FIRST PACIFIC MUTUAL FUND INC /HI/
NSAR-A, 1996-05-31
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<PAGE>      PAGE  1
000 A000000 03/31/96
000 C000000 0000837351
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FIRST PACIFIC MUTUAL FUND, INC.
001 B000000 811-05631
001 C000000 8089888088
002 A000000 2756 WOODLAWN DR. #6-201
002 B000000 HONOLULU
002 C000000 HI
002 D010000 96822
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 FIRST HAWAII MUNICIPAL BOND FUND
007 C030100 N
007 C010200  2
007 C020200 FIRST HAWAII INTERMEDIATE MUNICIPAL FUND
007 C030200 N
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 FIRST PACIFIC MANAGEMENT CORP.
008 B00AA01 A
008 C00AA01 801-33016
008 D01AA01 HONOLULU
008 D02AA01 HI
008 D03AA01 96822
010 A00AA01 DELETE
011 A00AA01 FIRST PACIFIC SECURITIES
011 B00AA01 8-23134
011 C01AA01 HONOLULU
011 C02AA01 HI
011 C03AA01 96822
012 A00AA01 FIRST PACIFIC RECORDKEEPING
012 B00AA01 84-11
012 C01AA01 HONOLULU
<PAGE>      PAGE  2
012 C02AA01 HI
012 C03AA01 96822
013 A00AA01 TAIT WELLER & BAKER
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19102
014 A00AA01 FIRST PACIFIC SECURITIES
014 B00AA01 8-23134
015 A00AA01 BANK OF CALIFORNIA
015 B00AA01 C
015 C01AA01 SAN FRANCISCO
015 C02AA01 CA
015 C03AA01 94100
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    2
019 C00AA00 FIRSTPACIF
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 HAWAIIAN CAPITAL SEC.
022 B000001 84-0503513
022 C000001      4993
022 D000001         0
022 A000002 FIRST PACIFIC SEC.
022 B000002 99-0263126
022 C000002         0
022 D000002      2989
022 A000003 TUCKER ANTHONY
022 B000003 04-2566229
022 C000003      1234
022 D000003         0
022 A000004 SMITH BARNEY
022 B000004 13-1912900
022 C000004      1144
022 D000004         0
022 A000005 FIRST INSTITUTIONAL
022 B000005 22-2944831
022 C000005       319
022 D000005         0
022 A000006 WEDBUSH MORGAN SEC.
022 B000006 45-2495390
<PAGE>      PAGE  3
022 C000006       130
022 D000006         0
022 A000007 CREWS & ASSOC.
022 B000007 71-0522369
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<PAGE>      PAGE  4
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048 J02AA00 0.000
048 K01AA00        0
048 K02AA00 0.000
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054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
<PAGE>      PAGE  5
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056  00AA00 N
057  00AA00 N
058 A00AA00 N
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060 B00AA00 N
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062 D00AA00   0.0
062 E00AA00 100.0
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<PAGE>      PAGE  6
070 G01AA00 N
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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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<PAGE>      PAGE  10
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073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
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074 D000200     5226
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074 R040200      118
074 S000200        0
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074 U010200     1073
074 U020200        0
074 V010200     5.12
074 V020200     0.00
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076  000200     0.00
SIGNATURE   JEAN CHUN                                    
TITLE       OPERATIONS MANAGER  
 


<TABLE> <S> <C>


<ARTICLE>                                            6
<CIK>                         0000837351
<NAME>                        First Pacific Mutual Fund, Inc.
<SERIES>
   <NUMBER>                   01
   <NAME>                     Surfx Municipal Bond
<MULTIPLIER>                                   1
<CURRENCY>                                     U.S. Dollars
       
<S>                             <C>
<PERIOD-TYPE>                   6-mos
<FISCAL-YEAR-END>                              SEP-30-1996
<PERIOD-START>                                 OCT-01-1995
<PERIOD-END>                                   MAR-31-1996
<EXCHANGE-RATE>                                1
<INVESTMENTS-AT-COST>                          51,176,566
<INVESTMENTS-AT-VALUE>                         52,701,767
<RECEIVABLES>                                  837,215
<ASSETS-OTHER>                                 1,635,922
<OTHER-ITEMS-ASSETS>                           0
<TOTAL-ASSETS>                                 55,174,904
<PAYABLE-FOR-SECURITIES>                       1,049,342
<SENIOR-LONG-TERM-DEBT>                        0
<OTHER-ITEMS-LIABILITIES>                      220,497
<TOTAL-LIABILITIES>                            1,269,839
<SENIOR-EQUITY>                                0
<PAID-IN-CAPITAL-COMMON>                       52,599,543
<SHARES-COMMON-STOCK>                          0
<SHARES-COMMON-PRIOR>                          0
<ACCUMULATED-NII-CURRENT>                      0
<OVERDISTRIBUTION-NII>                         0
<ACCUMULATED-NET-GAINS>                        (219,679)
<OVERDISTRIBUTION-GAINS>                       0
<ACCUM-APPREC-OR-DEPREC>                       1,525,201
<NET-ASSETS>                                   53,905,065
<DIVIDEND-INCOME>                              0
<INTEREST-INCOME>                              1,553,437
<OTHER-INCOME>                                 0
<EXPENSES-NET>                                 250,557
<NET-INVESTMENT-INCOME>                        1,302,880
<REALIZED-GAINS-CURRENT>                       31,021
<APPREC-INCREASE-CURRENT>                      (45,916)
<NET-CHANGE-FROM-OPS>                          1,287,985
<EQUALIZATION>                                 0
<DISTRIBUTIONS-OF-INCOME>                      1,302,880
<DISTRIBUTIONS-OF-GAINS>                       0
<DISTRIBUTIONS-OTHER>                          0
<NUMBER-OF-SHARES-SOLD>                        590,857
<NUMBER-OF-SHARES-REDEEMED>                    407,169
<SHARES-REINVESTED>                            69,552
<NET-CHANGE-IN-ASSETS>                         2,774,183
<ACCUMULATED-NII-PRIOR>                        0
<ACCUMULATED-GAINS-PRIOR>                      0
<OVERDISTRIB-NII-PRIOR>                        0
<OVERDIST-NET-GAINS-PRIOR>                     0
<GROSS-ADVISORY-FEES>                          131,740
<INTEREST-EXPENSE>                             0
<GROSS-EXPENSE>                                255,831
<AVERAGE-NET-ASSETS>                           52,736,045
<PER-SHARE-NAV-BEGIN>                          10.84
<PER-SHARE-NII>                                .27
<PER-SHARE-GAIN-APPREC>                        .01
<PER-SHARE-DIVIDEND>                           .27
<PER-SHARE-DISTRIBUTIONS>                      0
<RETURNS-OF-CAPITAL>                           0
<PER-SHARE-NAV-END>                            10.85
<EXPENSE-RATIO>                                .97
<AVG-DEBT-OUTSTANDING>                         0
<AVG-DEBT-PER-SHARE>                           0
        



</TABLE>

<TABLE> <S> <C>


<ARTICLE>                                            6
<CIK>                         0000837351
<NAME>                        First Pacific Mutual Fund, Inc.
<SERIES>
   <NUMBER>                   02
   <NAME>                     Wavex Intermediate Municipal
<MULTIPLIER>                                   1
<CURRENCY>                                     U.S. Dollars
       
<S>                             <C>
<PERIOD-TYPE>                   6-mos
<FISCAL-YEAR-END>                              SEP-30-1996
<PERIOD-START>                                 OCT-01-1995
<PERIOD-END>                                   MAR-31-1996
<EXCHANGE-RATE>                                1
<INVESTMENTS-AT-COST>                          5,108,334
<INVESTMENTS-AT-VALUE>                         5,225,807
<RECEIVABLES>                                  78,375
<ASSETS-OTHER>                                 305,030
<OTHER-ITEMS-ASSETS>                           0
<TOTAL-ASSETS>                                 5,609,212
<PAYABLE-FOR-SECURITIES>                       100,116
<SENIOR-LONG-TERM-DEBT>                        0
<OTHER-ITEMS-LIABILITIES>                      17,839
<TOTAL-LIABILITIES>                            117,955
<SENIOR-EQUITY>                                0
<PAID-IN-CAPITAL-COMMON>                       5,380,386
<SHARES-COMMON-STOCK>                          0
<SHARES-COMMON-PRIOR>                          0
<ACCUMULATED-NII-CURRENT>                      0
<OVERDISTRIBUTION-NII>                         0
<ACCUMULATED-NET-GAINS>                        (6,602)
<OVERDISTRIBUTION-GAINS>                       0
<ACCUM-APPREC-OR-DEPREC>                       117,473
<NET-ASSETS>                                   5,491,257
<DIVIDEND-INCOME>                              0
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<OTHER-INCOME>                                 0
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<NET-INVESTMENT-INCOME>                        112,617
<REALIZED-GAINS-CURRENT>                       (4,791)
<APPREC-INCREASE-CURRENT>                      (22,014)
<NET-CHANGE-FROM-OPS>                          85,812
<EQUALIZATION>                                 0
<DISTRIBUTIONS-OF-INCOME>                      112,617
<DISTRIBUTIONS-OF-GAINS>                       0
<DISTRIBUTIONS-OTHER>                          0
<NUMBER-OF-SHARES-SOLD>                        265,534
<NUMBER-OF-SHARES-REDEEMED>                    134,845
<SHARES-REINVESTED>                            16,769
<NET-CHANGE-IN-ASSETS>                         731,196
<ACCUMULATED-NII-PRIOR>                        0
<ACCUMULATED-GAINS-PRIOR>                      0
<OVERDISTRIB-NII-PRIOR>                        0
<OVERDIST-NET-GAINS-PRIOR>                     0
<GROSS-ADVISORY-FEES>                          13,115
<INTEREST-EXPENSE>                             0
<GROSS-EXPENSE>                                40,363
<AVERAGE-NET-ASSETS>                           5,245,941
<PER-SHARE-NAV-BEGIN>                          5.14
<PER-SHARE-NII>                                .11
<PER-SHARE-GAIN-APPREC>                        (.02)
<PER-SHARE-DIVIDEND>                           .11
<PER-SHARE-DISTRIBUTIONS>                      0
<RETURNS-OF-CAPITAL>                           0
<PER-SHARE-NAV-END>                            5.12
<EXPENSE-RATIO>                                .77
<AVG-DEBT-OUTSTANDING>                         0
<AVG-DEBT-PER-SHARE>                           0
        



</TABLE>


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