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