PEREGRINE FUNDS
NSAR-B, 1998-03-03
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<PAGE>      PAGE  1
000 B000000 12/31/97
000 C000000 0001003309
000 D000000 N
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000 F000000 Y
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000 J000000 A
001 A000000 PEREGRINE ASIA PACIFIC GROWTH FUND
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008 D050001 HONG KONG
010 A000001 VAN ECK ASSOCIATES CORP
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010 C030001 10016
012 A000001 DST SYSTEMS INC.
012 B000001 84-1234
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
012 C040001 1892
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
<PAGE>      PAGE  2
014 A000001 PEREGRINE SECURITIES
014 B000001 8-1234
015 A000001 CHASE MANHATTAN BANK N.A.
015 B000001 C
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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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SIGNATURE   ALEX BOGOENKO                                
TITLE       VICE PRESIDENT      
 

<TABLE> <S> <C>


<ARTICLE>                                            6
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                                  DEC-31-1997
<PERIOD-START>                                     JAN-01-1997
<PERIOD-END>                                       DEC-31-1997
<INVESTMENTS-AT-COST>                               15,965,920  
<INVESTMENTS-AT-VALUE>                              13,318,710  
<RECEIVABLES>                                          450,637  
<ASSETS-OTHER>                                          38,531  
<OTHER-ITEMS-ASSETS>                                 1,007,908  
<TOTAL-ASSETS>                                      14,815,786  
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<SENIOR-LONG-TERM-DEBT>                                      0  
<OTHER-ITEMS-LIABILITIES>                              286,127  
<TOTAL-LIABILITIES>                                    393,805  
<SENIOR-EQUITY>                                              0  
<PAID-IN-CAPITAL-COMMON>                            19,959,077  
<SHARES-COMMON-STOCK>                                1,966,653  
<SHARES-COMMON-PRIOR>                                        0  
<ACCUMULATED-NII-CURRENT>                              (89,639) 
<OVERDISTRIBUTION-NII>                                       0  
<ACCUMULATED-NET-GAINS>                             (2,755,344) 
<OVERDISTRIBUTION-GAINS>                                     0  
<ACCUM-APPREC-OR-DEPREC>                            (2,672,113) 
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<OTHER-INCOME>                                               0  
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<APPREC-INCREASE-CURRENT>                           (4,769,723) 
<NET-CHANGE-FROM-OPS>                               (7,162,639) 
<EQUALIZATION>                                               0  
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<DISTRIBUTIONS-OTHER>                                        0  
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<NET-CHANGE-IN-ASSETS>                                 (77,345) 
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<PER-SHARE-NII>                                           0.05  
<PER-SHARE-GAIN-APPREC>                                  (3.79) 
<PER-SHARE-DIVIDEND>                                      0.00  
<PER-SHARE-DISTRIBUTIONS>                                (0.24) 
<RETURNS-OF-CAPITAL>                                       (33) 
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<EXPENSE-RATIO>                                           2.00  
<AVG-DEBT-OUTSTANDING>                                       0  
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</TABLE>


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