<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-31-2000
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 12,043,754
<INVESTMENTS-AT-VALUE> 16,988,330
<RECEIVABLES> 14,143
<ASSETS-OTHER> 15,000
<OTHER-ITEMS-ASSETS> 362,768
<TOTAL-ASSETS> 17,380,241
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,468
<TOTAL-LIABILITIES> 18,468
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,209,739
<SHARES-COMMON-STOCK> 652,521
<SHARES-COMMON-PRIOR> 638,610
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,207,458
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,944,576
<NET-ASSETS> 13,134,100
<DIVIDEND-INCOME> 66,964
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 139,126
<NET-INVESTMENT-INCOME> (72,162)
<REALIZED-GAINS-CURRENT> 1,001,839
<APPREC-INCREASE-CURRENT> (3,210,352)
<NET-CHANGE-FROM-OPS> (2,280,675)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,185
<NUMBER-OF-SHARES-REDEEMED> 2,274
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,213,413)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 277,781
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68,153
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 216,452
<AVERAGE-NET-ASSETS> 13,899,917
<PER-SHARE-NAV-BEGIN> 22.89
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> (2.69)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.13
<EXPENSE-RATIO> 1.41
</TABLE>
