EX-99.906CERT

CERTIFICATION


Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a)
and (b) of section 1350, chapter 63 of title 18,United States Code), each
of the undersigned officers of Aquila Equity Fund, do hereby certify to
such officer's knowledge, that:

The report on Form N-CSR of Aquila Equity Fund for the period ended
December 31, 2003 (the "Form N-CSR") fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934 and information contained in the Form N-CSR fairly presents, in
all material respects, the financial condition and results of operations
of Aquila Equity Fund.

Dated: March 8, 2004		/s/  Lacy B. Herrmann
						-------------------------------
						Lacy B. Herrmann
						Chairman of the Board
						Aquila Equity Fund

Dated:  March 8, 2004		/s/  Diana P. Herrmann
						----------------------------------
						Vice President
						Aquila Equity Fund

Dated:  March 8, 2004		/s/  Joseph P. DiMaggio
						----------------------------------
						Chief Financial Officer
						Aquila Equity Fund

A signed original of this written statement required by Section 906, or other
document authenticating, acknowledging, or otherwise adopting the signature
that appears in typed form within the electronic version of this written
statement required by Section 906, has been provided to Aquila Equity Fund
and will be retained by Aquila Equity Fund and furnished to the Securities
and Exchange Commission or its staff upon request.

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350
and is not being filed as part of the Report or as a separate disclosure
document.