<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0001049629
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 ICM SERIES TRUST
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001 C000000 6102394745
002 A000000 4400 COMPUTER DRIVE, P.O. BOX 5182
002 B000000 WESTBOROUGH
002 C000000 MA
002 D010000 01581
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C010100 1
007 C020100 ICM\ISABELLE SMALL CAP VALUE FUND
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 IRONWOOD CAPITAL MANAGEMENT, LLC
008 B00AA01 A
008 C00AA01 801-55081
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02110
010 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC
010 B00AA01 84-1761
010 C01AA01 WESTBOROUGH
010 C02AA01 MA
010 C03AA01 01581
011 A00AA01 FIRST DATA DISTRIBUTORS, INC.
011 B00AA01 8-45467
011 C01AA01 WESTBOROUGH
011 C02AA01 MA
011 C03AA01 01581
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC.
<PAGE> PAGE 2
012 B00AA01 84-1761
012 C01AA01 WESTBOROUGH
012 C02AA01 MA
012 C03AA01 01581
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
013 B04AA01 2812
015 A00AA01 THE FIFTH THIRD BANK
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
015 C03AA01 45263
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 HOENIG & CO. INC.
020 B000001 13-2656060
020 C000001 8
020 A000002 INSTINET
020 B000002 13-3443395
020 C000002 8
020 A000003 FURMAN/SELZ, INC.
020 B000003 13-2753731
020 C000003 5
020 A000004 DONALDSON, LUFKIN & JENRETTE
020 B000004 13-2741729
020 C000004 2
020 A000005 DAIN BOSWORTH, INC.
020 B000005 41-0212020
020 C000005 2
020 A000006 CAPITAL INSTITUTIONAL SERVICES, INC.
020 B000006 75-1565705
020 C000006 1
020 A000007 BLACKFORD SECURITIES CORP.
020 B000007 13-3423519
020 C000007 1
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020 C000008 1
020 C000009 0
020 C000010 0
021 000000 27
022 A000001 BOSTON SAFE DEPOSIT & TRUST
022 C000001 6600
022 D000001 4532
022 A000002 HERZOG HEINE GEDULD, INC.
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<PAGE> PAGE 3
022 A000003 FURMAN SELZ, INC.
022 B000003 13-2753731
022 C000003 351
022 D000003 0
022 A000004 LEHMAN BROTHERS, INC
022 B000004 13-2518466
022 C000004 253
022 D000004 0
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022 C000005 221
022 D000005 0
022 A000006 PAINE WEBBER, INC.
022 B000006 13-2638166
022 C000006 168
022 D000006 26
022 A000007 MAYER & SCHWEITZER, INC.
022 B000007 13-2598328
022 C000007 134
022 D000007 0
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022 B000010 952622900
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE WILLIAM BALTRUS
TITLE CORPORATE COMPLIANCE
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<CIK> 0001049629
<NAME> ICM/ISABELLE SMALL CAP VALUE FUND
<SERIES>
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<NAME> INVESTMENT CLASS
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<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> MAR-09-1998
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<TABLE> <S> <C>
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<CIK> 0001049629
<NAME> ICM/ISABELLE SMALL CAP VALUE FUND
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<S> <C>
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