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<PAGE> PAGE 2
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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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SIGNATURE ROBERT ANDERSON
TITLE COMPLIANCE OFFICER
[ARTICLE] 6
[LEGEND]
This schedule contains summary financial information extracted from the
Registrant's Annual Report dated March 31, 1999 and is qualified in its
entirety by reference to such Financial Statements.
[CIK] 0000750913
[NAME] AQUILA CASCADIA EQUITY FUND
[SERIES]
[NUMBER] 001
[NAME] CLASS A SHARES
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 12,562,994
[INVESTMENTS-AT-VALUE] 15,679,040
[RECEIVABLES] 7,914
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 64,329
[TOTAL-ASSETS] 15,751,283
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 34,501
[TOTAL-LIABILITIES] 34,501
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 12,844,088
[SHARES-COMMON-STOCK] 128,761
[SHARES-COMMON-PRIOR] 160,415
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (243,352)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3,116,046
[NET-ASSETS] 2,119,389
[DIVIDEND-INCOME] 251,121
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] 251,121
[NET-INVESTMENT-INCOME] 0
[REALIZED-GAINS-CURRENT] (154,745)
[APPREC-INCREASE-CURRENT] (259,547)
[NET-CHANGE-FROM-OPS] (414,292)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6,875
[NUMBER-OF-SHARES-REDEEMED] 38,529
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (610,179)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (88,606)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 120,240
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 353,822
[AVERAGE-NET-ASSETS] 2,208,344
[PER-SHARE-NAV-BEGIN] 16.89
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] (0.43)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.46
[EXPENSE-RATIO] 1.92
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[LEGEND]
This schedule contains summary financial information extracted from the
Registrant's Annual Report dated March 31, 1999 and is qualified in its
entirety by reference to such Financial Statements
[CIK] 0000750913
[NAME] AQUILA CASCADIA EQUITY FUND
[SERIES]
[NUMBER] 02
[NAME] CLASS C SHARES
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 12,562,994
[INVESTMENTS-AT-VALUE] 15,679,040
[RECEIVABLES] 7,914
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 64,329
[TOTAL-ASSETS] 15,751,283
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 34,501
[TOTAL-LIABILITIES] 34,501
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 12,844,088
[SHARES-COMMON-STOCK] 86,122
[SHARES-COMMON-PRIOR] 57,782
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (243,352)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3,116,046
[NET-ASSETS] 1,395,662
[DIVIDEND-INCOME] 251,121
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] 251,121
[NET-INVESTMENT-INCOME] 0
[REALIZED-GAINS-CURRENT] (154,745)
[APPREC-INCREASE-CURRENT] (259,547)
[NET-CHANGE-FROM-OPS] (414,292)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 34,110
[NUMBER-OF-SHARES-REDEEMED] 5,770
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (610,179)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (88,606)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 120,240
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 353,822
[AVERAGE-NET-ASSETS] 1,161,673
[PER-SHARE-NAV-BEGIN] 16.76
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] (0.55)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.21
[EXPENSE-RATIO] 2.65
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[LEGEND]
This schedule contains summary financial information extracted from the
Registrant's Annual Report dated March 31, 1999 and is qualified in its
entirety by reference to such financial statements.
[CIK] 0000750913
[NAME] AQUILA CASCADIA EQUITY FUND
[SERIES]
[NUMBER] 003
[NAME] CLASS Y
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 12,562,994
[INVESTMENTS-AT-VALUE] 15,679,040
[RECEIVABLES] 7,914
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 64,329
[TOTAL-ASSETS] 15,751,283
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 34,501
[TOTAL-LIABILITIES] 34,501
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 12,844,088
[SHARES-COMMON-STOCK] 737,477
[SHARES-COMMON-PRIOR] 746,735
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (243,352)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3,116,046
[NET-ASSETS] 12,201,731
[DIVIDEND-INCOME] 251,121
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] 251,121
[NET-INVESTMENT-INCOME] 0
[REALIZED-GAINS-CURRENT] (154,745)
[APPREC-INCREASE-CURRENT] (259,547)
[NET-CHANGE-FROM-OPS] (414,292)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 33,127
[NUMBER-OF-SHARES-REDEEMED] 42,384
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (610,179)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (88,606)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 120,240
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 353,822
[AVERAGE-NET-ASSETS] 11,754,324
[PER-SHARE-NAV-BEGIN] 16.94
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] (0.39)
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 16.55
[EXPENSE-RATIO] 1.66
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
The Board of Trustees of
Aquila Cascadia Equity Fund:
In planning and performing our audit of the financial statements of the
Aquila Cascadia Equity Fund for the year ended March 31, 1999, we considered
its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for 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.
The management of the Aquila Cascadia Equity Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls in
s against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all
matters in internal control 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 one or
more of the internal control components does not reduce to a relative low
level the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being audited may
occurand not be detected within a timely period by employees in the normal
course of performing their operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of March 31, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ KPMG LLP
- -------------
New York, New York
April 27, 1999
