| 0 | A Nazi in Utopia | cover | 1 | pencils: C. C. Beck; inks: Pete Costanza | Alan Armstrong, Billy Batson, Captain Marvel, Spy Smasher |
| 1 | - | promo (ad from the publisher) | 1 | letters: typeset | |
| 2 | Contents Page | table of contents | 1 | letters: ?; typeset | Billy Batson, Captain Marvel, Shazam |
| 3 | Captain Marvel Finds Utopia! | comic story | 14.67 | script: Otto Binder; pencils: C. C. Beck; inks: C. C. Beck Shop | Billy Batson, Captain Marvel |
| 4 | - | text article | 0.33 | pencils: C. C. Beck; inks: C. C. Beck Shop | Billy Batson, Captain Marvel |
| 6 | - | comic story | 9 | pencils: Louis Cazeneuve; inks: Louis Cazeneuve | Golden Arrow, Roger Parsons |
| 7 | Colonel Porterhouse Rides Again | comic story | 6 | pencils: George Storm; inks: George Storm | Colonel Porterhouse; Giles Gradsby; Chief Tall Corn; Amelia Mealy; Mr. Mealy; Mrs. Mealy; Starlight (horse); Quibble (first lawyer); Quibble (second lawyer); Quibble (third lawyer); Smith (fourth lawyer); George Storm |
| 8 | The Mad Artist Buys a Bond | comic story | 1 | | The Mad Artist |
| 9 | Jungle Raid | text story | 2 | script: Claude Dunnagan | Doug Wilson; Marty; Colonel Wilson |
| 10 | The New Year's Eve Plot! | comic story | 9 | script: Otto Binder; pencils: Binder Studio; inks: Binder Studio | Alan Armstrong, Spy Smasher |
| 12 | South China New Year's | comic story | 8 | pencils: Clem Weisbecker; inks: Clem Weisbecker | Lance O'Casey |
| 13 | - | promo (ad from the publisher) | 1 | letters: ?; typeset | Billy Batson, Captain Marvel, Santa Claus |
| 14 | The Slave of the Lamp! | comic story | 10 | pencils: Bob Hebberd; inks: Bob Hebberd | Ibis, Prince Amentep, Princess Taia |