REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of FS Multi-Strategy Alternatives Fund, FS Managed Futures Fund and FS Chiron Real
Asset Fund and the Board of Trustees of FS Series Trust
In planning and performing our audit of the financial statements of FS Multi-Strategy Alternatives Fund, FS
Managed Futures Fund and FS Chiron Real Asset Fund, three of the funds constituting FS Series Trust (the
“Trust”)) as of and for the year ended December 31, 2021, in accordance with the standards of the Public
Company Accounting Oversight Board (United States) (PCAOB), we considered the Trust’s internal control
over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the
Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
The management of the Trust is responsible for establishing and maintaining effective internal control over
financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. A company’s internal control over financial
reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with U.S. generally accepted
accounting principles. A company’s internal control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S.
generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition
of a company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does
not allow management or employees, in the normal course of performing their assigned functions, to prevent
or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a
material misstatement of the Trust’s annual or interim financial statements will not be prevented or detected
on a timely basis.
Our consideration of the Trust’s internal control over financial reporting was for the limited purpose
described in the first paragraph and would not necessarily disclose all deficiencies in internal control that
might be material weaknesses under standards established by the PCAOB. However, we noted no
deficiencies in the Trust’s internal control over financial reporting and its operation, including controls over
safeguarding securities, that we consider to be a material weakness as defined above as of December 31,
2021.
This report is intended solely for the information and use of management and the Board of Trustees of FS
Series Trust and the Securities and Exchange Commission and is not intended to be and should not be used
by anyone other than these specified parties.
/s/ Ernst & Young LLP
Philadelphia, Pennsylvania
March 2, 2022