Transcendence of generating functions whose coefficients are multiplicative

Let $K$ be a field of characteristic 0, $f:\mathbb{N}\to K$ be a multiplicative function, and $F(z)=\sum_{n\geq 1} f(n)z^n\in K[[z]]$ be algebraic over $K(z)$. Then either there is a natural number $k$ and a periodic multiplicative function $\chi(n)$ such that $f(n)=n^k \chi(n)$ for all $n$, or $f(n)$ is eventually zero. In particular, the generating function of a multiplicative function $f:\mathbb{N}\to K$ is either transcendental or rational.