<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000915402
<NAME> AQUILA ROCKY MOUNTAIN EQUITY FUND
<SERIES>
<NUMBER> 003
<NAME> CLASS Y SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 1,847,521
<INVESTMENTS-AT-VALUE> 3,180,320
<RECEIVABLES> 66,145
<ASSETS-OTHER> 113
<OTHER-ITEMS-ASSETS> 3,446
<TOTAL-ASSETS> 3,250,024
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47,632
<TOTAL-LIABILITIES> 47,632
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,819,307
<SHARES-COMMON-STOCK> 48,088
<SHARES-COMMON-PRIOR> 45,905
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 50,286
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,332,799
<NET-ASSETS> 1,036,125
<DIVIDEND-INCOME> 11,586
<INTEREST-INCOME> 4,485
<OTHER-INCOME> 0
<EXPENSES-NET> 18,149
<NET-INVESTMENT-INCOME> (2,078)
<REALIZED-GAINS-CURRENT> 73,176
<APPREC-INCREASE-CURRENT> 138,580
<NET-CHANGE-FROM-OPS> 209,678
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,183
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 733,222
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (20,812)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,496
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 77,337
<AVERAGE-NET-ASSETS> 965,678
<PER-SHARE-NAV-BEGIN> 20.07
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 1.47
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.55
<EXPENSE-RATIO> 1.17
</TABLE>
