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Wednesday, July 30, 2008 - The One Stock They Would Buy. » Kiplinger.com asked eight up-and-coming and top mutual fund managers (including our own Suzanne Stepan) what one stock they would buy now.
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Tuesday, July 22, 2008 - Brazil ETF Could Have Even More Room to Grow » Bill Fisher of TheStreet.com recently spoke with Paul regarding Brazil's growth prospects.
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Thursday, June 19, 2008 - Is Wal-Mart Stock Peaking? » Utopia Funds (UTGRX) portfolio manager Paul Sutherland says "frugality" is coming into style, which helps Wal-Mart. "But it's already in the [stock] price," which he says is "expensive."
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Wednesday, June 18, 2008 - Michigan's Own Utopia Funds Garner National Recognition And Awards as Top-Performing Maverick Fund Managers » “Rising Star” Mutual Fund Managers Make Investors Money By Successfully Bucking Trends and Traditions
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Quicklinks

Holdings Reports**

**Holdings Details as of 10/31/2008, holdings are subject to change

Newsletters

Special Report: The Optimistic Investor

July Newsletter: Quality Matters

June Newsletter: FAQ on UTYIX

May Newsletter: Opportunity Looms in Times of Crisis

April Newsletter: Nothing Happens Til' Something Moves

March Newsletter: Being Early

Performance As Of:

Price information as of Thursday, November 20, 2008

Name	Current Nav	NAV Change	Change %
Utopia Growth Fund (UTGRX)	$04.47	-0.24	-5.0955%
Utopia Core Fund (UTCRX)	$05.09	-0.23	-4.3233%
Utopia Core Conservative Fund (UTCCX)	$06.11	-0.21	-3.3228%
Utopia Yield Income Fund (UTYIX)	$06.95	-0.18	-2.5245%

Utopia Funds' Month End Performance as of Friday, October 31, 2008

Name

1 Month

3 Month

YTD

1 Year

Inception* To Date
Annualized	Cumulative

Utopia Growth Fund
(UTGRX)

-26.88%

-39.3%

-47.04%

-49.33%

-16.07%

-39.15%

Utopia Core Fund
(UTCRX)

-21.43%

-34.35%

-41.64%

-44.18%

-13.49%

-33.7%

Utopia Core Conservative Fund
(UTCCX)

-17.69%

-30.14%

-35.64%

-36.89%

-10.12%

-26.1%

Utopia Yield Income Fund
(UTYIX)

-13.92%

-24.36%

-28.52%

-29.34%

-6.98%

-18.54%

Utopia Funds' Quarterly Performance as of Tuesday, September 30, 2008

Name

1 Month

3 Month

YTD

1 Year

Inception* To Date
Annualized	Cumulative

Utopia Growth Fund
(UTGRX)

-13.15%

-19.8%

-27.57%

-31.75%

-6.46%

-16.79%

Utopia Core Fund
(UTCRX)

-13.22%

-19.78%

-25.73%

-29.68%

-5.99%

-15.62%

Utopia Core Conservative Fund
(UTCCX)

-13.59%

-18.68%

-21.81%

-23.26%

-3.84%

-10.22%

Utopia Yield Income Fund
(UTYIX)

-11.23%

-15.07%

-16.96%

-17.55%

-1.99%

-5.37%

Past performance data quoted represents past performance; past performance does not guarantee future results. An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. This and other information about Utopia Funds is contained in the current prospectus. Please read the prospectus carefully before you invest or send money.

*Inception date: December 30, 2005

Fund	Gross Annual Fund Operating Expenses	Net Annual Fund Operating Expenses
Utopia Growth Fund	1.76%	1.68% ⁽¹⁾
Utopia Core Fund	1.71%	1.63% ⁽¹⁾
Utopia Core Conservative Fund	1.66%	1.58% ⁽¹⁾
Utopia Yield Income Fund	1.65%	1.57% ⁽¹⁾
⁽¹⁾ Through January 31, 2009, the Adviser has contractually agreed to waive its management fees or reimburse expenses in amounts necessary to limit each Fund's annual fund operating expenses (exclusive of extraordinary expenses, dividends on short sales and acquired fund fees and expenses) to an annual rate of 1.44% (as a percentage of the Fundâ€™s average daily net assets). The amount of each Fund's fees waiver/expense reimbursement has been restated to reflect this agreement.

Utopia Funds | 111 Cass Street, Traverse City, MI 49684 | 1.888.886.7423 or 1.888.UTOPIA3
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