ICM SERIES TRUST
NSAR-B/A, 1999-03-04
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<PAGE>      PAGE  1
000 B000000 12/31/98
000 C000000 0001049629
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 ICM SERIES TRUST
001 B000000 811-8507
001 C000000 6102394727
002 A000000 3200 HORIZON DRIVE
002 B000000 KING OF PRUSSIA
002 C000000 PA
002 D010000 19406
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
007 C010100  1
007 C020100 ICM\ISABELLE SMALL CAP VALUE FUND
007 C030100 N
007 C010200  2
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 C01AA01 KING OF PRUSSIA
010 C02AA01 PA
010 C03AA01 19406
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.
012 B00AA01 84-1761
<PAGE>      PAGE  2
012 C01AA01 KING OF PRUSSIA
012 C02AA01 PA
012 C03AA01 19406
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 INSTINET
020 B000001 13-3443395
020 C000001     11
020 A000002 HOENIG & CO, INC.
020 B000002 13-2656060
020 C000002     11
020 A000003 FURMAN/SELZ, INC.
020 B000003 13-2753731
020 C000003     11
020 A000004 DAIN BOSWORTH, INC.
020 B000004 41-0212020
020 C000004      3
020 A000005 DONALDSON, LUFKIN & JENRETTE
020 B000005 13-2741729
020 C000005      2
020 A000006 BEST
020 C000006      2
020 A000007 BLACKFORD SECURITIES
020 B000007 13-3423519
020 C000007      1
020 A000008 HARRIS & GOLDSMITH
020 C000008      1
020 A000009 A.G. EDWARDS & SONS
020 C000009      1
020 A000010 CAPITAL INSTL SVCS
020 B000010 75-1565705
020 C000010      1
021  000000       46
022 A000001 BOSTON SAFE DEPOSIT & TRUST
022 C000001      6616
022 D000001      6617
022 A000002 HERZOG HEINE GEDULD, INC.
022 B000002 13-5142120
022 C000002       881
<PAGE>      PAGE  3
022 D000002         7
022 A000003 FURMAN SELZ, INC.
022 B000003 13-2753731
022 C000003       294
022 D000003         0
022 A000004 LEHMAN BROTHERS, INC
022 B000004 13-2518466
022 C000004       253
022 D000004         0
022 A000005 SMITH BARNEY, INC.
022 B000005 13-1912900
022 C000005       221
022 D000005         0
022 A000006 MORGAN STANLEY
022 B000006 13-2655998
022 C000006       208
022 D000006         0
022 A000007 PAINE WEBBER, INC.
022 B000007 13-2638166
022 C000007       178
022 D000007        26
022 A000008 MAYER & SCHWEITZER, INC.
022 B000008 13-2598328
022 C000008       137
022 D000008         0
022 A000009 KNIGHT SECURITIES
022 B000009 13-2741729
022 C000009       118
022 D000009        82
022 A000010 TROSTER, SINGER, STEVENS, ROTH
022 B000010 22-2413670
022 C000010       118
022 D000010         0
023 C000000      10115
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026 E000000 N
026 F000000 N
026 G010000 N
<PAGE>      PAGE  4
026 G020000 N
026 H000000 N
027  000000 Y
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038  00AA00      0
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054 I00AA00 N
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054 M00AA00 Y
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058 E00AA00 N
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070 F02AA00 N
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070 H02AA00 N
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070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 Y
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070 O02AA00 N
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<PAGE>      PAGE  7
070 Q01AA00 N
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070 R02AA00 N
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072 X00AA00      284
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072 Z00AA00      -31
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<PAGE>      PAGE  8
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074 K00AA00       26
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074 Q00AA00        0
074 R01AA00        0
074 R02AA00        0
074 R03AA00        0
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074 S00AA00        0
074 T00AA00     5395
074 U01AA00      240
074 U02AA00      539
074 V01AA00     6.91
074 V02AA00     6.92
074 W00AA00   0.0000
074 X00AA00      192
074 Y00AA00        0
075 A00AA00        0
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076  00AA00     0.00
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078  000000 N
080 A00AA00 NATIONAL UNION & FIRE INSURANCE CO.
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081 A00AA00 N
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082 B00AA00       10
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
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086 C010000      0
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<PAGE>      PAGE  9
086 E010000      0
086 E020000      0
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028 A030100         0
028 A040100        27
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028 B020100         0
028 B030100         0
028 B040100        71
028 C010100       163
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028 D030100         0
028 D040100         8
028 E010100       192
028 E020100         0
028 E030100         0
028 E040100        15
028 F010100       133
028 F020100         0
028 F030100         0
028 F040100        79
028 G010100       975
028 G020100         0
028 G030100         0
028 G040100       500
028 H000100         0
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028 A030200         0
028 A040200         3
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028 B030200         0
028 B040200        11
028 C010200        76
028 C020200         0
028 C030200         0
028 C040200         0
028 D010200        26
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028 D030200         0
028 D040200         1
028 E010200        29
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<PAGE>      PAGE  10
028 E030200         0
028 E040200         2
028 F010200        14
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028 F030200         0
028 F040200        12
028 G010200       183
028 G020200         0
028 G030200         0
028 G040200        29
028 H000200         0
SIGNATURE   TOM CALABRIA                                 
TITLE       CORPORATE COMPLIANCE
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001049629
<NAME> ICM SERIES TRUST
<SERIES>
   <NUMBER> 1
   <NAME> ICM\ISABELLE SMALL CAP VALUE FUND - INVESTMENT CLASS
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   10-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             MAR-09-1998
<PERIOD-END>                               DEC-31-1998
<INVESTMENTS-AT-COST>                          6274651
<INVESTMENTS-AT-VALUE>                         5275472
<RECEIVABLES>                                   172665
<ASSETS-OTHER>                                    4294
<OTHER-ITEMS-ASSETS>                             50464
<TOTAL-ASSETS>                                 5502895
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       107935
<TOTAL-LIABILITIES>                             107935
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       7206712
<SHARES-COMMON-STOCK>                           240298
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (812573)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (999179)
<NET-ASSETS>                                   5394960
<DIVIDEND-INCOME>                                 4307
<INTEREST-INCOME>                                22576
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   58140
<NET-INVESTMENT-INCOME>                        (31257)
<REALIZED-GAINS-CURRENT>                      (812573)
<APPREC-INCREASE-CURRENT>                     (999179)
<NET-CHANGE-FROM-OPS>                        (1843009)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         270372
<NUMBER-OF-SHARES-REDEEMED>                      30074
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         5294960
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            32936
<INTEREST-EXPENSE>                             1063413
<GROSS-EXPENSE>                                 283570
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                 (0.04)
<PER-SHARE-GAIN-APPREC>                         (3.05)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               6.91
<EXPENSE-RATIO>                                   1.95
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001049629
<NAME> ICM SERIES TRUST
<SERIES>
   <NUMBER> 1
   <NAME> ICM\ISABELLE SMALL CAP VALUSE FUND - INSTITUTIONAL CLASS
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   10-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             MAR-09-1998
<PERIOD-END>                               DEC-31-1998
<INVESTMENTS-AT-COST>                          6274651
<INVESTMENTS-AT-VALUE>                         5275472
<RECEIVABLES>                                   172665
<ASSETS-OTHER>                                    4294
<OTHER-ITEMS-ASSETS>                             50464
<TOTAL-ASSETS>                                 5502895
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       107935
<TOTAL-LIABILITIES>                             107935
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       7206712
<SHARES-COMMON-STOCK>                           539374
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (812573)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (999179)
<NET-ASSETS>                                   5394960
<DIVIDEND-INCOME>                                 4307
<INTEREST-INCOME>                                22576
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   58140
<NET-INVESTMENT-INCOME>                        (31257)
<REALIZED-GAINS-CURRENT>                      (812573)
<APPREC-INCREASE-CURRENT>                     (999179)
<NET-CHANGE-FROM-OPS>                        (1843009)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         589374
<NUMBER-OF-SHARES-REDEEMED>                     (50000)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         5294960
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            32936
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 281417
<AVERAGE-NET-ASSETS>                           3218887 
<PER-SHARE-NAV-BEGIN>                               10
<PER-SHARE-NII>                                  (.04)
<PER-SHARE-GAIN-APPREC>                         (3.04)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               6.92
<EXPENSE-RATIO>                                   1.70
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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