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Fees

Investors from all walks of life can afford Utopia Funds and benefit from our professionally managed portfolios without costly initial investment requirements, loads, or commission charges.

The following tables describe the shareholder fees and annual fund operating expenses that you may pay if you buy and hold shares of the Funds. The Funds are no-load (no 12b-1 fee) investments. As a result, you do not pay shareholder fees to buy or sell shares, or to exchange into another Fund.

Shareholder Fees (Fees Paid Directly From Your Investment)

	Growth Fund	Core Fund	Core Conservative Fund	Yield Income Fund
Sales Charge (Load) Imposed on Purchases	None	None	None	None
Sales Charge (Load) – Deferred	None	None	None	None
Redemption Fee	None	None	None	None
Exchange Fee	None	None	None	None

Account Minimums

Utopia Funds offers very affordable new account minimums relative to many other funds. We also offer flexibility and convenience with the Utopia Funds Automatic Investment Plan.

Our no-load / no 12(b)-1 fee funds have the following new account minimums:

Account Type	Minimums (In US Currency)
New account	$500
New retirement account under qualified plans (e.g., 401(k) plans or IRAs)	$250
New retirement account under qualified plans if entire plan is invested in the Funds	No Minimum
New Automatic Investment Plan Account See “Shareholder Services” in the prospectus for more information	$ 25 / Month
Additions to any Utopia Fund account	$ 25
NOTE: The Fund reserves the right to change at any time the initial or subsequent investment minimums, to withdraw the offering or to reject any purchase in whole or part. In addition, the Adviser may waive the minimum initial investment for employees, advisory clients and, from time to time, in its discretion.

Annual Operating Expenses

Operating expenses are the normal costs of operating any mutual fund. These expenses are not charged directly to investors. They are paid from a Fund’s assets and are expressed as an expense ratio, which is a percentage of average daily net assets.

The Adviser does not participate in commission recapture programs by directing certain portfolio trades to brokers who rebate to the Funds a portion of the commissions generated.

Annual Fund Operating Expenses
(Deducted From Fund Assets)*

	Growth Fund	Core Fund	Core Conservative Fund	Yield Income Fund
Management Fee	1.32%	1.32%	1.32%	1.32%
Other Expenses⁽¹⁾	0.05%	0.05%	0.05%	0.05%
Distribution and Service (12b-1) Fees	None	None	None	None
Total Annual Fund Operating Expenses	1.37%	1.37%	1.37%	1.37%

⁽¹⁾ Since the Funds had not commenced operations as of December 30, 2005, Other Expenses are based on the estimated expenses that each Fund expects to incur in its initial fiscal year. The Funds pay a unified management fee to the Adviser and the Adviser pays all Fund expenses except the fees and expenses of the Funds’ independent trustees (including attendance at mutual fund industry conferences, publications, membership fees and related expenses), Fund and independent trustees’ legal counsel, insurance for the Funds and the officers and trustees of the Funds, fees of the independent auditors, interest on borrowings and extraordinary expenses.