<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 0000837351
000 D000000 N
000 E000000 F
000 F000000 Y
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001 B000000 811-05631
001 C000000 8089888088
002 A000000 2756 WOODLAWN DR. #6-201
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002 D010000 96822
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004 000000 N
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007 C020100 FIRST HAWAII MUNICIPAL BOND FUND
007 C030100 N
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007 C020200 FIRST HAWAII INTERMEDIATE MUNICIPAL FUND
007 C030200 N
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007 C020300 FIRST IDAHO TAX FREE FUND
007 C030300 N
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007 C010500 5
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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
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011 C03AA01 96822
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<PAGE> PAGE 2
012 B00AA01 84-11
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012 C02AA01 HI
012 C03AA01 96822
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013 B02AA01 PA
013 B03AA01 19102
014 A00AA01 FIRST PACIFIC SECURITIES
014 B00AA01 8-23134
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015 B00AA01 C
015 C01AA01 SAN FRANCISCO
015 C02AA01 CA
015 C03AA01 94100
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022 A000002 FIRST PACIFIC SEC.
022 B000002 99-0263126
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<PAGE> PAGE 3
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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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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE JEAN CHUN
TITLE OPERATIONS MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000837351
<NAME> First Pacific Mutual Fund
<SERIES>
<NUMBER> 002
<NAME> First Hawaii Intermediate Municipal Fund
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<PERIOD-END> SEP-30-1996
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<TABLE> <S> <C>
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<CIK> 0000837351
<NAME> First Pacific Mutual Fund
<SERIES>
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<NAME> First Hawaii Municipal Bond Fund
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000837351
<NAME> First Pacific Mutual Fund
<SERIES>
<NUMBER> 003
<NAME> First Idaho Tax-Free Fund
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<S> <C>
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</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Directors and Shareholders
First Pacific Mutual Fund, Inc.
Honolulu, Hawaii
In planning and performing our audit of the financial statements of First
Pacific Mutual Fund, Inc. (comprising, respectively, First Hawaii Municipal Bond
Fund, First Hawaii Intermediate Municipal Fund and First Idaho Tax-Free Fund)
for the year ended September 30, 1996, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures or the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of First Pacific Mutual Fund, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedur s. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition, and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
September 30, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
\s\ Tait, Weller & Baker
Philadelphia, Pennsylvania
November 6, 1996
