TKR Timken Co

Fees and Expenses

First Eagle Investment Management LLC is pleased to have extended the Fee Waiver and Expense Reimbursement Agreement benefiting First Eagle High Yield Fund as follows:

First Eagle High Yield Fund

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual operating expenses (excluding certain items) of this Fund’s Class A shares do not exceed 1.25%, Class C shares do not exceed 2.00%, and Class I shares do not exceed 0.80% through December 31, 2013.

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The information in this Supplement modifies the First Eagle High Yield Fund Prospectus dated July 26, 2012. In particular, and without limitation, the information contained in this Supplement modifies (and if inconsistent, replaces) information contained in that section of the Prospectus entitled “First Eagle High Yield Fund—Fees and Expenses.”