Maryland Gov. Harry Hughes has raised and spent substantially more money in the race for governor than his main challenger, Robert A. Pascal, the Republican executive of Anne Arundel County.

Financial reports filed with the state elections board here show that Hughes, a Democrat, has raised approximately $548,000 and spent nearly $470,000 during the reporting period between January and Aug. 10. Pascal, whose campaign went through a long period of sluggishness until recently, reported raising $333,800 and spending all but $13,000 during the same period.

The reports, the first financial disclosures required of candidates for state and local offices, are not due officially until tomorrow. As a result, several candidates, including state Sen. Harry J. McGuirk (D-Baltimore) and Ocean City Mayor Harry Kelley, both Democratic contenders in the governor's race, did not have fundraising statements on file.

The Hughes contributors' list produced the larger share of prominent donors, including former U.S. attorney general Benjamin Civiletti, who gave $1,000, Washington attorney Edward Bennett Williams, who also contributed $1,000 and former U.S. attorney for Maryland Russell T. Baker Jr., who gave $100.

Hughes also received a contribution -- a $100 ticket purchased for his testimonial last winter -- from Baltimore Mayor William Donald Schaefer. The mayor has had a running feud in the past with Hughes and has often made appearances at campaign events held by the governor's opponents.

Among those included on the Pascal contributors' list are an associate and a company connected with former Gov. Marvin Mandel, who publicly has stayed out of politics since his release from federal prison last year.

A $125 contribution from Hotsy Alperstein, a longtime Mandel associate, and $300 from Cirelli Joint Venture, where Mandel is employed, is likely to fuel longstanding speculation that the former governor is working behind the scenes to help Pascal or McGuirk, both friends of Mandel. Many of Mandel's associates dislike Hughes for having run in 1978 on a platform of "integrity in government" that implicitly tarred Mandel, who had been convicted of political corruption.

Hughes and Pascal campaign officials said yesterday that their fundraising is "on target" for the Sept. 14 primary and November general election. Hughes, who has some primary opposition, hopes to raise $750,000 by election day. Four years ago, as an underdog candidate in a field of four contenders, Hughes raised less than $200,000.

Pascal, who is facing only slight challenges in the Republican primary, expects to raise $400,000, according to spokesman Ilene Heaney, who emphasized that the campaign has received $300,000 in contribution pledges. Heaney attributed Hughes' larger fundraising bank account to the drawing power of an incumbent.

Hughes' campaign committee chairman Henry Rosenberg today called the campaign's fundraising efforts "modest yet adequate." He pointed to the 2,158 campaign contributions -- some of which came from out-of-state -- as a sign that people are content with the "open and independent" stewardship of state government under the low-key Hughes.

The financial reports show that both campaign committees have received money from business and individuals that are regulated by the state government or receive state contracts. Both Pascal and Hughes have been given contributions by construction companies, insurance agencies, banks, nursing homes and labor groups. In dozens of instances, business and individuals contributed to both campaigns.

Hughes also pulled in a large number of contributions of $1,000, the limit from an individual under state law, outstripping Pascal by about three to one. Hughes had about 160 such contributions, while Pascal had a few dozen.

Both candidates spent most of their money on television commercials, political brochures and payments to staffers and consultants. Pascal has spent over $60,000 so far for his political and media consultants and Hughes has spent just under $200,000. Pascal also obtained a $25,000 loan from Lenore Meyerhoff, prominent Republican fundraiser from Owings Mills, Md.

Hughes also was the recipient of several loans: $5,000 from chairman Rosenberg, $4,000 from campaign chairman Joseph M. Coale III and $4,000 from the governor himself. The Rosenberg and Coale loans were repaid with 12 percent interest. According to Coale, Hughes' loan to the campaign was interest-free.