Exhibit l(1) INITIAL CAPITAL AGREEMENT _______________, 1988 Western Capital Specialty Managers Trust 1925 Century Bank East Los Angeles, CA 90067

                                                Exhibit l(1)

                        INITIAL CAPITAL AGREEMENT
                          _______________, 1988

Western Capital Specialty
  Managers Trust
0000 Xxxxxxx Xxxx Xxxx
Xxx Xxxxxxx, XX 00000

Dear Sirs:
     It is our understanding that Western Capital Specialty Managers
Trust (the "Trust") proposes to issue and sell shares of beneficial
interest (the "Shares") pursuant to a registration statement on Form N-1A
file with the Securities and Exchange Commission.  In order to provide
the Trust with a net worth of at least $100,000 as required by Section 14
of the Investment Company Act of 1940, as amended, we hereby offer to
purchase _____ Shares at a price of $_____ per Share for an aggregate
purchase price of $_____ ("Initial Capital").
     We represent and warrant to the Trust that the Shares are being
acquired by us for investment and not with a view to the resale or
further distribution thereof and that we have no present intention to
redeem or dispose of any of the Shares.  We hereby agree that Shares
representing the Initial Capital will not be redeemed unless the
unredeemed portion of the Initial Capital exceeds the amount of any then
unamortized organization expenses of the Trust.
     Please confirm that the foregoing correctly sets forth our agreement
with the Trust.
                                   Very truly yours,

                                   Golden American Life Insurance Company


                                 By:_____________________
                                 Title:
Confirmed, as of the date first
above mentioned

WESTERN CAPITAL SPECIALTY
MANAGERS TRUST


By:_____________________
Title: