PEREGRINE FUNDS, N-18F1, 1996-02-20

PEREGRINE FUNDS
N-18F1, 1996-02-20

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File Nos. 033-64191
          811-07425







                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

              NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1 UNDER
                       THE INVESTMENT COMPANY ACT OF 1940














                                 PEREGRINE FUNDS
                           (Exact Name of Registrant)
<PAGE>
                            NOTIFICATION OF ELECTION

         The undersigned  registered open-end investment company hereby notifies
the Securities and Exchange Commission that it elects to commit itself to pay in
cash all  redemptions by a shareholder of record as provided by Rule 18f-1 under
the  Investment  Company Act of 1940.  It is  understood  that this  election is
irrevocable  while such Rule is in effect  unless the  Commission  by order upon
application permits the withdrawal of this Notification of Election.

                                    SIGNATURE

         Pursuant to the requirements of Rule 18f-1 under the Investment Company
Act of 1940, the registrant has caused this  notification of election to be duly
executed  on its  behalf  in the City of Hong  Kong on the 31st day of  January,
1996.

                                                              PEREGRINE FUNDS



                                                           By \s\ Gary Greenberg

Attest: \s\ Yvonne Chow
         Secretary