November 12, 2024

Office of Registration and Reports

Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549

RE: Gladstone Alternative Income Fund Fidelity Bond

Ladies and Gentlemen:

On behalf of Gladstone Alternative Income Fund (the “Company”), I enclose the following documents for filing pursuant to Rule 17g-1 of the Investment Company Act of 1940, as amended (the “1940 Act”):

The period for which premiums have been paid on behalf of the Company is November 24, 2024 to November 25, 2025. The Company’s premium is $9,149.

Thank you for your assistance. Should you have any questions, please feel free to call me at 703-287-5872.

				Anupama Muniyappa
				PO Box 2950 Hartford, CT 06104-2950 Phone:  (312) 458-6687 Fax:   312) 917-4173 Email:  AMUNIYAP@travelers.com

November 7, 2024

Justin Salazar

AON RISK SERVS CENTRAL

200 E RANDOLPH ST FL 9

CHICAGO, IL 60601

Dear Justin Salazar:

On behalf of Travelers Casualty and Surety Company of America we are pleased to bind coverage for the following Insurance.

INVESTMENT COMPANY BOND:

If “Not Covered” is inserted opposite any specified Insuring Agreement above, or if no amount is included, in the Single Loss Limit of Insurance, such Insuring Agreement and any other reference thereto is deemed to be deleted from this bond.

PREMIUM DETAIL:

CONTINGENCIES:

This binder is contingent on the acceptable underwriting review of the following information prior to the Binder expiration date.

None

This binder is a conditional binder, valid until December 6, 2024. This binder will expire on the noted date, at the noted time, unless the required underwriting information stated in the Contingencies section is provided to Travelers and then reviewed and accepted by Travelers prior to the noted expiration date and time.

This bond will not take effect unless Underwriting Information is received and satisfactorily reviewed by December 6, 2024 (Binder Expiration Date). If you do not submit the Underwriting Information on or before the Binder Expiration Date, no bond will be issued.

COMMISSION:    15.00%

NOTES:

NOTICES:

It is the agent’s or broker’s responsibility to comply with any applicable laws regarding disclosure to the bondholder of commission or other compensation we pay, if any, in connection with this bond or program.

Important Notice Regarding Compensation Disclosure

For information about how Travelers compensates independent agents, brokers, or other insurance producers, please visit this website: http://www.travelers.com/w3c/legal/Producer_Compensation_Disclosure.html

If you prefer, you can call the following toll-free number: 1-866-904-8348. Or you can write to us at Travelers, Agency Compensation, P.O. Box 2950, Hartford, CT 06104-2950.

Sincerely,

Anupama Muniyappa

Travelers Bond & Specialty Insurance

GLADSTONE ALTERNATIVE INCOME FUND

Written Consent of the Board of Trustees

October 24, 2024

Pursuant to Article III, Section III.9 of the Amended and Restated Declaration of Trust of Gladstone Alternative Income Fund, a Delaware statutory trust (the “Fund”), and Section 3806(g)(1) of the Delaware Statutory Trust Act, the undersigned, being all of the Trustees of the Fund, do hereby consent and agree to the following actions, which shall for all purposes be treated as action taken at a meeting of the Board of Trustees (the “Board”) duly called and held, and shall be effective when executed by the requisite number of Trustees and filed with the minutes of the Board:

RESOLVED, that the officers of the Fund be, and each of them acting singly hereby is, authorized to enter into a liability insurance policy maintained by Travelers Casualty and Surety Company of America, in the amount and with the deductible set forth for “Travelers Option #1” in Exhibit A hereto, which will cover the Fund and its Trustees and officers (each of whom shall be deemed a third-party beneficiary thereof) generally against liabilities and expenses arising out of claims, actions or proceedings asserted or threatened against them in their respective capacities for or relating to the Fund, subject to such ordinary exceptions as the officer executing the same, deems reasonable or appropriate; and be it

FURTHER RESOLVED, that the Fund’s participation in the above-referenced liability insurance policy is in the best interests of the Fund; and be it

FURTHER RESOLVED, that the Fund shall be named as an insured under a fidelity bond maintained by Travelers Casualty and Surety Company of America, having coverage that complies with Rule 17g-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) and issued by a reputable fidelity insurance company, against larceny and embezzlement and such other types of losses as are included in standard fidelity bonds, covering the officers and other employees of the Fund from time to time, containing such provisions as may be required by the rules promulgated under the 1940 Act; and be it

FURTHER RESOLVED, that the fidelity bond in the amount of $3 million be, and the same hereby is, approved, subject to such negotiations and changes as the officers of the Fund, with the advice of counsel, may deem appropriate, after consideration of all factors deemed relevant by the Board, and including a majority of the Trustees who are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Fund, including the amount of the bond, the expected value of the assets of the Fund to which any person covered under the bond may have access, the estimated amount of the premium of such bond, the type and terms of the arrangements made for the custody and safekeeping of the Fund’s assets, and the nature of the securities in the Fund’s portfolio; and be it

FURTHER RESOLVED, that the officers of the Fund be, and each of them acting singly hereby is, authorized to enter into said fidelity bond; and be it

FURTHER RESOLVED, that the Chief Compliance Officer of the Fund be, and hereby is, designated as the party responsible for making the necessary filings and giving the notices with respect to such bond required by paragraph (g) of Rule 17g-1 under the 1940 Act.

IN WITNESS WHEREOF, the undersigned have hereunto caused this written consent to be executed as of the date first set forth above.

2

Exhibit A – Insurance Proposal

3

Gladstone Alternative Income Fund Management Liability & FI Bond Proposal Today’s Date: October 18th, 2024 Effective Date: 12 months from effectiveness of SEC registration

Gladstone Interval Fund D&O / E&O Options 12-Month Policy Layer Insurer Limit Attachment Renewal Premium Prem/MM AM Best S&P Travelers Option #1 $5,000,000 $250,000 $85,693 $17,139 A++ XV AA Total $5,000,000 $85,693 $17,139 Layer Insurer Limit Attachment Renewal Premium Prem/MM AM Best S&P Travelers Option #2 $5,000,000 $500,000 $75,601 $15,120 A++ XV AA Total $5,000,000 $75,601 $15,120 Layer Insurer Limit Attachment Renewal Premium Prem/MM AM Best S&P Allianz $5,000,000 $350,000 $100,000 $20,000 A+ XV AA Total $5,000,000 $100,000 $20,000 Layer Insurer Limit Attachment Renewal Premium Prem/MM AM Best S&P CNA $5,000,000 $350,000 $100,000 $20,000 A XV A+ Total $5,000,000 $100,000 $20,000 Layer Insurer Limit Attachment Renewal Premium Prem/MM AM Best S&P XL $5,000,000 $1,000,000 $150,000 $30,000 A+ XV AA- Total $5,000,000 $150,000 $30,000 Commercial Risk Solutions | Financial Services Group Private and Confidential 2

Gladstone Interval Fund FI Bond 12-Month Policy Layer Insurer Limit Attachment Renewal Premium Prem/MM AM Best S&P Travelers Option #1 $3,000,000 $100,000 $9,149 $3,049 A++ XV AA Total $3,000,000 $9,149 $3,049

Subjectivities Travelers – D&O / E&O • None Travelers – FI Bond • Completed, signed and dated application

Compensation for the Value We Deliver Aon is an insurance broker and, when serving as your retail insurance broker, in addition to or in lieu of compensation you may pay, Aon may earn compensation which relates in whole or in part to your insurance placement. For policy level commissions, Aon endeavors to receive compensation using standard commission rates by line of business that we seek to achieve with insurers in advance of individual policy placements. We believe this creates a fairer marketplace among insurers and allows our insurers to focus on the client’s needs and risk history, not on commission rate negotiation. In turn, because insurers will be evaluated on their capabilities, clients will be able to more easily compare quotes. Aon’s standard commission rates differ by line of business and, when placed in the U.S. market, are up to the following commission rates: Aviation, 17.5%; Casualty, 18.5%; Cyber, 17.5%; Energy, 20%; Entertainment, 20%; Environmental, 18%; Marine 20%; Med Mal/ Healthcare, 17.5%; Professional/ E&O,17.5%; Property, 18%; Product Recall, 20%; Financial Lines, 18%; Healthcare, 20%; Surety, 35%; Terrorism, 25%; Trade Credit, 17.5%; and Workers Compensation, 15%. Where an Aon broker is placing a policy in the London or Bermuda market, Aon endeavors to earn 20% on those lines of business. Where Aon has created a facility with proprietary terms and conditions negotiated, the Aon standard commission rates range from 20%—22.5%. Some lines of business are not conducive to standardization because they are subject to state filing regulations, state-specific rates and/or industry-specific rates. The standard commission rates we achieve do not include program business (e.g.: franchises, sponsored groups) or large deductible programs. In addition, Aon provides certain administrative and other related placement services to markets. Compensation of up to 7.5% for these services may take the form of a national additional commission (NAC) or a subscription market brokerage (SMB). Collecting these commissions will not change the premium quoted. Compensation paid to Aon may vary based upon a number of factors, including the insurance contract and the insurer you select, the volume of business and/or profitability of business we place with each insurer. Therefore, Aon may be considered to have an incentive to place insurance coverages with a particular insurance company. We strive for transparency with each Client and the final decision regarding coverage and market options is the Client’s decision. If you are interested in receiving Aon’s standard commission grid and/or a Commission Disclosure Report identifying the individual commission rates on your placements or compensation expected to be received based in whole or in part on any alternative quotes, ask your Account Executive or write us at aon.us.broking@aon.com.

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Commercial Risk Solutions U.S. Business Terms Continued Intermediaries Aon encourages its retail brokers to approach markets directly (without an intermediary) wherever possible. However, where Aon believes it is in the Client’s best interest, We may recommend the use of intermediaries, including but not limited to co-brokers, sub-brokers, managing general agents/managing general underwriters, wholesale brokers, or reinsurance brokers (collectively, “Intermediary”) to assist in the procurement and servicing of the Client’s insurance. Aon prefers, wherever possible, to use the services of an Aon-affiliated Intermediary and Aon shall not be responsible for a non-Aon affiliated Intermediary’s actual or alleged acts, errors, or omissions or those of its officers, directors or employees. Any and all compensation earned by an Intermediary in connection with the programs shall be in addition to the compensation paid to Aon and shall not be credited against the Fee, if any. Collection and Use of Client Information Aon gathers data containing information about the Client and Your insurance placements, as well as information about the insurance companies that provide coverage to the Client or compete for the Client’s insurance placements. In addition to the information provided by the Client, Aon may collect information from commercially available sources. Such information may include name, address, email address and demographic data. This information may be shared among Aon affiliated businesses, as well as with third-party service providers acting on Our behalf. In addition to being used to provide services to Aon’s customers, the information may be used for business administration, business reporting, statistical analysis, marketing of Aon products or services and providing consulting or other services to insurance companies for which Aon or its affiliates may receive remuneration. Aon takes appropriate measures to protect the privacy and confidentiality of Our customers as well as to comply with applicable laws and regulations. Aon may use or disclose information about Our customers if We are required to do so by law, Aon policy, pursuant to legal process or in response to a request from law enforcement authorities or other government officials. Due to the global nature of services provided by Aon, the personal information the Client provides may be transmitted, used, stored and otherwise processed outside of the country where the Client submitted that information. Use of Logos Unless otherwise instructed by the Client, Aon will use the Client’s logo, pictures, and other publicly available information to effectively market the Client’s Programs or for use in Aon’s business records. Jury Waiver Each party agrees to waive its right to a trial by jury in any lawsuit or other legal proceeding against the other party and/or its parent(s), affiliates, or subsidiaries, in connection with, arising out of or relating to these Commercial Risk Solutions U.S. Business Terms or any services provided to the Client by Aon or its affiliates. In any such action or legal proceeding, neither party shall name, as a defendant any individual employee, officer or director of the other party or its parent(s), affiliates or subsidiaries.

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