<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000750913
<NAME> AQUILA CASCADIA EQUITY FUND
<SERIES>
<NUMBER> 003
<NAME> CLASS Y SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 10,356,915
<INVESTMENTS-AT-VALUE> 18,511,843
<RECEIVABLES> 23,779
<ASSETS-OTHER> 84,248
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,619,870
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,684
<TOTAL-LIABILITIES> 44,684
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,142,477
<SHARES-COMMON-STOCK> 638,610
<SHARES-COMMON-PRIOR> 737,477
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 277,781
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,154,928
<NET-ASSETS> 14,620,975
<DIVIDEND-INCOME> 194,874
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 262,629
<NET-INVESTMENT-INCOME> (67,755)
<REALIZED-GAINS-CURRENT> 1,233,868
<APPREC-INCREASE-CURRENT> 5,038,882
<NET-CHANGE-FROM-OPS> 6,204,995
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 504,879
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,406
<NUMBER-OF-SHARES-REDEEMED> 125,100
<SHARES-REINVESTED> 21,827
<NET-CHANGE-IN-ASSETS> 2,858,404
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (243,352)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 134,085
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 401,312
<AVERAGE-NET-ASSETS> 13,339,347
<PER-SHARE-NAV-BEGIN> 16.55
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 7.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .69
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.89
<EXPENSE-RATIO> 1.42
</TABLE>
