SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549

                                    FORM 10-K

                   Annual Report Pursuant to Section 13 or 15(d)
                      of the Securities Exchange Act of 1934

                             For the fiscal year ended
                                 December 31, 1997

                         Commission file number:  333-8439

                             ICIFC SECURED ASSET CORP.
           (Pooling and Servicing Agreement dated as of March 1, 1997,
           providing for the issuance of Mortgage Pass-Through Certificates,
                                  Series 1997-1)

                             ICIFC SECURED ASSET CORP.
            (Exact name of Registrant as specified in its Charter)

           CALIFORNIA                                  33-071-5871
           (State or other jurisdiction                (I.R.S. Employer
           incorporation or organization)              Identification Number)

           20371 IRVINE AVENUE
           SANTA ANA HEIGHTS, CALIFORNIA               92707
           (Address of principal executive offices)    (Zip Code)

            Registrant's telephone number, including area code:
                               (714) 556-0122

          Securities registered pursuant to Section 12(b) of the Act:
                               NOT APPLICABLE.

          Securities registered pursuant to Section 12(g) of the Act:
                               NOT APPLICABLE.

          Indicate by check mark whether the Registrant (1) has filed all
          reports required to be filed by Section 13 or 15(d) of the
          Securities Exchange Act of 1934 during the preceding 12 months
          (or for such shorter period that the Registrant was required to
          file such reports), and (2) has been subject to such filing
          requirements for the past 90 days.  Yes  X  No

          Indicate by check mark if disclosure of delinquent filers
          pursuant to Item 405 of Regulation S-K is not contained herein,
          and will not be contained, to the best of the Registrant's
          knowledge, in definitive proxy or information statements
          incorporated by reference in Part III of the Form 10-K or any
          amendment to this Form 10-K.  [  ].

          Aggregate market value of voting stock held by non-affiliates of
          the Registrant as of December 31, 1997:  NOT APPLICABLE.

          Number of shares of common stock outstanding as of December 31,
          1997:  NOT APPLICABLE.

          DOCUMENTS INCORPORATED BY REFERENCE

          Documents in Part I and Part IV incorporated herein by reference
          are as follows:

          Pooling and Servicing Agreement of Registrant dated as of March
          1, 1997 (hereby incorporated herein by reference as part of the
          Registrant's Current Report on Form 8-K filed with Securities and
          Exchange Commission on March 25, 1997).

          Documents in Part II and Part IV incorporated herein by reference
          are as follows:

          Monthly Report to Certificateholders as to distributions made on
          December 26, 1997, and filed with the Securities and Exchange
          Commission on Form 8-K on March 26, 1998.

          Monthly Report to Certificateholders as to distributions made on
          January 26, 1998, and filed with the Securities and Exchange
          Commission on Form 8-K on March 26, 1998.

          Monthly Report to Certificateholders as to distributions made on
          February 25, 1998, and filed with the Securities and Exchange
          Commission on Form 8-K on March 26, 1998.


          PART I

          ITEM 1.  Business.

          The trust fund relating to ICIFC Secured Assets Corp. Mortgage
          Pass-Through Certificates, Series 1997-1 was established pursuant
          to a Pooling and Servicing Agreement dated as of March 1, 1997
          among ICIFC Secured Assets Corp. as the seller (the "Seller"),
          ICI Funding Corporation, as master servicer (the "Master
          Servicer"), and Bankers Trust Company of California, N.A., as
          trustee (the "Trustee").  (The Pooling and Servicing Agreement
          is hereby incorporated herein by reference as part of the
          Registrant's Current Report on Form 8-K filed with Securities
          and Exchange Commission on March 25, 1997.)

          The Certificates will evidence in the aggregate the entire
          beneficial ownership interest in the Trust.  The Trust will
          consist of (i) the Mortgage Loans, (ii) such assets as from time
          to time are identified and deposited in respect of the Mortgage
          Loans in the account (The "Protected Account") established by the
          Master Servicer for the collection of payments on the Mortgage
          Loans and in the Certificate Account and belonging to the Trust,
          (iii) property acquired by foreclosure of such Mortgage Loans or
          by deed of trust in lieu of foreclosure (iv) any applicable
          Primary Insurance Policies and standard hazard insurance
          policies,; and (v) all proceeding and foregoing.

          Information with respect to the business of the Trust would not be
          meaningful because the only "business" of the Trust is the
          collection on the Mortgage Loans and distribution of payments on
          the Certificates to Certificateholders. This information is
          accurately summarized in the Monthly Reports to Certificateholders,
          which are filed on Form 8-K.  There is no additional relevant
          information to report in response to Item 101 of Regulation S-K.

          ITEM 2.  Properties.

          The Sponsor owns no property.  The ICIFC Secured Assets Corp.
          Mortgage Pass-Through Certificates, Series 1997-1, in the
          aggregate, represent the beneficial ownership in a Trust
          consisting primarily of the Mortgage Loans.  The Trust will
          acquire title to real estate only upon default of the mortgagors
          under the Mortgage Loan.  Therefore, this item is inapplicable.

          ITEM 3.  Legal Proceedings.

          None.

          ITEM 4.  Submission of Matters to a Vote of Security Holders.

          No matters were submitted to a vote of Certificateholders during
          the fiscal year covered by this report.


          PART II

          ITEM 5.  Market for Registrant's Common Equity and Related
          Stockholder Matters.

          The ICIFC Secured Assets Corp. Mortgage Pass-Through Certificates,
          Series 1997-1represent, in the aggregate, the beneficial
          ownership in a trust fund consisting primarily of the Mortgage
          Certificates.  The Certificates are owned by Certificateholders as
          trust beneficiaries.  Strictly speaking, Registrant has no
          "common equity," but for purposes of this Item only,
          Registrant's Collateralized Asset-Backed Certificates are treated as
          "common equity."

          (a)  Market Information.  There is no established public trading
          market for Registrant's Certificates.  Registrant believes the
          Certificates are traded primarily in intra-dealer markets and
          non-centralized inter-dealer markets.

          (b)  Holders.  The number of registered holders of all classes of
          Certificates on December 31, 1997 was:  [Participant listings for
          Cede & Co Fast, as a representative nominee for Class A-1, Class
          A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class
          A-8, Class A-9, Class A-10, Class B-1, Class B-2, and Class B-3
          were unavailable from The Depository Trust Company.  Total number
          of registered holders of all classes of Certificates will be
          reported on Form 10-K/A once participant listings become
          available].

          (c)  Dividends.  Not applicable.  The information regarding
          dividends required by sub-paragraph (c) of Item 201 of Regulation
          S-K is inapplicable because the Trust does not pay dividends.
          However, information as to distribution to Certificateholders is
          provided in the Monthly Reports to Certificateholders for each
          month of the fiscal year in which a distribution to
          Certificateholders was made.

          ITEM 6.  Selected Financial Data.

          Not Applicable.  Because of the limited activities of the Trust,
          the Selected Financial Data required by Item 301 of Regulation
          S-K does not add relevant information to that provided by the
          Monthly Reports to Certificateholders, which are filed on a
          monthly basis on Form 8-K.

          ITEM 7.  Management's Discussion and Analysis of Financial
          Condition and Results of Operations.

          Not Applicable.  The information required by Item 303 of
          Regulation S-K is inapplicable because the Trust does not have
          management per se, but rather the Trust has a Trustee who causes
          the preparation of the Monthly Reports to Certificateholders.
          The information provided by the Monthly Reports to
          Certificateholders, which are filed on a monthly basis on Form
          8-K, does provide the relevant financial information regarding
          the financial status of the Trust.

          ITEM 8.  Financial Statements and Supplementary Data.

          Monthly Report to Certificateholders as to distributions made on
          December 26, 1997 filed with the Securities and Exchange
          Commission on Form 8-K on March 26, 1998.

          Monthly Report to Certificateholders as to distributions made on
          January 26, 1998 filed with the Securities and Exchange
          Commission on Form 8-K on March 26, 1998.

          Monthly Report to Certificateholders as to distributions made on
          February 25, 1998 filed with the Securities and Exchange
          Commission on Form 8-K on March 26, 1998.

          Annual Statement of Compliance by the Master Servicer is not
          currently available and will be subsequently filed on Form 8.

          Independent Accountant's Report on Servicer's will be subsequently
          filed on Form 8.

          ITEM 9.  Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure.

          None.


          PART III

          ITEM 10.  Directors and Executive Officers of Registrant.

          Not Applicable.  The Trust does not have officers or directors.
          Therefore, the information required by items 401 and 405 of
          Regulation S-K are inapplicable.

          ITEM 11.  Executive Compensation.

          Not Applicable.  The Trust does not have officers or directors to
          whom compensation needs to be paid.  Therefore, the information
          required by item 402 of regulation S-K is inapplicable.

          ITEM 12.  Security Ownership of Certain Beneficial Owners and
          Management.

          (a)  Security ownership of certain beneficial owners.  Under the
          Pooling and Servicing Agreement governing the Trust, the holders of
          the  Certificates generally do not have the right to vote and are
          prohibited from taking part in management of the Trust.  For
          purposes of this Item and Item 13 only, however, the
          Certificateholders are treated as "voting security" holders.

          As of December 31, 1997, the following are the only persons known
          to the Registrant to be the beneficial owners of more than 5% of
          any class of voting securities:  [Participant listings for
          Cede & Co Fast, as a representative nominee for Class A-1, Class
          A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class
          A-8, Class A-9, Class A-10, Class B-1, Class B-2, and Class B-3
          were unavailable from The Depository Trust Company.  Total number
          of registered holders of all classes of Certificates will be
          reported on Form 10-K/A once participant listings become
          available].

Cudd and Company
c/o Chase Manhattan Bnak NA
Box 1508 Church Street Station
New York, NY  10274
Series 1997-1
Class B-4
100%

The Bank of New York as Trustee under the Pooling and Servicing Agreement
dated 7/18/97
101 Barclay Street Floor 12E
Attn: Corp Trust MBS Unit/Lama
New York, NY  10286
Series 1997-1
Class B-5

The Bank of New York as Trustee under the Trust Agreement dated 9/30/97
101 Barclay Street Floor 12E
Attn: Corp Trust MBS Unit/Lama
New York, NY  10286
Series 1997-1
Class B-6


          (b)  Security ownership of management.  Not Applicable.  The
          Trust does not have any officers or directors.  Therefore, the
          information required by Item 403 of Regulation S-K is
          inapplicable.

          (c)  Changes in control.  Not Applicable.  Since
          Certificateholders do not possess, directly or indirectly, the
          power to direct or cause the direction of the management and
          policies of the Trust, other than in respect to certain required
          consents regarding any amendments to the Pooling and Servicing
          Agreement, the information requested with respect to item 403 of
          Regulation S-K is inapplicable.

          ITEM 13.  Certain Relationships and Related Transactions.

          (a)  Transactions with management and others.  Registrant knows
          of no transaction or series of transactions during the fiscal
          year ended December 31, 1997, or any currently proposed
          transaction or series of transactions, in an amount exceeding
          $60,000 involving the Registrant in which the Certificateholders
          identified in Item 12(a) had or will have a direct or indirect
          material interest.  There are no persons of the types described
          in Item 404(a)(1),(2) and (4) of Regulation S-K, however, the
          information required by Item 404(a)(3) of Regulation S-K is
          hereby incorporated by reference in Item 12 herein.

          (b)  Certain business relationships.  None.

          (c)  Indebtedness of management. Not Applicable.  The Trust does
          not have management consisting of any officers or directors.
          Therefore, the information required by item 404 of Regulation S-K
          is inapplicable.

          (d)  Transactions with promoters.  Not Applicable.  The Trust
          does not use promoters.  Therefore, the information required by
          item 404 of Regulation S-K is inapplicable.


          PART IV

          ITEM 14.  Exhibits, Financial Statement Schedules, and Reports on
          Form 8-K.

          (a)  The following is a list of documents filed as part of this
          report:

          EXHIBITS

          Monthly Report to Certificateholders as to distributions made on
          December 26, 1997 filed with the Securities and Exchange
          Commission on Form 8-K on March 26, 1998.

          Monthly Report to Certificateholders as to distributions made on
          January 26, 1998 filed with the Securities and Exchange
          Commission on Form 8-K on March 26, 1998.

          Monthly Report to Certificateholders as to distributions made on
          February 25, 1998 filed with the Securities and Exchange
          Commission on Form 8-K on March 26, 1998.

          Annual Statement of Compliance by the Master Servicer is not
          currently available and will be subsequently filed on Form 8.

          Independent Accountant's Report on Servicer's servicing
          activities is not currently available and will be subsequently
          filed on Form 8.

          (b)  The following Reports on Form 8-K were filed during the last
          quarter of the period covered by this Report:

          Monthly Report to Certificateholders as to distributions made on
          January 26, 1998 filed with the Securities and Exchange
          Commission on Form 8-K on March 26, 1998.

          Monthly Report to Certificateholders as to distributions made on
          February 25, 1998 filed with the Securities and Exchange
          Commission on Form 8-K on March 26, 1998.

          (c)  The exhibits required to be filed by Registrant pursuant to
          Item 601 of Regulation S-K are listed above and in the Exhibit
          Index that immediately follows the signature page hereof.

          (d)  Not Applicable.  The Trust does not have any subsidiaries or
          affiliates.  Therefore, no financial statements are filed with
          respect to subsidiaries or affiliates.

          Supplemental information to be furnished with reports filed
          pursuant to Section 15(d) by registrants which have not
          registered securities pursuant to Section 12 of the Act.

          No annual report, proxy statement, form of proxy or other
          soliciting material has been sent to Certificateholders, and the
          Registrant does not contemplate sending any such materials
          subsequent to the filing of this report.


                                     SIGNATURE

          Pursuant to the requirements of Section 13 or 15(d) of the
          Securities Exchange Act of 1934, the Registrant has duly caused
          this report to be signed on its behalf by the undersigned,
          thereunto duly authorized.

                             By:  Bankers Trust Company of California, N.A.
                                  not in its individual capacity but solely
                                  as a duly authorized agent of the
                                  Registrant pursuant to the Pooling and
                                  Servicing Agreement, dated as of March 1,
                                  1997.


          By:  /s/Judy L. Gomez
               Judy L. Gomez
               Assistant Vice President


          Date:  March 30, 1998


          EXHIBIT INDEX

          Exhibit Document

          1.1  Monthly Report to Certificateholders as to distributions
               made on December 26, 1997 filed with the Securities and
               Exchange Commission on Form 8-K on March 26, 1998.

          1.2  Monthly Report to Certificateholders as to distributions
               made on January 26, 1998 filed with the Securities and
               Exchange Commission on Form 8-K on March 26, 1998.

          1.3  Monthly Report to Certificateholders as to distributions
               made on February 25, 1998 filed with the Securities and
               Exchange Commission on Form 8-K on March 26, 1998.

          1.4  The Pooling and Servicing Agreement of the Registrant dated
               as of March 1, 1997 (hereby incorporated herein by reference
               and filed as part of the Registrant's Current Report on Form
               8-K filed with Securities and Exchange Commission on March
               25, 1997).