Assets in 529 college savings plans rose to $59 billion at the end of the second quarter, up from $42 billion a year earlier.[@@]

The College Savings Foundation, Washington, has published the latest asset total in a report based on data from Financial Research Corp., Boston.

FRC bases its 529 plan statistics on survey responses from companies that collect about 33% of 529 plan assets.

Professionally managed “age-based portfolios” of mutual funds, or portfolios that shift toward more conservative investments as participants age, held 70% of 529 plan assets, and fixed-income portfolios held 24% of assets, according to FRC researchers.

Plan owners have invested only 6% of the plan assets in individual mutual funds.