AQUILA CASCADIA EQUITY FUND
NSAR-A, 1999-11-23
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<PAGE>      PAGE  1
000 A000000 09/30/1999
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002 A000000 380 MADISON AVENUE #2300
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<PAGE>      PAGE  2
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SIGNATURE   ROBERT ANDERSON
TITLE       COMPLIANCE OFFICER



<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000750913
<NAME> AQUILA CASCADIA EQUITY FUND
<SERIES>
   <NUMBER> 001
   <NAME> CLASS A SHARES

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1999
<PERIOD-END>                               SEP-30-1999
<INVESTMENTS-AT-COST>                       13,192,588
<INVESTMENTS-AT-VALUE>                      16,334,619
<RECEIVABLES>                                    9,445
<ASSETS-OTHER>                                  10,000
<OTHER-ITEMS-ASSETS>                            76,779
<TOTAL-ASSETS>                              16,430,843
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       23,603
<TOTAL-LIABILITIES>                             23,603
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    12,630,278
<SHARES-COMMON-STOCK>                          122,272
<SHARES-COMMON-PRIOR>                          128,761
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        634,931
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     3,142,031
<NET-ASSETS>                                 2,125,984
<DIVIDEND-INCOME>                              102,402
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 121,616
<NET-INVESTMENT-INCOME>                       (19,214)
<REALIZED-GAINS-CURRENT>                       897,498
<APPREC-INCREASE-CURRENT>                       25,985
<NET-CHANGE-FROM-OPS>                          904,269
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          2,595
<NUMBER-OF-SHARES-REDEEMED>                      9,084
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         690,458
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                    (243,352)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           66,363
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                188,748
<AVERAGE-NET-ASSETS>                         2,257,802
<PER-SHARE-NAV-BEGIN>                            16.46
<PER-SHARE-NII>                                 (0.03)
<PER-SHARE-GAIN-APPREC>                           0.96
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.39
<EXPENSE-RATIO>                                   1.57



</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000750913
<NAME> AQULA CASCADIA EQUITY FUND
<SERIES>
   <NUMBER> 002
   <NAME> CLASS C SHARES

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1999
<PERIOD-END>                               SEP-30-1999
<INVESTMENTS-AT-COST>                       13,192,588
<INVESTMENTS-AT-VALUE>                      16,334,619
<RECEIVABLES>                                    9,445
<ASSETS-OTHER>                                  10,000
<OTHER-ITEMS-ASSETS>                            76,779
<TOTAL-ASSETS>                              16,430,843
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
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<TOTAL-LIABILITIES>                             23,603
<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                           85,845
<SHARES-COMMON-PRIOR>                           86,122
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        634,931
<OVERDISTRIBUTION-GAINS>                             0
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<DIVIDEND-INCOME>                              102,402
<INTEREST-INCOME>                                    0
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<NET-INVESTMENT-INCOME>                       (19,214)
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<EQUALIZATION>                                       0
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<PER-SHARE-NII>                                 (0.10)
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.05
<EXPENSE-RATIO>                                   2.32


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000750913
<NAME> AQUILA CASCADIA EQUITY FUND
<SERIES>
   <NUMBER> 003
   <NAME> CLASS Y SHARES

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1999
<PERIOD-END>                               SEP-30-1999
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<INVESTMENTS-AT-VALUE>                      16,334,619
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<SHARES-COMMON-PRIOR>                          737,477
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<OVERDISTRIBUTION-NII>                               0
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<OVERDISTRIBUTION-GAINS>                             0
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<DIVIDEND-INCOME>                              102,402
<INTEREST-INCOME>                                    0
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<EXPENSES-NET>                                 121,616
<NET-INVESTMENT-INCOME>                       (19,214)
<REALIZED-GAINS-CURRENT>                       897,498
<APPREC-INCREASE-CURRENT>                       25,985
<NET-CHANGE-FROM-OPS>                          904,269
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
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<PER-SHARE-NAV-END>                              17.50
<EXPENSE-RATIO>                                   1.32



</TABLE>


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