UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 13F
                              FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2004

Check here if Amendment [_]; Amendment Number:

This Amendment (Check only one.):     [_] is a restatement.
                                      [_] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    Peregrine Capital Management Incorporated

Address: LaSalle Plaza
         Minneapolis, MN 55402-2018

Form 13F File Number:  028-01523

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:    Robert B. Mersky   OR  Ronald G. Hoffman

Title:   President              Senior Vice President

Phone:   612/343-7610           612/343-7635

Signature, Place, and Date of Signing:

/s/ Robert B. Mersky               Minneapolis, MN              April 8, 2004

Report Type (Check only one.):

[_]  13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)

[X]  13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)

[_]  13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)

List of Other Managers Reporting for this Manager:

Wells Fargo & Company