Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of FS Multi-
Alternative Income Fund
Opinion on the Financial Statements
We have audited the accompanying consolidated
statement of assets and liabilities of FS Multi-Alternative
Income Fund (the "Fund"), including the consolidated
schedule of investments, as of October 31, 2019, and the
related consolidated statements of operations and cash
flows for the year then ended, the consolidated statements
of changes in net assets and the consolidated financial
highlights for the year then ended and the period from
September 27, 2018 (commencement of operations)
through October 31, 2018 and the related notes
(collectively referred to as the "financial statements"). In
our opinion, the financial statements present fairly, in all
material respects, the consolidated financial position of the
Fund at October 31, 2019, the consolidated results of its
operations and its cash flows for the year then ended and
the consolidated changes in its net assets and its
consolidated financial highlights for the year then ended
and the period from September 27, 2018 (commencement
of operations) through October 31, 2018, in conformity
with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the
Fund's management. Our responsibility is to express an
opinion on the Fund's financial statements based on our
audits. We are a public accounting firm registered with the
Public Company Accounting Oversight Board (United
States) ("PCAOB") and are required to be independent
with respect to the Fund in accordance with the U.S.
federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement, whether due to error or fraud. The Fund is
not required to have, nor were we engaged to perform, an
audit of its internal control over financial reporting. As
part of our audits we are required to obtain an
understanding of internal control over financial reporting
but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the
risks of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of October
31, 2019, by correspondence with the custodians and
others or by other appropriate auditing procedures where
replies from others were not received. Our audits also
included evaluating the accounting principles used and
significant estimates made by management, as well as
evaluating the overall presentation of the financial
statements. We believe that our audits provide a
reasonable basis for our opinion.

We have served as auditor of one or more FS Investments
investment companies since 2013.
Philadelphia, Pennsylvania December 23, 2019
1


Information Classification: Limited Access

Information Classification: Limited Access