AQUILA CASCADIA EQUITY FUND
Supplement to the
Statement of Additional Information
Dated July 31, 2000
The material on page 11 relating to Ms. Diana P. Herrmann
is replaced by the following:
Diana P. Herrmann* President and Chief Operating Officer of the
Trustee and Vice Manager/Administrator since 1997,
President a Director since 1984,Secretary since
380 Madison Avenue 1986 and previously its Executive
New York, NY 10017 Vice President,Senior Vice President
Age: 42 or Vice President, 1986-1997; President of
various Aquila Bond and Money-Market Funds
since 1998; Assistant Vice President, Vice
President, Senior Vice President or
Executive Vice President of Aquila
Money-Market, Bond and Equity Funds since
1986; Trustee of a number of Aquila Money-
Market, Bond and Equity Funds since 1995;
Trustee of Reserve Money-Market Funds, 1999-
2000 and of Reserve Private Equity Series,
1998-2000; Assistant Vice President and
formerly Loan Officer of European American
Bank, 1981-1986; daughter of the Fund's
Chairman; Trustee of the Leopold Schepp
Foundation (academic scholarships) since
1995; actively involved in mutual fund and
trade associations and in college and other
volunteer organizations.
The date of this supplement is October 31, 2000.
