EXPENSE LIMITATION AGREEMENT

EX-99.(h)(v)

EXPENSE LIMITATION AGREEMENT

December 1, 2016

Foresters Investment Management Company, Inc.

00 Xxxx Xxxxxx, 00^xx Xxxxx

Xxx Xxxx, XX 00000

Foresters Investor Services, Inc.

Raritan Plaza 1 – 0^xx Xxxxx

Xxxxxx, XX 00000

Dear Ladies and Gentlemen:

Foresters Investment Management Company, Inc. (“Advisor”), the investment adviser for First Investors Equity Funds (“Trust”), and Foresters Investor Services, Inc. (“FIS”), the transfer agent for Trust (together, “Foresters Financial”) agree to limit fees and/or reimburse expenses (in the case of FIS, transfer agency fees and expenses) of First Investors Long Short Fund, a separate series of the Trust (“Fund”), to the extent that the total annual operating expenses of the Class A, Advisor Class and Institutional Class shares of the Fund, respectively, exceed the limitations set forth in Attachment A (“Agreement”).  For purposes of this Agreement, total annual operating expenses shall not include acquired fund fees and expenses, interest expenses, taxes, brokerage commissions, expenses related to short sales including dividend and borrowing expenses, and extraordinary expenses, such as litigation expenses.

For a period not to exceed three (3) years from the date Foresters Financial limits a fee or pays an expense hereunder, Foresters Financial may, in its discretion, recover such fee or expense from the Fund with respect to a class to the extent that total annual operating expenses for Class A, Advisor Class or Institutional Class shares, as applicable, of the Fund on the date of recovery do not exceed the expense limitation for that class set forth in Attachment A or the current limits established under this Agreement.

Foresters Financial agrees that it shall look only to the assets of the Fund for performance of this Agreement and for any claims for payment.  No trustees, officers, employees, agents or shareholders of the Trust shall be personally liable for performance by the Fund under this Agreement.

This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling.  Any amendment to this Agreement shall be in writing signed by the parties hereto.  Subject to approval by Foresters Financial, this Agreement may be amended or terminated by the Trust’s Board of Trustees without the approval of Trust shareholders.

			Very truly yours,
			FIRST INVESTORS EQUITY FUNDS
			By:	/s/ Xxxxxxx Xxxxxx
			Name:	Xxxxxxx Xxxxxx
			Title:	President
FORESTERS INVESTMENT MANAGEMENT COMPANY, INC.
By:	/s/ Xxxxx Xxxxxx
Name:	Xxxxx Xxxxxx
Title:	President
FORESTERS INVESTOR SERVICES, INC.
By:	/s/ Xxxx Xxxxxx
Name:	Xxxx Xxxxxx
Title:	Senior Vice President

2

Attachment A

Expense Limitation

(as a percent of average daily net assets attributable to each stated class)

Fund	Class	Expense Limitation Period Ends
Long Short Fund	Class A 1.95% Advisor Class 1.67% Institutional Class 1.54%	January  31, 2018

Dated: December 1, 2016