 425.00 | | |
10/20/23 | |
|
| 29,841 | |
Devon
Energy Corp. | |
Pershing
LLC | |
|
| 65 | | |
USD | 314,210 | | |
USD | 65.00 | | |
07/21/23 | |
|
| 5 | |
Devon
Energy Corp. | |
Pershing
LLC | |
|
| 65 | | |
USD | 314,210 | | |
USD | 57.50 | | |
09/15/23 | |
|
| 3,073 | |
Diamondback
Energy Inc. | |
Pershing
LLC | |
|
| 10 | | |
USD | 131,360 | | |
USD | 147.85 | | |
09/15/23 | |
|
| 1,956 | |
Diamondback
Energy Inc. | |
Pershing
LLC | |
|
| 10 | | |
USD | 131,360 | | |
USD | 150.00 | | |
11/17/23 | |
|
| 3,746 | |
Diamondback
Energy Inc. | |
Pershing
LLC | |
|
| 11 | | |
USD | 144,496 | | |
USD | 147.00 | | |
01/19/24 | |
|
| 7,640 | |
Eldorado
Gold Corp. | |
Pershing
LLC | |
|
| 410 | | |
USD | 414,100 | | |
USD | 11.00 | | |
09/15/23 | |
|
| 20,466 | |
Eldorado
Gold Corp. | |
Pershing
LLC | |
|
| 353 | | |
USD | 356,530 | | |
USD | 11.50 | | |
11/17/23 | |
|
| 23,300 | |
Eni
SpA | |
Morgan
Stanley | |
|
| 20 | | |
EUR | 131,820 | | |
EUR | 15.00 | | |
07/21/23 | |
|
| 17 | |
Eni
SpA | |
Morgan
Stanley | |
|
| 40 | | |
EUR | 263,640 | | |
EUR | 15.00 | | |
09/15/23 | |
|
| 1,086 | |
Eni
SpA | |
Morgan
Stanley | |
|
| 20 | | |
EUR | 131,820 | | |
EUR | 15.00 | | |
11/17/23 | |
|
| 1,293 | |
EOG
Resources Inc. | |
Pershing
LLC | |
|
| 30 | | |
USD | 343,320 | | |
USD | 139.00 | | |
07/21/23 | |
|
| 23 | |
EOG
Resources Inc. | |
Pershing
LLC | |
|
| 32 | | |
USD | 366,208 | | |
USD | 139.00 | | |
09/15/23 | |
|
| 1,408 | |
EOG
Resources Inc. | |
Pershing
LLC | |
|
| 30 | | |
USD | 343,320 | | |
USD | 127.50 | | |
11/17/23 | |
|
| 11,340 | |
Exxon
Mobil Corp. | |
Pershing
LLC | |
|
| 125 | | |
USD | 1,340,625 | | |
USD | 110.00 | | |
08/18/23 | |
|
| 27,927 | |
Exxon
Mobil Corp. | |
Pershing
LLC | |
|
| 116 | | |
USD | 1,244,100 | | |
USD | 120.00 | | |
10/20/23 | |
|
| 15,688 | |
Exxon
Mobil Corp. | |
Pershing
LLC | |
|
| 135 | | |
USD | 1,447,875 | | |
USD | 114.00 | | |
12/15/23 | |
|
| 56,264 | |
FMC
Corp. | |
Pershing
LLC | |
|
| 40 | | |
USD | 417,360 | | |
USD | 127.50 | | |
08/18/23 | |
|
| 172 | |
FMC
Corp. | |
Pershing
LLC | |
|
| 40 | | |
USD | 417,360 | | |
USD | 125.00 | | |
10/20/23 | |
|
| 2,364 | |
FMC
Corp. | |
Pershing
LLC | |
|
| 40 | | |
USD | 417,360 | | |
USD | 125.00 | | |
12/15/23 | |
|
| 4,773 | |
Franco-Nevada
Corp. | |
Pershing
LLC | |
|
| 43 | | |
USD | 613,180 | | |
USD | 160.00 | | |
12/15/23 | |
|
| 20,438 | |
Freeport-McMoRan
Inc. | |
Pershing
LLC | |
|
| 250 | | |
USD | 1,000,000 | | |
USD | 43.00 | | |
07/21/23 | |
|
| 10,228 | |
Freeport-McMoRan
Inc. | |
Pershing
LLC | |
|
| 295 | | |
USD | 1,180,000 | | |
USD | 45.00 | | |
08/18/23 | |
|
| 16,132 | |
Freeport-McMoRan
Inc. | |
Pershing
LLC | |
|
| 250 | | |
USD | 1,000,000 | | |
USD | 44.00 | | |
09/15/23 | |
|
| 29,192 | |
Glencore
plc | |
Morgan
Stanley | |
|
| 80 | | |
GBP | 355,600 | | |
GBP | 528.00 | | |
11/17/23 | |
|
| 5,456 | |
Gold
Fields Ltd., ADR | |
Pershing
LLC | |
|
| 165 | | |
USD | 228,195 | | |
USD | 15.00 | | |
10/20/23 | |
|
| 12,693 | |
Halliburton
Co. | |
Pershing
LLC | |
|
| 60 | | |
USD | 197,940 | | |
USD | 43.00 | | |
07/21/23 | |
|
| 96 | |
Halliburton
Co. | |
Pershing
LLC | |
|
| 50 | | |
USD | 164,950 | | |
USD | 38.00 | | |
09/15/23 | |
|
| 3,167 | |
Halliburton
Co. | |
Pershing
LLC | |
|
| 60 | | |
USD | 197,940 | | |
USD | 38.00 | | |
11/17/23 | |
|
| 8,348 | |
Hess
Corp. | |
Pershing
LLC | |
|
| 10 | | |
USD | 135,950 | | |
USD | 155.00 | | |
09/15/23 | |
|
| 1,764 | |
Hess
Corp. | |
Pershing
LLC | |
|
| 12 | | |
USD | 163,140 | | |
USD | 150.00 | | |
11/17/23 | |
|
| 7,131 | |
Kinder
Morgan Inc. | |
Pershing
LLC | |
|
| 122 | | |
USD | 210,084 | | |
USD | 20.00 | | |
07/21/23 | |
|
| 8 | |
Kinder
Morgan Inc. | |
Pershing
LLC | |
|
| 115 | | |
USD | 198,030 | | |
USD | 19.00 | | |
08/18/23 | |
|
| 207 | |
Kinder
Morgan Inc. | |
Pershing
LLC | |
|
| 115 | | |
USD | 198,030 | | |
USD | 18.00 | | |
09/15/23 | |
|
| 2,007 | |
Kinross
Gold Corp. | |
Pershing
LLC | |
|
| 500 | | |
USD | 238,500 | | |
USD | 5.50 | | |
08/18/23 | |
|
| 4,813 | |
Kinross
Gold Corp. | |
Pershing
LLC | |
|
| 960 | | |
USD | 457,920 | | |
USD | 6.00 | | |
11/17/23 | |
|
| 16,576 | |
Kinross
Gold Corp. | |
Pershing
LLC | |
|
| 1,124 | | |
USD | 536,148 | | |
USD | 5.00 | | |
01/19/24 | |
|
| 57,185 | |
Marathon
Oil Corp. | |
Pershing
LLC | |
|
| 100 | | |
USD | 230,200 | | |
USD | 27.50 | | |
07/21/23 | |
|
| 254 | |
Marathon
Oil Corp. | |
Pershing
LLC | |
|
| 50 | | |
USD | 115,100 | | |
USD | 26.00 | | |
09/15/23 | |
|
| 2,650 | |
Marathon
Oil Corp. | |
Pershing
LLC | |
|
| 50 | | |
USD | 115,100 | | |
USD | 30.00 | | |
10/20/23 | |
|
| 1,150 | |
Marathon
Petroleum Corp. | |
Pershing
LLC | |
|
| 30 | | |
USD | 349,800 | | |
USD | 125.00 | | |
08/18/23 | |
|
| 4,944 | |
Marathon
Petroleum Corp. | |
Pershing
LLC | |
|
| 30 | | |
USD | 349,800 | | |
USD | 125.00 | | |
10/20/23 | |
|
| 11,923 | |
Marathon
Petroleum Corp. | |
Pershing
LLC | |
|
| 35 | | |
USD | 408,100 | | |
USD | 125.00 | | |
12/15/23 | |
|
| 20,428 | |
Newmont
Corp. | |
Pershing
LLC | |
|
| 180 | | |
USD | 767,880 | | |
USD | 55.00 | | |
08/18/23 | |
|
| 928 | |
Newmont
Corp. | |
Pershing
LLC | |
|
| 110 | | |
USD | 469,260 | | |
USD | 47.50 | | |
09/15/23 | |
|
| 8,651 | |
Newmont
Corp. | |
Pershing
LLC | |
|
| 314 | | |
USD | 1,339,524 | | |
USD | 55.00 | | |
09/15/23 | |
|
| 4,934 | |
Newmont
Corp. | |
Pershing
LLC | |
|
| 215 | | |
USD | 917,190 | | |
USD | 47.00 | | |
10/20/23 | |
|
| 29,139 | |
NextEra
Energy Partners LP | |
Pershing
LLC | |
|
| 60 | | |
USD | 351,840 | | |
USD | 67.50 | | |
09/15/23 | |
|
| 4,756 | |
Nutrien
Ltd. | |
Pershing
LLC | |
|
| 50 | | |
USD | 295,250 | | |
USD | 90.00 | | |
09/15/23 | |
|
| 456 | |
See
accompanying notes to financial statements.
GAMCO
Natural Resources, Gold & Income Trust
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Description | |
Counterparty | |
|
Number
of Contracts | | |
Notional
Amount | | |
Exercise
Price | | |
Expiration
Date | |
|
Market
Value | |
Nutrien
Ltd. | |
Pershing
LLC | |
|
| 110 | | |
USD | 649,550 | | |
USD | 67.50 | | |
10/20/23 | |
|
$ | 17,083 | |
Occidental
Petroleum Corp. | |
Pershing
LLC | |
|
| 45 | | |
USD | 264,600 | | |
USD | 65.00 | | |
10/20/23 | |
|
| 6,953 | |
Occidental
Petroleum Corp. | |
Pershing
LLC | |
|
| 40 | | |
USD | 235,200 | | |
USD | 72.50 | | |
11/17/23 | |
|
| 3,101 | |
ONEOK
Inc. | |
Pershing
LLC | |
|
| 30 | | |
USD | 185,160 | | |
USD | 67.50 | | |
08/18/23 | |
|
| 666 | |
ONEOK
Inc. | |
Pershing
LLC | |
|
| 27 | | |
USD | 166,644 | | |
USD | 71.00 | | |
10/20/23 | |
|
| 1,051 | |
ONEOK
Inc. | |
Pershing
LLC | |
|
| 30 | | |
USD | 185,160 | | |
USD | 65.00 | | |
12/15/23 | |
|
| 6,464 | |
Osisko
Gold Royalties Ltd. | |
Pershing
LLC | |
|
| 224 | | |
USD | 344,288 | | |
USD | 14.50 | | |
07/21/23 | |
|
| 23,716 | |
Osisko
Gold Royalties Ltd. | |
Pershing
LLC | |
|
| 340 | | |
USD | 522,580 | | |
USD | 14.00 | | |
09/15/23 | |
|
| 64,030 | |
Phillips
66 | |
Pershing
LLC | |
|
| 30 | | |
USD | 286,140 | | |
USD | 115.00 | | |
07/21/23 | |
|
| 9 | |
Phillips
66 | |
Pershing
LLC | |
|
| 30 | | |
USD | 286,140 | | |
USD | 105.00 | | |
09/15/23 | |
|
| 4,361 | |
Phillips
66 | |
Pershing
LLC | |
|
| 25 | | |
USD | 238,450 | | |
USD | 105.00 | | |
11/17/23 | |
|
| 6,814 | |
Pioneer
Natural Resources Co. | |
Pershing
LLC | |
|
| 16 | | |
USD | 331,488 | | |
USD | 242.50 | | |
09/15/23 | |
|
| 3,057 | |
Pioneer
Natural Resources Co. | |
Pershing
LLC | |
|
| 16 | | |
USD | 331,488 | | |
USD | 240.00 | | |
11/17/23 | |
|
| 7,947 | |
Pioneer
Natural Resources Co. | |
Pershing
LLC | |
|
| 19 | | |
USD | 393,642 | | |
USD | 240.00 | | |
01/19/24 | |
|
| 12,686 | |
Rio
Tinto plc, ADR | |
Pershing
LLC | |
|
| 170 | | |
USD | 1,085,280 | | |
USD | 80.00 | | |
07/21/23 | |
|
| 304 | |
Rio
Tinto plc, ADR | |
Pershing
LLC | |
|
| 85 | | |
USD | 542,640 | | |
USD | 75.00 | | |
08/18/23 | |
|
| 724 | |
Rio
Tinto plc, ADR | |
Pershing
LLC | |
|
| 85 | | |
USD | 542,640 | | |
USD | 65.00 | | |
10/20/23 | |
|
| 23,146 | |
Rio
Tinto plc, ADR | |
Pershing
LLC | |
|
| 150 | | |
USD | 957,600 | | |
USD | 70.00 | | |
12/15/23 | |
|
| 31,430 | |
Royal
Gold Inc. | |
Pershing
LLC | |
|
| 33 | | |
USD | 378,774 | | |
USD | 130.00 | | |
07/21/23 | |
|
| 269 | |
Royal
Gold Inc. | |
Pershing
LLC | |
|
| 40 | | |
USD | 459,120 | | |
USD | 132.00 | | |
09/15/23 | |
|
| 5,328 | |
Schlumberger
NV | |
Pershing
LLC | |
|
| 80 | | |
USD | 392,960 | | |
USD | 60.00 | | |
08/18/23 | |
|
| 1,285 | |
Schlumberger
NV | |
Pershing
LLC | |
|
| 80 | | |
USD | 392,960 | | |
USD | 52.00 | | |
09/15/23 | |
|
| 14,804 | |
Schlumberger
NV | |
Pershing
LLC | |
|
| 80 | | |
USD | 392,960 | | |
USD | 55.00 | | |
11/17/23 | |
|
| 16,051 | |
Shell
plc, ADR | |
Pershing
LLC | |
|
| 100 | | |
USD | 603,800 | | |
USD | 58.00 | | |
07/21/23 | |
|
| 28,841 | |
Shell
plc, ADR | |
Pershing
LLC | |
|
| 105 | | |
USD | 633,990 | | |
USD | 60.00 | | |
10/20/23 | |
|
| 34,222 | |
Shell
plc, ADR | |
Pershing
LLC | |
|
| 60 | | |
USD | 362,280 | | |
USD | 62.50 | | |
01/19/24 | |
|
| 19,642 | |
Shell
plc, ADR | |
Pershing
LLC | |
|
| 60 | | |
USD | 362,280 | | |
USD | 65.00 | | |
01/19/24 | |
|
| 13,444 | |
SSR
Mining Inc. | |
Pershing
LLC | |
|
| 475 | | |
USD | 673,550 | | |
USD | 18.00 | | |
09/15/23 | |
|
| 7,718 | |
SSR
Mining Inc. | |
Pershing
LLC | |
|
| 470 | | |
USD | 666,460 | | |
USD | 18.00 | | |
10/20/23 | |
|
| 13,346 | |
SSR
Mining Inc. | |
Pershing
LLC | |
|
| 475 | | |
USD | 673,550 | | |
USD | 17.00 | | |
12/15/23 | |
|
| 29,141 | |
Suncor
Energy Inc. | |
Pershing
LLC | |
|
| 55 | | |
USD | 161,260 | | |
USD | 40.00 | | |
08/18/23 | |
|
| 47 | |
Suncor
Energy Inc. | |
Pershing
LLC | |
|
| 55 | | |
USD | 161,260 | | |
USD | 37.00 | | |
09/15/23 | |
|
| 398 | |
Suncor
Energy Inc. | |
Pershing
LLC | |
|
| 50 | | |
USD | 146,600 | | |
USD | 32.00 | | |
11/17/23 | |
|
| 5,446 | |
The
Mosaic Co. | |
Pershing
LLC | |
|
| 100 | | |
USD | 350,000 | | |
USD | 59.75 | | |
09/15/23 | |
|
| 416 | |
The
Mosaic Co. | |
Pershing
LLC | |
|
| 85 | | |
USD | 297,500 | | |
USD | 42.50 | | |
10/20/23 | |
|
| 7,829 | |
The
Mosaic Co. | |
Pershing
LLC | |
|
| 90 | | |
USD | 315,000 | | |
USD | 50.00 | | |
11/17/23 | |
|
| 3,896 | |
The
Williams Companies Inc. | |
Pershing
LLC | |
|
| 70 | | |
USD | 228,410 | | |
USD | 31.00 | | |
08/18/23 | |
|
| 14,984 | |
The
Williams Companies Inc. | |
Pershing
LLC | |
|
| 70 | | |
USD | 228,410 | | |
USD | 33.50 | | |
10/20/23 | |
|
| 6,751 | |
TotalEnergies
SE, ADR | |
Pershing
LLC | |
|
| 92 | | |
USD | 530,288 | | |
USD | 63.00 | | |
08/18/23 | |
|
| 3,369 | |
TotalEnergies
SE, ADR | |
Pershing
LLC | |
|
| 80 | | |
USD | 461,120 | | |
USD | 63.00 | | |
09/15/23 | |
|
| 5,733 | |
TotalEnergies
SE, ADR | |
Pershing
LLC | |
|
| 80 | | |
USD | 461,120 | | |
USD | 60.00 | | |
10/20/23 | |
|
| 14,759 | |
Valero
Energy Corp. | |
Pershing
LLC | |
|
| 25 | | |
USD | 293,250 | | |
USD | 132.50 | | |
09/15/23 | |
|
| 4,653 | |
Valero
Energy Corp. | |
Pershing
LLC | |
|
| 25 | | |
USD | 293,250 | | |
USD | 135.00 | | |
11/17/23 | |
|
| 8,254 | |
Valero
Energy Corp. | |
Pershing
LLC | |
|
| 16 | | |
USD | 187,680 | | |
USD | 130.00 | | |
01/19/24 | |
|
| 10,797 | |
Wheaton
Precious Metals Corp. | |
Pershing
LLC | |
|
| 280 | | |
USD | 1,210,160 | | |
USD | 41.00 | | |
09/15/23 | |
|
| 105,913 | |
Wheaton
Precious Metals Corp. | |
Pershing
LLC | |
|
| 200 | | |
USD | 864,400 | | |
USD | 50.00 | | |
11/17/23 | |
|
| 24,143 | |
Wheaton
Precious Metals Corp. | |
Pershing
LLC | |
|
| 115 | | |
USD | 497,030 | | |
USD | 52.50 | | |
11/17/23 | |
|
| 9,351 | |
Wheaton
Precious Metals Corp. | |
Pershing
LLC | |
|
| 83 | | |
USD | 358,726 | | |
USD | 45.00 | | |
01/19/24 | |
|
| 29,477 | |
Wheaton
Precious Metals Corp. | |
Pershing
LLC | |
|
| 90 | | |
USD | 388,980 | | |
USD | 50.00 | | |
01/19/24 | |
|
| 16,693 | |
TOTAL
OTC CALL OPTIONS WRITTEN | |
| |
|
| | | |
| | | |
| | | |
| |
|
$ | 1,752,125 | |
See
accompanying notes to financial statements.
GAMCO
Natural Resources, Gold & Income Trust
Schedule
of Investments (Continued) — June 30, 2023 (Unaudited)
Description | |
Counterparty | |
|
Number
of Contracts | | |
Notional
Amount | | |
Exercise
Price | | |
Expiration
Date | |
|
Market
Value | |
OTC
Put Options Written — (0.0)% | |
| |
|
| | | |
| | | |
| | | |
| |
|
| | |
VanEck
Agribusiness ETF | |
Pershing
LLC | |
|
| 145 | | |
USD | 126,585 | | |
USD | 83.00 | | |
09/15/23 | |
|
$ | 36,837 | |
VanEck
Agribusiness ETF | |
Pershing
LLC | |
|
| 145 | | |
USD | 126,585 | | |
USD | 81.00 | | |
10/20/23 | |
|
| 28,783 | |
TOTAL
OTC PUT OPTIONS WRITTEN | |
| |
|
| | | |
| | | |
| | | |
| |
|
$ | 65,620 | |
Description | |
Number
of
Contracts | | |
Notional
Amount | | |
Exercise
Price | | |
Expiration
Date | |
|
Market
Value | |
Exchange
Traded Call Options Written — (0.2)% | |
| | | |
| | | |
| | | |
| |
|
| | |
AGCO
Corp. | |
| 20 | | |
USD | 262,840 | | |
USD | 135.00 | | |
08/18/23 | |
|
$ | 9,460 | |
Alamos
Gold Inc., Cl. A | |
| 650 | | |
USD | 774,800 | | |
USD | 12.50 | | |
01/19/24 | |
|
| 74,750 | |
ConocoPhillips | |
| 37 | | |
USD | 383,357 | | |
USD | 130.00 | | |
08/18/23 | |
|
| 407 | |
ConocoPhillips | |
| 40 | | |
USD | 414,440 | | |
USD | 120.00 | | |
11/17/23 | |
|
| 8,440 | |
Dundee
Precious Metals Inc. | |
| 375 | | |
CAD | 328,125 | | |
CAD | 8.50 | | |
08/18/23 | |
|
| 18,399 | |
Dundee
Precious Metals Inc. | |
| 300 | | |
CAD | 262,500 | | |
CAD | 11.00 | | |
10/20/23 | |
|
| 3,850 | |
Eldorado
Gold Corp. | |
| 410 | | |
USD | 414,100 | | |
USD | 11.00 | | |
07/21/23 | |
|
| 4,510 | |
Endeavour
Mining plc | |
| 211 | | |
CAD | 669,925 | | |
CAD | 37.00 | | |
08/18/23 | |
|
| 2,707 | |
Endeavour
Mining plc | |
| 360 | | |
CAD | 1,143,000 | | |
CAD | 36.00 | | |
09/15/23 | |
|
| 10,055 | |
Endeavour
Mining plc | |
| 390 | | |
CAD | 1,238,250 | | |
CAD | 34.00 | | |
12/15/23 | |
|
| 48,428 | |
Franco-Nevada
Corp. | |
| 114 | | |
USD | 1,625,640 | | |
USD | 160.00 | | |
07/21/23 | |
|
| 2,280 | |
Franco-Nevada
Corp. | |
| 102 | | |
USD | 1,454,520 | | |
USD | 165.00 | | |
10/20/23 | |
|
| 16,626 | |
Hess
Corp. | |
| 10 | | |
USD | 135,950 | | |
USD | 155.00 | | |
07/21/23 | |
|
| 150 | |
K92
Mining Inc. | |
| 570 | | |
CAD | 327,750 | | |
CAD | 9.00 | | |
09/15/23 | |
|
| 1,936 | |
Lundin
Gold Inc. | |
| 195 | | |
CAD | 309,075 | | |
CAD | 16.00 | | |
07/21/23 | |
|
| 6,256 | |
Occidental
Petroleum Corp. | |
| 30 | | |
USD | 176,400 | | |
USD | 72.50 | | |
08/18/23 | |
|
| 270 | |
Osisko
Gold Royalties Ltd. | |
| 320 | | |
USD | 491,840 | | |
USD | 15.00 | | |
07/21/23 | |
|
| 19,200 | |
Osisko
Gold Royalties Ltd. | |
| 278 | | |
USD | 427,286 | | |
USD | 20.00 | | |
10/20/23 | |
|
| 5,560 | |
Osisko
Mining Inc. | |
| 600 | | |
CAD | 193,200 | | |
CAD | 5.00 | | |
09/15/23 | |
|
| 1,132 | |
Victoria
Gold Corp. | |
| 370 | | |
CAD | 285,640 | | |
CAD | 14.00 | | |
07/21/23 | |
|
| 978 | |
Zoetis
Inc. | |
| 70 | | |
USD | 1,205,470 | | |
USD | 185.00 | | |
08/18/23 | |
|
| 10,850 | |
Zoetis
Inc. | |
| 70 | | |
USD | 1,205,470 | | |
USD | 185.00 | | |
10/20/23 | |
|
| 28,700 | |
TOTAL
EXCHANGE TRADED CALL OPTIONS WRITTEN | |
| | | |
| | | |
| | | |
| |
|
$ | 274,944 | |
| |
| | | |
| | | |
| | | |
| |
|
| | |
Exchange
Traded Put Options Written — (0.3)% | |
| | | |
| | | |
| | | |
| |
|
| | |
Energy
Select Sector SPDR ETF | |
| 410 | | |
USD | 3,327,970 | | |
USD | 65.00 | | |
09/15/23 | |
|
$ | 9,840 | |
Energy
Select Sector SPDR ETF | |
| 300 | | |
USD | 2,435,100 | | |
USD | 71.00 | | |
09/15/23 | |
|
| 16,500 | |
Energy
Select Sector SPDR ETF | |
| 300 | | |
USD | 2,435,100 | | |
USD | 70.00 | | |
10/20/23 | |
|
| 27,000 | |
NextEra
Energy Partners LP | |
| 60 | | |
USD | 351,840 | | |
USD | 65.00 | | |
07/21/23 | |
|
| 44,160 | |
NextEra
Energy Partners LP | |
| 45 | | |
USD | 263,880 | | |
USD | 60.00 | | |
10/20/23 | |
|
| 23,400 | |
Utilities
Select Sector SPDR Fund | |
| 415 | | |
USD | 2,715,760 | | |
USD | 63.00 | | |
08/18/23 | |
|
| 19,505 | |
Utilities
Select Sector SPDR Fund | |
| 430 | | |
USD | 2,813,920 | | |
USD | 63.00 | | |
09/15/23 | |
|
| 36,120 | |
VanEck
Agribusiness ETF | |
| 60 | | |
USD | 52,380 | | |
USD | 82.00 | | |
08/18/23 | |
|
| 10,350 | |
VanEck
Agribusiness ETF | |
| 145 | | |
USD | 126,585 | | |
USD | 83.00 | | |
11/17/23 | |
|
| 34,800 | |
VanEck
Gold Miners ETF | |
| 550 | | |
USD | 1,656,050 | | |
USD | 29.00 | | |
09/15/23 | |
|
| 51,150 | |
VanEck
Gold Miners ETF | |
| 578 | | |
USD | 1,740,358 | | |
USD | 28.00 | | |
11/17/23 | |
|
| 62,424 | |
TOTAL
EXCHANGE TRADED PUT OPTIONS WRITTEN | |
| | | |
| | | |
| | | |
| |
|
$ | 335,249 | |
| |
| | | |
| | | |
| | | |
| |
|
| | |
TOTAL
OPTIONS WRITTEN | |
| | | |
| | | |
| | | |
| |
|
$ | 2,427,938 | |
See
accompanying notes to financial statements.
GAMCO
Natural Resources, Gold & Income Trust
Statement
of Assets and Liabilities
June
30, 2023 (Unaudited)
Assets: | |
|
Investments
in securities, at value (cost $155,077,168) | |
$ | 133,517,361 | |
Cash | |
| 1,969,373 | |
Foreign
currency, at value (cost $5,199) | |
| 5,172 | |
Receivable
for investments in securities sold | |
| 2,384,001 | |
Dividends
and interest receivable | |
| 232,118 | |
Deferred
offering expense | |
| 85,377 | |
Prepaid
expenses | |
| 3,503 | |
Total
Assets | |
| 138,196,905 | |
Liabilities: | |
| | |
Options
written, at value (premiums received $5,496,155) | |
| 2,427,938 | |
Payable
to broker | |
| 1,173,001 | |
Distributions
payable | |
| 21,077 | |
Payable
for investment securities purchased | |
| 1,425,750 | |
Payable
for Fund shares repurchased | |
| 20,067 | |
Payable
for investment advisory fees | |
| 109,348 | |
Payable
for payroll expenses | |
| 77,005 | |
Payable
for accounting fees | |
| 7,500 | |
Other
accrued expenses | |
| 168,019 | |
Total
Liabilities | |
| 5,429,705 | |
Preferred
Shares $0.001 par value, unlimited number of shares authorized: | |
| | |
Series
A Cumulative Preferred Shares (5.200%, $25 liquidation value per share, 1,200,000 shares authorized with 1,167,338 shares outstanding) | |
| 29,183,450 | |
Net
Assets Attributable to Common Shareholders | |
$ | 103,583,750 | |
| |
| | |
Net
Assets Attributable to Common Shareholders Consist of: | |
| | |
Paid-in
capital | |
$ | 213,325,033 | |
Total
accumulated loss | |
| (109,741,283 | ) |
Net
Assets | |
$ | 103,583,750 | |
| |
| | |
Net
Asset Value per Common Share: | |
| | |
($103,583,750
÷ 17,156,274 shares outstanding at $0.001 par value; unlimited number of shares authorized) | |
$ | 6.04 | |
Statement of Operations
For the Six
Months Ended June 30, 2023 (Unaudited)
Investment
Income: | |
| | |
Dividends
(net of foreign withholding taxes of $75,719) | |
$ | 1,311,349 | |
Interest | |
| 859,079 | |
Total
Investment Income | |
| 2,170,428 | |
Expenses: | |
| | |
Investment
advisory fees | |
| 679,516 | |
Legal
and audit fees | |
| 87,930 | |
Payroll
expenses | |
| 86,627 | |
Shareholder
communications expenses | |
| 58,640 | |
Trustees’
fees | |
| 40,251 | |
Accounting
fees | |
| 22,500 | |
Shareholder
services fees | |
| 18,319 | |
Custodian
fees | |
| 10,237 | |
Miscellaneous
expenses | |
| 64,418 | |
Total
Expenses | |
| 1,068,438 | |
Less: | |
| | |
Expenses
paid indirectly by broker (See Note 5) | |
| (1,138 | ) |
Net
Expenses | |
| 1,067,300 | |
Net
Investment Income | |
| 1,103,128 | |
| |
| | |
Net
Realized and Unrealized Gain/(Loss) on Investments in Securities, Written Options, and Foreign Currency: | |
| | |
Net
realized gain on investments in securities | |
| 2,102,197 | |
Net
realized gain on written options | |
| 5,143,726 | |
Net
realized gain on foreign currency transactions | |
| 537 | |
Net
realized gain on investments in securities, written options, and foreign currency transactions | |
| 7,246,460 | |
Net
change in unrealized appreciation/depreciation: | |
| | |
on
investments in securities | |
| (5,982,934 | ) |
on
written options | |
| 2,391,408 | |
on
foreign currency translations | |
| (193 | ) |
Net
change in unrealized appreciation/depreciation on investments in securities, written options, and foreign currency translations | |
| (3,591,719 | ) |
Net
Realized and Unrealized Gain/(Loss) on Investments in Securities, Written Options, and Foreign Currency | |
| 3,654,741 | |
Net
Increase in Net Assets Resulting from Operations | |
| 4,757,869 | |
Total
Distributions to Preferred Shareholders | |
| (758,758 | ) |
Net
Increase in Net Assets Attributable to Common Shareholders Resulting from Operations | |
$ | 3,999,111 | |
See
accompanying notes to financial statements.
GAMCO
Natural Resources, Gold & Income Trust
Statement
of Changes in Net Assets Attributable to Common Shareholders
| |
Six
Months Ended June 30, 2023 (Unaudited) | | |
Year
Ended December 31, 2022 | |
Operations: | |
| | | |
| | |
Net
investment income | |
$ | 1,103,128 | | |
$ | 1,697,762 | |
Net
realized gain/(loss) on investments in securities, securities sold short, written options, and foreign
currency transactions | |
| 7,246,460 | | |
| (1,666,583 | ) |
Net
change in unrealized appreciation/depreciation on investments in securities, written options, and foreign
currency translations | |
| (3,591,719 | ) | |
| 5,708,452 | |
Net
Increase in Net Assets Resulting from Operations | |
| 4,757,869 | | |
| 5,739,631 | |
| |
| | | |
| | |
Distributions
to Preferred Shareholders | |
| (758,758 | )* | |
| (1,520,060 | ) |
| |
| | | |
| | |
Net
Increase in Net Assets Attributable to Common Shareholders Resulting from Operations | |
| 3,999,111 | | |
| 4,219,571 | |
| |
| | | |
| | |
Distributions
to Common Shareholders: | |
| | | |
| | |
Accumulated
earnings | |
| (3,172,022 | )* | |
| (447,111 | ) |
Return
of capital | |
| — | | |
| (6,233,083 | ) |
Total
Distributions to Common Shareholders | |
| | | |
| | |
| |
| (3,172,022 | ) | |
| (6,680,194 | ) |
Fund
Share Transactions: | |
| | | |
| | |
Net
decrease from repurchase of common shares and transaction fees | |
| (4,639,964 | ) | |
| (4,543,193 | ) |
Net
increase in net assets from repurchase of preferred shares | |
| 1,919 | | |
| 1,893 | |
Net
Decrease in Net Assets from Fund Share Transactions | |
| (4,638,045 | ) | |
| (4,541,300 | ) |
| |
| | | |
| | |
Net
Decrease in Net Assets Attributable to Common Shareholders | |
| (3,810,956 | ) | |
| (7,001,923 | ) |
| |
| | | |
| | |
Net
Assets Attributable to Common Shareholders: | |
| | | |
| | |
Beginning
of year | |
| 107,394,706 | | |
| 114,396,629 | |
End
of period | |
$ | 103,583,750 | | |
$ | 107,394,706 | |
| * | Based
on year to date book income. Amounts are subject to change and recharacterization at year
end. |
See
accompanying notes to financial statements.
GAMCO
Natural Resources, Gold & Income Trust
Financial
Highlights
Selected
data for a common share of beneficial interest outstanding throughout each period:
| |
Six
Months Ended
June 30,
2023 | | |
Year
Ended December 31, | |
| |
(Unaudited) | | |
2022 | | |
2021 | | |
2020 | | |
2019 | | |
2018 | |
Operating
Performance: | |
|
| | |
|
| | |
|
| | |
|
| | |
|
| | |
|
| |
Net
asset value, beginning of year | |
$ | 5.95 | | |
$ | 6.03 | | |
$ | 5.93 | | |
$ | 6.16 | | |
$ | 5.72 | | |
$ | 7.11 | |
Net
investment income | |
| 0.06 | | |
| 0.09 | | |
| 0.08 | | |
| 0.02 | | |
| 0.03 | | |
| 0.06 | |
Net
realized and unrealized gain/(loss) on investments and foreign currency transactions | |
| 0.21 | | |
| 0.22 | | |
| 0.46 | | |
| 0.26 | | |
| 1.08 | | |
| (0.78 | ) |
Total
from investment operations | |
| 0.27 | | |
| 0.31 | | |
| 0.54 | | |
| 0.28 | | |
| 1.11 | | |
| (0.72 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Distributions
to Preferred Shareholders: (a) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
investment income | |
| (0.01 | )* | |
| (0.08 | ) | |
| (0.08 | ) | |
| (0.05 | ) | |
| (0.05 | ) | |
| (0.06 | ) |
Net
realized gain | |
| (0.03 | )* | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Return
of capital | |
| — | | |
| — | | |
| (0.00 | )(b) | |
| (0.02 | ) | |
| (0.02 | ) | |
| (0.01 | ) |
Total
distributions to preferred shareholders | |
| (0.04 | ) | |
| (0.08 | ) | |
| (0.08 | ) | |
| (0.07 | ) | |
| (0.07 | ) | |
| (0.07 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Increase/(Decrease) in Net Assets Attributable to Common Shareholders Resulting from Operations | |
| 0.23 | | |
| 0.23 | | |
| 0.46 | | |
| 0.21 | | |
| 1.04 | | |
| (0.79 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Distributions
to Common Shareholders: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
investment income | |
| (0.03 | )* | |
| (0.02 | ) | |
| — | | |
| — | | |
| — | | |
| — | |
Net
realized gain | |
| (0.15 | )* | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Return
of capital | |
| — | | |
| (0.34 | ) | |
| (0.36 | ) | |
| (0.48 | ) | |
| (0.60 | ) | |
| (0.60 | ) |
Total
distributions to common shareholders | |
| (0.18 | ) | |
| (0.36 | ) | |
| (0.36 | ) | |
| (0.48 | ) | |
| (0.60 | ) | |
| (0.60 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Fund
Share Transactions: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Increase
in net asset value from common share transactions | |
| — | | |
| — | | |
| — | | |
| — | | |
| 0.00 | (b) | |
| — | |
Increase
in net asset value from repurchase of common shares | |
| 0.04 | | |
| 0.04 | | |
| 0.03 | | |
| 0.04 | | |
| 0.00 | (b) | |
| — | |
Increase
in net asset value from repurchase of preferred shares | |
| 0.00 | (b) | |
| 0.00 | (b) | |
| — | | |
| 0.00 | (b) | |
| 0.00 | (b) | |
| 0.00 | (b) |
Total
Fund share transactions | |
| 0.04 | | |
| 0.04 | | |
| 0.03 | | |
| 0.04 | | |
| 0.00 | (b) | |
| 0.00 | (b) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
Asset Value Attributable to Common Shareholders, End of Period | |
$ | 6.04 | | |
$ | 5.95 | | |
$ | 6.03 | | |
$ | 5.93 | | |
$ | 6.16 | | |
$ | 5.72 | |
NAV
total return † | |
| 4.52 | % | |
| 5.01 | % | |
| 7.94 | % | |
| 5.22 | % | |
| 19.04 | % | |
| (11.75 | )% |
Market
value, end of period | |
$ | 5.02 | | |
$ | 5.12 | | |
$ | 5.35 | | |
$ | 5.11 | | |
$ | 5.96 | | |
$ | 4.95 | |
Investment
total return †† | |
| 1.54 | % | |
| 2.90 | % | |
| 12.01 | % | |
| (5.56 | )% | |
| 33.64 | % | |
| (18.56 | )% |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Ratios
to Average Net Assets and Supplemental Data: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net
assets including liquidation value of preferred shares, end of period (in 000’s) | |
$ | 132,767 | | |
$ | 136,594 | | |
$ | 143,649 | | |
$ | 146,873 | | |
$ | 158,002 | | |
$ | 149,051 | |
Net
assets attributable to common shares, end of period (in 000’s) | |
$ | 103,584 | | |
$ | 107,395 | | |
$ | 114,397 | | |
$ | 117,620 | | |
$ | 128,669 | | |
$ | 119,466 | |
Ratio
of net investment income to average net assets attributable to common shares before preferred distributions | |
| 2.06 | %(c) | |
| 1.56 | % | |
| 1.33 | % | |
| 0.46 | % | |
| 0.45 | % | |
| 0.93 | % |
Ratio
of operating expenses to average net assets attributable to common shares (d)(e)(f) | |
| 1.99 | %(c) | |
| 1.87 | % | |
| 1.80 | % | |
| 1.94 | % | |
| 1.72 | % | |
| 1.68 | % |
Portfolio
turnover rate | |
| 41 | % | |
| 121 | % | |
| 109 | % | |
| 95 | % | |
| 109 | % | |
| 167 | % |
See
accompanying notes to financial statements.
GAMCO
Natural Resources, Gold & Income Trust
Financial
Highlights (Continued)
Selected
data for a common share of beneficial interest outstanding throughout each period:
|
|
Six
Months Ended
June 30, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
2023 | | |
Year
Ended December 31, | |
| |
(Unaudited) | | |
2022 | | |
2021 | | |
2020 | | |
2019 | | |
2018 | |
Cumulative
Preferred Shares: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
5.200%
Series A Preferred | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liquidation
value, end of period (in 000’s) | |
$ | 29,183 | | |
$ | 29,199 | | |
$ | 29,253 | | |
$ | 29,253 | | |
$ | 29,333 | | |
$ | 29,585 | |
Total
shares outstanding (in 000’s) | |
| 1,167 | | |
| 1,168 | | |
| 1,170 | | |
| 1,170 | | |
| 1,173 | | |
| 1,183 | |
Liquidation
preference per share | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | | |
$ | 25.00 | |
Average
market value (g) | |
$ | 23.33 | | |
$ | 23.93 | | |
$ | 25.87 | | |
$ | 25.44 | | |
$ | 24.66 | | |
$ | 23.56 | |
Asset
coverage per share | |
$ | 113.74 | | |
$ | 116.95 | | |
$ | 122.77 | | |
$ | 125.52 | | |
$ | 134.66 | | |
$ | 125.95 | |
Asset
Coverage | |
| 455 | % | |
| 468 | % | |
| 491 | % | |
| 502 | % | |
| 539 | % | |
| 504 | % |
| † | Based
on net asset value per share, adjusted for reinvestment of distributions at the net asset
value per share on the ex-dividend dates. Total return for a period of less than one year
is not annualized. |
| †† | Based
on market value per share, adjusted for reinvestment of distributions at prices obtained
under the Fund’s dividend reinvestment plan. Total return for a period of less than
one year is not annualized. |
| * | Based
on year to date book income. Amounts are subject to change and recharacterization at year
end. |
| (a) | Calculated
based on average common shares outstanding on the record dates throughout the periods. |
| (b) | Amount
represents less than $0.005 per share. |
| (c) | Annualized. |
| (d) | The
Fund received credits from a designated broker who agreed to pay certain Fund operating expenses.
Had such payments not been made, this expense ratio for the six months ended June 30, 2023
and the year ended December 31, 2022 would have been 2.00%, and 1.88%, respectively. For
the years ended December 31, 2021, 2020, 2019, and 2018, there was no impact on the expense
ratios. |
| (e) | Ratio
of operating expenses to average net assets attributable to common shares excluding interest
and dividend expense and service fees on securities sold short for the years ended December
31, 2022, 2021, 2020, 2019, and 2018 was 1.83%, 1.79%, 1.88%, 1.69%, and 1.67%, respectively,
and 1.44%, 1.42%, 1.50%, 1.36%, and 1.37%, including liquidation value of preferred shares
for the years ended December 31, 2022, 2021, 2020, 2019, and 2018. For the six months ended
June 30, 2023, there was no dividend expense or service fees on securities sold short. |
| (f) | Ratio
of operating expenses to average net assets including liquidation value of preferred shares
for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020,
2019, and 2018 would have been 1.57%, 1.48%, 1.43%, 1.55%, 1.39%, and 1.38%, respectively. |
| (g) | Based
on weekly prices. |
See
accompanying notes to financial statements.
GAMCO
Natural Resources, Gold & Income Trust
Notes
to Financial Statements (Unaudited)
1.
Organization.
GAMCO Natural Resources, Gold and Income Trust (the Fund) was organized on June 26, 2008 as a Delaware statutory trust. The Fund is a
diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act).
The Fund commenced investment operations on January 27, 2011.
The
Fund’s primary investment objective is to provide a high level of current income from interest, dividends, and option
premiums. The Fund’s secondary investment objective is to seek capital appreciation consistent with the Fund’s strategy
and its primary objective. The Fund will attempt to achieve its objectives, under normal market conditions, by investing at least
80% of its assets in equity securities of companies principally engaged in the natural resources and gold industries. As part of its
investment strategy, the Fund intends to generate current income from short term gains through an option strategy of writing
(selling) covered call options of the equity securities in its portfolio. The Fund may invest in the securities of companies located
anywhere in the world. The Fund may invest a high percentage of its assets in specific sectors of the market in order to achieve a
potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory
developments in a particular sector of the market, positive or negative, and may experience increased volatility to the Fund’s
NAV and a magnified effect in its total return.
2.
Significant Accounting Policies.
As an investment company, the Fund
follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP)
that may require the use of management estimates and assumptions in the preparation of its financial statements. Actual results could
differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of
its financial statements.
The
global outbreak of the novel coronavirus disease, known as COVID-19, has caused adverse effects on many companies, sectors, nations,
regions, and the markets in general, and may continue for an unpredictable duration. The effects of this pandemic may materially impact
the value and performance of the Fund, its ability to buy and sell fund investments at appropriate valuations, and its ability to achieve
its investment objectives.
Security
Valuation. Portfolio
securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which
market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of
the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the
average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the
closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently
available price or, if the Board of Trustees (the Board) so determines, by such other method as the Board shall determine in good
faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are
valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).
Portfolio
securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant
market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close
of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market
quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on
such day, the securities are valued using the closing bid price, unless the Board determines such amount does not reflect the securities’
fair value, in which case these securities will be fair valued as determined by the Board. Certain
GAMCO
Natural Resources, Gold & Income Trust
Notes
to Financial Statements (Unaudited) (Continued)
securities
are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board
of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available
will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations
obtained from one or more dealers in the instrument in question by the Adviser.
Securities
and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies
and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the
company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities
with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any
other information that could be indicative of the value of the security.
The
inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described
in the hierarchy below:
| ● | Level
1 — quoted prices in active markets for identical securities; |
| ● | Level
2 — other significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds, credit risk, etc.); and |
| ● | Level
3 — significant unobservable inputs (including the Board’s determinations as
to the fair value of investments). |
A
financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in
the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities and
other financial instruments by inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
GAMCO
Natural Resources, Gold & Income Trust
Notes
to Financial Statements (Unaudited) (Continued)
| |
Valuation
Inputs | | |
| |
| |
Level
1
Quoted Prices | | |
Level
2 Other Significant
Observable Inputs | | |
Total
Market Value
at 06/30/23 | |
INVESTMENTS
IN SECURITIES: | |
| | | |
| | | |
| | |
ASSETS
(Market Value): | |
| | | |
| | | |
| | |
Common
Stocks (a) | |
$ | 99,665,053 | | |
| — | | |
$ | 99,665,053 | |
Convertible
Corporate Bonds (a) | |
| — | | |
$ | 191,000 | | |
| 191,000 | |
Corporate
Bonds (a) | |
| — | | |
| 5,846,867 | | |
| 5,846,867 | |
U.S.
Government Obligations | |
| — | | |
| 27,814,441 | | |
| 27,814,441 | |
TOTAL
INVESTMENTS IN SECURITIES – ASSETS | |
$ | 99,665,053 | | |
$ | 33,852,308 | | |
$ | 133,517,361 | |
| |
| | | |
| | | |
| | |
INVESTMENTS
IN SECURITIES: | |
| | | |
| | | |
| | |
LIABILITIES
(Market Value): | |
| | | |
| | | |
| | |
Equity
Contracts | |
| | | |
| | | |
| | |
Call
Options Written | |
$ | (269,234 | ) | |
$ | (1,757,835 | ) | |
$ | (2,027,069 | ) |
Put
Options Written | |
| (227,675 | ) | |
| (173,194 | ) | |
| (400,869 | ) |
TOTAL
INVESTMENTS IN SECURITIES - LIABLITIES | |
$ | (496,909 | ) | |
$ | (1,931,029 | ) | |
$ | (2,427,938 | ) |
| (a) | Please
refer to the Schedule of Investments (SOI) for the industry classifications of these portfolio
holdings. |
There
were no Level 3 investments at June 30, 2023 or December 31, 2022.
Additional
Information to Evaluate Qualitative Information.
General.
The Fund uses recognized industry
pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker
quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds
are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities.
The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices
supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained
from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades
that security or similar securities.
Fair
Valuation. Fair valued securities
may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are
those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not
available, or which are restricted as to transfer. When fair valuing a security, factors to consider include recent prices of comparable
securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst
reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable
inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored
to determine if fair valuation measures continue to apply.
GAMCO
Natural Resources, Gold & Income Trust
Notes
to Financial Statements (Unaudited) (Continued)
The
Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting
the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.
Derivative
Financial Instruments. The Fund
may engage in various portfolio investment strategies by investing in derivative financial instruments for the purposes of increasing
the income of the Fund, hedging against changes in the value of its portfolio securities and in the value of securities it intends to
purchase, or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another
currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails
certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s
prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also
arise if the counterparty does not perform its duties under a contract, or, in the event of default, the Fund may be delayed in or prevented
from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties
is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction
costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks,
transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.
Collateral
requirements differ by type of derivative. Collateral requirements are set by the broker or exchange clearing house for exchange traded
derivatives, while collateral terms are contract specific for derivatives traded over-the-counter. Securities pledged to cover obligations
of the Fund under derivative contracts are noted in the Schedule of Investments. Cash collateral, if any, pledged for the same purpose
will be reported separately in the Statement of Assets and Liabilities.
The
Fund’s policy with respect to offsetting is that, absent an event of default by the counterparty or a termination of the agreement,
the master agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statement
of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset
may vary by jurisdiction.
The
Fund’s derivative contracts held at June 30, 2023, if any, are not accounted for as hedging instruments under GAAP and are disclosed
in the Schedule of Investments together with the related counterparty.
Options.
The Fund may purchase or write call or put options on securities or indices for the purpose of increasing the income of the Fund.
As a writer of put options, the Fund receives a premium at the outset and then bears the risk of unfavorable changes in the price of
the financial instrument underlying the option. The Fund would incur a loss if the price of the underlying financial instrument decreases
between the date the option is written and the date on which the option is terminated. The Fund would realize a gain, to the extent of
the premium, if the price of the financial instrument increases between those dates.
As
a purchaser of put options, the Fund pays a premium for the right to sell to the seller of the put option the underlying security at
a specified price. The seller of the put has the obligation to purchase the underlying security upon exercise at the exercise price.
If the price of the underlying security declines, the Fund would realize a gain upon sale or exercise. If the price of the underlying
security increases or stays the same, the Fund would realize a loss upon sale or at the expiration date, but only to the extent of the
premium paid.
GAMCO
Natural Resources, Gold & Income Trust
Notes
to Financial Statements (Unaudited) (Continued)
If
a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether
there has been a realized gain or loss. If a written put option is exercised, the premium reduces the cost basis of the security. In
the case of call options, the exercise prices are referred to as “in-the-money,” “at-the-money,” and “out-of-the-money,”
respectively. The Fund may write (a) in-the-money call options when the Adviser expects that the price of the underlying security will
remain stable or decline during the option period, (b) at-the-money call options when the Adviser expects that the price of the underlying
security will remain stable, decline, or advance moderately during the option period, and (c) out-of-the-money call options when the
Adviser expects that the premiums received from writing the call option will be greater than the appreciation in the price of the underlying
security above the exercise price. By writing a call option, the Fund limits its opportunity to profit from any increase in the market
value of the underlying security above the exercise price of the option. Out-of-the-money, at-the-money, and in-the-money put options
(the reverse of call options as to the relation of exercise price to market price) may be utilized in the same market environments that
such call options are used in equivalent transactions. Option positions at June 30, 2023 are reflected within the Schedule of Investments.
The
Fund’s volume of activity in equity options contracts during the six months ended June 30, 2023 had an average monthly market value
of approximately $4,661,012.
At
June 30, 2023, the Fund’s derivative liabilities (by type) are as follows:
| |
Gross
Amounts of Recognized Liabilities Presented in the
Statement of Assets and Liabilities | | |
Gross
Amounts Available for Offset in the Statement of Assets and Liabilities | | |
Net
Amounts of Liabilities Presented in the Statement of
Assets and Liabilities | |
Liabilities | |
| | | |
| | | |
| | |
OTC
Equity Written Options | |
$ | 1,817,745 | | |
| — | | |
$ | 1,817,745 | |
The
following table presents the Fund’s derivative liabilities by counterparty net of the related collateral segregated by the Fund
for the benefit of the counterparty as of June 30, 2023:
| |
Net
Amounts Not Offset in the Statement of Assets and Liabilities | |
| |
Net
Amounts of Liabilities Presented in the Statement of
Assets and Liabilities | | |
Securities
Pledged as Collateral | | |
Cash
Collateral Pledged | | |
Net
Amount | |
Counterparty | |
| | | |
| | | |
| | | |
| | |
Pershing
LLC | |
$ | 1,795,357 | | |
$ | (1,795,357 | ) | |
| — | | |
| — | |
Morgan
Stanley | |
| 22,388 | | |
| (22,388 | ) | |
| — | | |
| — | |
Total | |
$ | 1,817,745 | | |
$ | (1,817,745 | ) | |
| — | | |
| — | |
As
of June 30, 2023, the value of equity options written can be found in the Statement of Assets and Liabilities, under Liabilities, options
written, at value. For the six months ended June 30, 2023, the effect of equity options written can be found in the Statement of Operations
under Net Realized and Unrealized Gain/(Loss) on Investments, Written Options, and Foreign Currency, within Net realized gain on written
options, and Net change in unrealized appreciation/(depreciation) on written options.
Limitations
on the Purchase and Sale of Futures Contracts, Certain Options, and Swaps. Subject
to the guidelines of the Board, the Fund may engage in “commodity interest” transactions (generally, transactions in
GAMCO
Natural Resources, Gold & Income Trust
Notes
to Financial Statements (Unaudited) (Continued)
futures,
certain options, certain currency transactions, and certain types of swaps) only for bona fide hedging or other permissible transactions
in accordance with the rules and regulations of the Commodity Futures Trading Commission (CFTC). Pursuant to amendments by the CFTC to
Rule 4.5 under the Commodity Exchange Act (CEA), the Adviser has filed a notice of exemption from registration as a “commodity
pool operator” with respect to the Fund. The Fund and the Adviser are therefore not subject to registration or regulation as a
commodity pool operator under the CEA. In addition, certain trading restrictions are now applicable to the Fund which permit the Fund
to engage in commodity interest transactions that include (i) “bona fide hedging” transactions, as that term is defined and
interpreted by the CFTC and its staff, without regard to the percentage of the Fund’s assets committed to margin and options premiums
and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately
thereafter, either (a) the sum of the amount of initial margin deposits on the Fund’s existing futures positions or swaps positions
and option or swaption premiums would exceed 5% of the market value of the Fund’s liquidating value, after taking into account
unrealized profits and unrealized losses on any such transactions, or (b) the aggregate net notional value of the Fund’s commodity
interest transactions would not exceed 100% of the market value of the Fund’s liquidating value, after taking into account unrealized
profits and unrealized losses on any such transactions. Therefore, in order to claim the Rule 4.5 exemption, the Fund is limited in its
ability to invest in commodity futures, options, and certain types of swaps (including securities futures, broad based stock index futures,
and financial futures contracts). As a result, in the future the Fund will be more limited in its ability to use these instruments than
in the past, and these limitations may have a negative impact on the ability of the Adviser to manage the Fund, and on the Fund’s
performance.
Securities
Sold Short. The Fund may enter into short sale transactions. Short selling involves selling securities that may or may not be
owned and, at times, borrowing the same securities for delivery to the purchaser, with an obligation to replace such borrowed securities
at a later date. The proceeds received from short sales are recorded as liabilities and the Fund records an unrealized gain or loss to
the extent of the difference between the proceeds received and the value of an open short position on the day of determination. The Fund
records a realized gain or loss when the short position is closed out. By entering into a short sale, the Fund bears the market risk
of an unfavorable change in the price of the security sold short. Dividends on short sales are recorded as an expense by the Fund on
the ex-dividend date and interest expense is recorded on the accrual basis. The broker retains collateral for the value of the open positions,
which is adjusted periodically as the value of the position fluctuates.
Investments
in Other Investment Companies. The Fund may invest, from time to time, in shares of other investment companies (or entities that
would be considered investment companies but are excluded from the definition pursuant to certain exceptions under the 1940 Act) (the
Acquired Funds) in accordance with the 1940 Act and related rules. Shareholders in the Fund would bear the pro rata portion of the periodic
expenses of the Acquired Funds in addition to the Fund’s expenses. For the six months ended June 30, 2023, the Fund’s pro
rata portion of the periodic expenses charged by the Acquired Funds was less than one basis point.
Foreign
Currency Translations. The books
and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated
into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the
exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign
exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments
and foreign currency translations. Net realized foreign currency gains
GAMCO
Natural Resources, Gold & Income Trust
Notes
to Financial Statements (Unaudited) (Continued)
and
losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment
securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on
the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange
rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.
Foreign
Securities. The Fund may directly
purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with
investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less
complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities
of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.
Foreign
Taxes. The Fund may be subject
to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue
such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets
in which it invests.
Restricted
Securities. The Fund may invest
up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition
is subject to substantial legal or contractual restrictions. The sale of restricted securities often requires more time and results in
higher brokerage charges or dealer discounts and other selling expenses than the sale of securities eligible for trading on national
securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that
are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted
by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities
is not as well assured as that of publicly traded securities, and accordingly the Board will monitor their liquidity. At June 30, 2023,
the Fund did not hold any restricted securities.
Securities
Transactions and Investment Income. Securities
transactions are accounted for on the trade date with realized gain/(loss) on investments determined by using the identified cost method.
Interest income (including amortization of premium and accretion of discount) is recorded on an accrual basis. Premiums and discounts
on debt securities are amortized using the effective yield to maturity method or amortized to earliest call date, if applicable. Dividend
income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the
ex-dividend date as the Fund becomes aware of such dividends.
Custodian
Fee Credits and Interest Expense. When
cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses
paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset,
if any, shown as “Custodian fee credits.” When cash balances are overdrawn, the Fund is charged an overdraft fee of 110%
of the 90 day U.S. Treasury Bill rate on outstanding balances. This amount, if any, would be included in the Statement of Operations.
Distributions
to Shareholders. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to shareholders
are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income
and capital gains as determined under GAAP. These
GAMCO
Natural Resources, Gold & Income Trust
Notes
to Financial Statements (Unaudited) (Continued)
differences
are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held
by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment
income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either
temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts
in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.
The
Fund declares and pays monthly distributions from net investment income, capital gains, and paid-in capital. The actual source of the
distribution is determined after the end of the year. Distributions during the year may be made in excess of required distributions.
Distributions sourced from paid-in capital should not be considered as dividend yield or the total return from an investment in the Fund.
The Board will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s NAV and the financial
market environment. The Fund’s distribution policy is subject to modification by the Board at any time.
Distributions
to shareholders of the Fund’s 5.200% Series A Cumulative Preferred Shares (Series A Preferred) are accrued on a daily basis and
are determined as described in Note 5.
The
tax character of distributions paid during the year ended December 31, 2022 was as follows:
| |
Common | | |
Preferred | |
Distributions
paid from: | |
| | | |
| | |
Ordinary
income | |
$ | 447,111 | | |
$ | 1,520,060 | |
Return
of capital | |
| 6,233,083 | | |
| – | |
Total
distributions paid | |
$ | 6,680,194 | | |
$ | 1,520,060 | |
Provision
for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal
Revenue Code of 1986, as amended (the Code). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated
investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore,
no provision for federal income taxes is required.
At
December 31, 2022, the Fund had net capital loss carryforwards for federal income tax purposes which are available to reduce future required
distributions of net capital gains to shareholders. The Fund is permitted to carry capital losses forward for an unlimited period. Capital
losses that are carried forward will retain their character as either short term or long term capital losses.
Long
term capital loss carryforward with no expiration | |
$ | 88,933,732 | |
The
following summarizes the tax cost of investments, written options, and the related net unrealized depreciation at June
30, 2023:
| |
Cost/
(Premiums) | | |
Gross
Unrealized Appreciation | | |
Gross
Unrealized Depreciation | | |
Net
Unrealized Depreciation | |
Investments
and other derivative instruments | |
$ | 155,501,625 | | |
$ | 4,225,123 | | |
$ | (28,637,325 | ) | |
$ | (24,412,202 | ) |
GAMCO
Natural Resources, Gold & Income Trust
Notes
to Financial Statements (Unaudited) (Continued)
The
Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine
whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related
interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed
not to meet the more-likely-than-not threshold. During the six months ended June 30, 2023, the Fund did not incur any income tax, interest,
or penalties. As of June 30, 2023, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s
net assets or results of operations. The Fund’s federal and state tax returns for the prior three fiscal years remain open, subject
to examination. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion
are necessary.
3.
Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the Advisory Agreement)
with the Adviser which provides that the Fund will pay the Adviser a fee, computed weekly and paid monthly, equal on an annual basis
to 1.00% of the value of the Fund’s average weekly net assets including the liquidation value of preferred shares. In accordance
with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio and oversees the administration
of all aspects of the Fund’s business and affairs.
4.
Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2023, other than short term securities
and U.S. Government obligations, aggregated $52,856,246 and $46,051,067, respectively.
5.
Transactions with Affiliates and Other Arrangements. The cost of calculating the Fund’s NAV per share is a Fund expense pursuant
to the Advisory Agreement between the Fund and the Adviser. Under the sub-administration agreement with Bank of New York Mellon, the
fees paid include the cost of calculating the Fund’s NAV. The Fund reimburses the Adviser for this service. During the six months
ended June 30, 2023, the Fund accrued $22,500 in accounting fees in the Statement of Operations.
During
the six months ended June 30, 2023, the Fund received credits from a designated broker who agreed to pay certain Fund operating expenses.
The amount of such expenses paid through this directed brokerage arrangement during this period was $1,138.
As
per the approval of the Board, the Fund compensates officers of the Fund, who are employed by the Fund and are not employed by the Adviser
(although the officers may receive incentive based variable compensation from affiliates of the Adviser). During the six months ended
June 30, 2023, the Fund accrued $86,627 in Payroll expenses in the Statement of Operations.
The
Fund pays retainer and per meeting fees to Trustees not affiliated with the Adviser, plus specified amounts to the Lead Trustee and Audit
Committee Chairman. Trustees are also reimbursed for out of pocket expenses incurred in attending meetings. Trustees who are directors
or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.
6.
Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The Board
has authorized the repurchase of its shares in the open market when the shares are trading at a discount of 10% or more (or such other
percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2023 and the
year ended December 31, 2022 the Fund repurchased and retired 899,344 and 904,871 shares, respectively, of its common shares
GAMCO
Natural Resources, Gold & Income Trust
Notes
to Financial Statements (Unaudited) (Continued)
at
investments of $4,639,964 and $4,543,193, respectively, and at average discounts of approximately 16.30% and 14.36%, from its NAV.
Transactions
in common shares of beneficial interest for the six months ended June 30, 2023 and the year ended December 31, 2022, respectively were
as follows:
| |
Six
Months Ended June 30, 2023 (Unaudited) | | |
Year
Ended
December 31,
2022 | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | |
Net
decrease from repurchase of common shares | |
| (899,344 | ) | |
$ | (4,639,964 | ) | |
| (904,871 | ) | |
$ | (4,543,193 | ) |
The
Fund has an effective shelf registration authorizing the issuance of $200 million in common or preferred shares.
The
Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of $0.001 par value Preferred Shares. On
October 26, 2017, the Fund issued 1,200,000 shares of 5.200% Series A Cumulative Preferred Shares (Series A Preferred), receiving $28,851,132,
after the deduction of offering expenses of $203,868 and underwriting fees of $945,000. The Series A Preferred has a liquidation value
of $25 per share and an annual dividend rate of 5.20%. The Board has authorized the repurchase of the Series A Preferred in the open
market at prices less than $25 liquidation value per share. During the six months ended June 30, 2023 and the year ended December 31,
2022, the Fund repurchased and retired 625 and 2,139 Series A Preferred at investments of $13,706 and $50,082 and at average discounts
of approximately 12.32% and 6.39% to its liquidation preference. At June 30, 2023, 1,167,338 Series A Preferred shares were outstanding
and accrued dividends amounted to $21,077.
The
Series A Preferred is senior to the common shares and results in the financial leveraging of the common shares. Such leveraging tends
to magnify both the risks and opportunities to common shareholders. Dividends on the Series A Preferred are cumulative. The Fund is required
by the 1940 Act and by the Statement of Preferences to meet certain asset coverage tests with respect to the Series A Preferred. If the
Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the
Series A Preferred at the redemption price of $25 per share plus an amount equal to the accumulated and unpaid dividends whether or not
declared on such shares in order to meet the requirements. Additionally, failure to meet the foregoing asset coverage requirements could
restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune
times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed rate, which could have either a beneficial
or detrimental impact on net investment income and gains available to common shareholders.
The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the
Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single
class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board
of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of
the Preferred
GAMCO
Natural Resources, Gold & Income Trust
Notes
to Financial Statements (Unaudited) (Continued)
Shares,
voting as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Shares, and the approval
of two-thirds of each class, voting separately, of the Fund’s outstanding voting shares must approve the conversion of the Fund
from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding Preferred
Shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain
other actions, including changes in the Fund’s investment objectives or fundamental investment policies.
7.
Indemnifications. The Fund enters
into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However,
the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts
and expects the risk of loss to be remote.
8.
Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial
statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.
Certifications
The
Fund’s Chief Executive Officer has certified to the New York Stock Exchange (NYSE) that, as of June 20, 2023, he was not aware
of any violation by the Fund of applicable NYSE corporate governance listing standards. The Fund reports to the SEC on Form N-CSR which
contains certifications by the Fund’s principal executive officer and principal financial officer that relate to the Fund’s
disclosure in such reports and that are required by Rule 30a-2(a) under the 1940 Act.
Shareholder
Meeting – May 22, 2023 – Final Results
The
Fund’s Annual Meeting of Shareholders was held virtually on May 22, 2023. At that meeting, common and preferred shareholders, voting
together as a single class, re-elected Michael J. Melarkey, Agnes Mullady, and Anthonie C. van Ekris as Trustees of the Fund, with a
total 7,379,000 votes, 7,294,868 votes, and 7,372,606 votes in favor of these Trustees, and a total of 6,673,080 votes, 6,757,212 votes,
and 6,679,475 votes withheld for these Trustees, respectively.
Anthony
S. Colavita, James P. Conn, Vincent D. Enright, Frank J. Fahrenkopf, Jr., William F. Heitmann, Kuni Nakamura, and Salvatore J. Zizza
continue to serve in their capacities as Trustees of the Fund.
We
thank you for your participation and appreciate your continued support.
GAMCO
NATURAL RESOURCES, GOLD & INCOME TRUST
AND
YOUR PERSONAL PRIVACY
Who
are we?
The
GAMCO Natural Resources, Gold & Income Trust is a closed-end management investment company registered with the Securities and Exchange
Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors,
Inc., a publicly held company that has subsidiaries that provide investment advisory services for a variety of clients.
What
kind of non-public information do we collect about you if you become a fund shareholder?
When
you purchase shares of the Fund on the New York Stock Exchange, you have the option of registering directly with our transfer agent in
order, for example, to participate in our dividend reinvestment plan.
| ● | Information
you give us on your application form. This could include your name, address, telephone
number, social security number, bank account number, and other information. |
| ● | Information
about your transactions with us. This would include information about the shares that
you buy or sell; it may also include information about whether you sell or exercise rights
that we have issued from time to time. If we hire someone else to provide services —
like a transfer agent — we will also have information about the transactions that you
conduct through them. |
What
information do we disclose and to whom do we disclose it?
We
do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our
service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits,
you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations,
Part 248. The Commission often posts information about its regulations on its website, www. sec.gov.
What
do we do to protect your personal information?
We
restrict access to non-public personal information about you to the people who need to know that information in order to provide services
to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic,
and procedural safeguards to keep your personal information confidential.
GAMCO
NATURAL RESOURCES, GOLD & INCOME TRUST
One
Corporate Center
Rye,
NY 10580-1422
Portfolio
Management Team Biographies
Caesar
M. P. Bryan joined GAMCO Asset Management
in 1994. He is a member of the global investment team of Gabelli Funds, LLC and portfolio manager of several funds within the Fund Complex.
Prior to joining Gabelli, Mr. Bryan was a portfolio manager at Lexington Management. He began his investment career at Samuel Montagu
Company, the London based merchant bank. Mr. Bryan graduated from the University of Southampton in England with a Bachelor of Law and
is a member of the English Bar.
Vincent
Hugonnard-Roche joined GAMCO Investors,
Inc. in 2000. He is Director of Quantitative Strategies, head of the Gabelli Risk Management Group, serves as a portfolio manager of
Gabelli Funds, LLC, and manages several funds within the Fund Complex. He received a Master’s degree in Mathematics of Decision
Making from EISITI, France and an MS in Finance from ESSEC, France.
The
Net Asset Value per share appears in the Publicly Traded Funds column, under the heading “Specialized Equity Funds,” in Monday’s
The Wall Street Journal. It is also listed in Barron’s Mutual Funds/Closed End Funds section under the heading “Specialized
Equity Funds.”
The
Net Asset Value per share may be obtained each day by calling (914) 921-5070 or visiting www.gabelli.com.
The
NASDAQ symbol for the Net Asset Value is “XGNTX.”
Notice
is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund may from time to time
purchase its common shares in the open market when the Fund’s shares are trading at a discount of 10% or more from the net asset
value of the shares. The Fund may also, from time to time, purchase its preferred shares in the open market when the preferred shares
are trading at a discount to the liquidation value. |
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GAMCO
NATURAL RESOURCES, GOLD & INCOME TRUST
One
Corporate Center
Rye,
New York 10580-1422
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t
800-GABELLI (800-422-3554) |
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f 914-921-5118 |
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e info@gabelli.com |
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GABELLI.COM |
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TRUSTEES
Anthony
S. Colavita
Attorney,
Anthony
S. Colavita, P.C.
James
P. Conn
Former
Managing Director &
Chief
Investment Officer,
Financial
Security Assurance
Holdings
LTD.
Vincent
D. Enright
Former
Senior Vice President &
Chief
Financial Officer,
KeySpan
Corp.
Frank
J. Fahrenkopf, Jr.
Former
President & Chief
Executive
Officer,
American
Gaming Association
William
F. Heitmann
Former
Senior Vice President
of
Finance,
Verizons
Communications, Inc.
Michael
J. Melarkey
Of
Counsel,
McDonald
Carano Wilson LLP
Agnes
Mullady
Former
Senior Vice President,
GAMCO
Investors, Inc.
Kuni
Nakamura
President,
Advanced
Polymer, Inc.
Anthonie
C. van Ekris
Chairman,
BALMAC
International, Inc.
Salvatore
J. Zizza
Chairman,
Zizza
& Associates Corp. |
|
OFFICERS
John
C. Ball
President
& Treasurer
Peter
Goldstein
Secretary
& Vice President
Richard
J. Walz
Chief
Compliance Officer
Molly
A.F. Marion
Vice
President & Ombudsman
David
I. Schachter
Vice
President & Ombudsman
Carter
W. Austin
Vice
President
INVESTMENT
ADVISER
Gabelli
Funds, LLC
One
Corporate Center
Rye,
New York 10580-1422
CUSTODIAN
The
Bank of New York
Mellon
COUNSEL
Skadden,
Arps, Slate, Meagher &
Flom
LLP
TRANSFER
AGENT AND
REGISTRAR
American
Stock Transfer and
Trust
Company | |
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|
|
|
|
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|
GNT
Q2/2023 |
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|
|
Not
applicable.
| Item
3. | Audit
Committee Financial Expert. |
Not
applicable.
| Item
4. | Principal
Accountant Fees and Services. |
Not
applicable.
| Item
5. | Audit
Committee of Listed Registrants. |
Not
applicable.
| (a) | Schedule
of Investments in securities of unaffiliated issuers as of the close of the reporting period
is included as part of the report to shareholders filed under Item 1 of this form. |
| Item
7. | Disclosure
of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not
applicable.
| Item
8. | Portfolio
Managers of Closed-End Management Investment Companies. |
There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of
this Item in the registrant’s most recently filed annual report on Form N-CSR.
| Item
9. | Purchases
of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
REGISTRANT PURCHASES OF EQUITY
SECURITIES
Period |
(a)
Total Number of
Shares (or Units)
Purchased) |
(b)
Average Price
Paid per Share
(or Unit) |
(c)
Total Number of Shares
(or Units) Purchased
as Part of Publicly
Announced Plans or Programs |
(d)
Maximum Number
(or Approximate Dollar Value)
of Shares (or Units)
that May Yet be Purchased
Under the Plans or Programs |
Month #1
01/01/2023 through 01/31/2023 |
Common – 146,511
Preferred Series A – N/A |
Common – $5.27
Preferred Series A – N/A |
Common – 146,511
Preferred Series A – N/A |
Common – 18,055,618 - 146,511 = 17,909,107
Preferred Series A – 1,167,963 |
Month #2
02/01/2023 through 02/28/2023 |
Common – 158,366
Preferred Series A – N/A |
Common – $5.18
Preferred Series A – N/A |
Common – 158,366
Preferred Series A – N/A |
Common – 17,909,107 - 158,366 = 17,750,741
Preferred Series A –1,167,963 |
Month #3
03/01/2023 through 03/31/2023 |
Common – 118,469
Preferred Series A – 635 |
Common – $5.05
Preferred Series A – $21.92 |
Common – 118,469
Preferred Series A – 635 |
Common – 17,750,741 - 118,469 = 17,632,272
Preferred Series A – 1,167,963 - 635 = 1,167,338 |
Month #4
04/01/2023 through 04/30/2023 |
Common – 165,445
Preferred Series A – N/A |
Common – $5.26
Preferred Series A – N/A |
Common – 165,445
Preferred Series A – N/A |
Common – 17,632,272 - 165,445 = 17,466,827
Preferred Series A – 1,167,338 |
Month #5
05/01/2023 through 05/31/2023 |
Common – 158,335
Preferred Series A – N/A |
Common – $5.10
Preferred Series A – N/A |
Common – 158,335
Preferred Series A – N/A |
Common – 17,466,827 - 158,335 = 17,308,492
Preferred Series A – 1,167,338 |
Month #6
06/01/2023 through 06/30/2023 |
Common – 152,218
Preferred Series A – N/A |
Common – $4.99
Preferred Series A – N/A |
Common – 152,218
Preferred Series A – N/A |
Common – 17,308,492 - 152,218 = 17,156,274
Preferred Series A – 1,167,338 |
Total |
Common – 899,344
Preferred Series A –N/A |
Common – $5.12
Preferred Series A – N/A |
Common – 899,344
Preferred Series A –N/A |
N/A |
Footnote columns (c) and (d) of the table, by
disclosing the following information in the aggregate for all plans or programs publicly announced:
| a. | The date each plan or program was announced – The notice
of the potential repurchase of common and preferred shares occurs semiannually in the Fund’s shareholder reports in accordance
with Section 23(c) of the Investment Company Act of 1940, as amended. |
| b. | The dollar amount (or share or unit amount) approved –
Any or all common shares outstanding may be repurchased when the Fund’s common shares are trading at a discount of 10% or more
from the net asset value of the shares. Any or all preferred shares outstanding may be repurchased when the Fund’s preferred shares
are trading at a discount to the liquidation preference. |
| c. | The expiration date (if any) of each plan or program –
The Fund’s repurchase plans are ongoing. |
| d. | Each plan or program that has expired during the period covered
by the table – The Fund’s repurchase plans are ongoing. |
| e. | Each plan or program the registrant has determined to terminate
prior to expiration, or under which the registrant does not intend to make further purchases – The Fund’s repurchase plans
are ongoing. |
| Item
10. | Submission
of Matters to a Vote of Security Holders. |
There
have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Trustees,
where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv)
of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
| Item
11. | Controls
and Procedures. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the
registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes
the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under
the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a- 15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-
15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant’s internal control over financial reporting. |
| Item
12. | Disclosure
of Securities Lending Activities for Closed-End Management Investment Companies. |
Not
applicable.
(a)(2)(1) |
Not applicable. |
(a)(2)(2) |
Not applicable. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) |
GAMCO Natural Resources, Gold & Income Trust |
|
|
|
|
By (Signature and Title)* |
/s/ John C. Ball |
|
|
John C. Ball, Principal Executive Officer |
|
|
|
|
Date |
September 6, 2023 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* |
/s/ John C. Ball |
|
|
John C. Ball, Principal Executive Officer |
|
|
|
|
Date |
September 6, 2023 |
|
By (Signature and Title)* |
/s/ John C. Ball |
|
|
John C. Ball, Principal Financial Officer and Treasurer |
|
|
|
|
Date |
September 6, 2023 |
|
| * | Print the name and title of each signing officer under his or
her signature. |
Exhibit 99.CERT
Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I,
John C. Ball, certify that:
| 1. | I
have reviewed this report on Form N-CSR of GAMCO Natural Resources, Gold & Income Trust; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this
report; |
| 4. | The
registrant’s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation;
and |
| (d) | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The
registrant’s other certifying officer(s) and I have disclosed to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize, and report financial information; and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Executive Officer |
Certification
Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I,
John C. Ball, certify that:
| 1. | I
have reviewed this report on Form N-CSR of GAMCO Natural Resources, Gold & Income Trust; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered
by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this
report; |
| 4. | The
registrant’s other certifying officer(s) and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed
such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation;
and |
| (d) | Disclosed
in this report any change in the registrant’s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The
registrant’s other certifying officer(s) and I have disclosed to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions): |
| (a) | All
significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize, and report financial information; and |
| (b) | Any
fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Financial Officer and Treasurer |
Exhibit
99.906 CERT
Certification
Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act
I,
John C. Ball, Principal Executive Officer of GAMCO Natural Resources, Gold & Income Trust (the “Registrant”), certify that:
| 1. | The
Form N-CSR of the Registrant (the “Report”) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Executive Officer |
I,
John C. Ball, Principal Financial Officer and Treasurer of GAMCO Natural Resources, Gold & Income Trust (the “Registrant”), certify that:
| 1. | The
Form N-CSR of the Registrant (the “Report”) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant. |
Date: |
September 6, 2023 |
|
/s/ John C. Ball |
|
|
John C. Ball, Principal Financial Officer and Treasurer |
v3.23.2
N-2
|
6 Months Ended |
Jun. 30, 2023
shares
|
Cover [Abstract] |
|
Entity Central Index Key |
0001438893
|
Amendment Flag |
false
|
Document Type |
N-CSRS
|
Entity Registrant Name |
GAMCO Natural Resources, Gold & Income Trust
|
Document Period End Date |
Jun. 30, 2023
|
General Description of Registrant [Abstract] |
|
Investment Objectives and Practices [Text Block] |
Investment
Objective and Strategy (Unaudited)
The
GAMCO Natural Resources, Gold & Income Trust is a diversified, closed-end management investment company. The Fund’s investment
objective is to provide a high level of current income. The Fund’s secondary investment objective is to seek capital appreciation
consistent with the Fund’s strategy and primary objective. Under normal market conditions, the Fund will attempt to achieve its
objectives by investing 80% of its assets in equity securities of companies principally engaged in natural resource and gold industries,
and by writing covered call options on the underlying equity securities.
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Capital Stock [Table Text Block] |
6.
Capital. The Fund is authorized to issue an unlimited number of common shares of beneficial interest (par value $0.001). The Board
has authorized the repurchase of its shares in the open market when the shares are trading at a discount of 10% or more (or such other
percentage as the Board may determine from time to time) from the NAV of the shares. During the six months ended June 30, 2023 and the
year ended December 31, 2022 the Fund repurchased and retired 899,344 and 904,871 shares, respectively, of its common shares
at
investments of $4,639,964 and $4,543,193, respectively, and at average discounts of approximately 16.30% and 14.36%, from its NAV.
Transactions
in common shares of beneficial interest for the six months ended June 30, 2023 and the year ended December 31, 2022, respectively were
as follows:
| |
Six
Months Ended June 30, 2023 (Unaudited) | | |
Year
Ended
December 31,
2022 | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | |
Net
decrease from repurchase of common shares | |
| (899,344 | ) | |
$ | (4,639,964 | ) | |
| (904,871 | ) | |
$ | (4,543,193 | ) |
The
Fund has an effective shelf registration authorizing the issuance of $200 million in common or preferred shares.
The
Fund’s Declaration of Trust, as amended, authorizes the issuance of an unlimited number of $0.001 par value Preferred Shares. On
October 26, 2017, the Fund issued 1,200,000 shares of 5.200% Series A Cumulative Preferred Shares (Series A Preferred), receiving $28,851,132,
after the deduction of offering expenses of $203,868 and underwriting fees of $945,000. The Series A Preferred has a liquidation value
of $25 per share and an annual dividend rate of 5.20%. The Board has authorized the repurchase of the Series A Preferred in the open
market at prices less than $25 liquidation value per share. During the six months ended June 30, 2023 and the year ended December 31,
2022, the Fund repurchased and retired 625 and 2,139 Series A Preferred at investments of $13,706 and $50,082 and at average discounts
of approximately 12.32% and 6.39% to its liquidation preference. At June 30, 2023, 1,167,338 Series A Preferred shares were outstanding
and accrued dividends amounted to $21,077.
The
Series A Preferred is senior to the common shares and results in the financial leveraging of the common shares. Such leveraging tends
to magnify both the risks and opportunities to common shareholders. Dividends on the Series A Preferred are cumulative. The Fund is required
by the 1940 Act and by the Statement of Preferences to meet certain asset coverage tests with respect to the Series A Preferred. If the
Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the
Series A Preferred at the redemption price of $25 per share plus an amount equal to the accumulated and unpaid dividends whether or not
declared on such shares in order to meet the requirements. Additionally, failure to meet the foregoing asset coverage requirements could
restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune
times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed rate, which could have either a beneficial
or detrimental impact on net investment income and gains available to common shareholders.
The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the
Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single
class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board
of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of
the Preferred
Shares,
voting as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Shares, and the approval
of two-thirds of each class, voting separately, of the Fund’s outstanding voting shares must approve the conversion of the Fund
from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding Preferred
Shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain
other actions, including changes in the Fund’s investment objectives or fundamental investment policies.
|
Series A Cumulative Preferred Stock [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Outstanding Security, Authorized [Shares] |
1,200,000
|
Outstanding Security, Held [Shares] |
1,167,338
|
Common Stocks [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Outstanding Security, Not Held [Shares] |
17,156,274
|
Cumulative Preferred Stocks [Member] |
|
Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
Security Voting Rights [Text Block] |
The
holders of Preferred Shares generally are entitled to one vote per share held on each matter submitted to a vote of shareholders of the
Fund and will vote together with holders of common shares as a single class. The holders of Preferred Shares voting together as a single
class also have the right currently to elect two Trustees and, under certain circumstances, are entitled to elect a majority of the Board
of Trustees. In addition, the affirmative vote of a majority of the votes entitled to be cast by holders of all outstanding shares of
the Preferred
Shares,
voting as a single class, will be required to approve any plan of reorganization adversely affecting the Preferred Shares, and the approval
of two-thirds of each class, voting separately, of the Fund’s outstanding voting shares must approve the conversion of the Fund
from a closed-end to an open-end investment company. The approval of a majority (as defined in the 1940 Act) of the outstanding Preferred
Shares and a majority (as defined in the 1940 Act) of the Fund’s outstanding voting securities are required to approve certain
other actions, including changes in the Fund’s investment objectives or fundamental investment policies.
|
Preferred Stock Restrictions, Other [Text Block] |
The
Series A Preferred is senior to the common shares and results in the financial leveraging of the common shares. Such leveraging tends
to magnify both the risks and opportunities to common shareholders. Dividends on the Series A Preferred are cumulative. The Fund is required
by the 1940 Act and by the Statement of Preferences to meet certain asset coverage tests with respect to the Series A Preferred. If the
Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in part or in full, the
Series A Preferred at the redemption price of $25 per share plus an amount equal to the accumulated and unpaid dividends whether or not
declared on such shares in order to meet the requirements. Additionally, failure to meet the foregoing asset coverage requirements could
restrict the Fund’s ability to pay dividends to common shareholders and could lead to sales of portfolio securities at inopportune
times. The income received on the Fund’s assets may vary in a manner unrelated to the fixed rate, which could have either a beneficial
or detrimental impact on net investment income and gains available to common shareholders.
|
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GAMCO Natural Resources ... (NYSE:GNT-A)
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