Washington (Aug. 25, 2004) -- Assets in 529 college savings plans totaled an estimated $43 billion at the end of the second quarter, up 7.4 percent over the first quarter, the College Savings Foundation reported.

The quarterly asset total marks a 66.9 percent increase from the second quarter of 2003's total of $25.8 billion, according to data developed by research and consulting firm Financial Research Corp.

FRC said that estimated net new contributions to 529 savings plans for the second quarter were $2.9 billion, compared with $4.1 billion in the first quarter and $2.4 billion in the second quarter of 2003. For the first half of 2004, net sales of $7 billion were up 45.8 percent compared with net sales of $4.8 billion in the first half of 2003.

CSF is a nonprofit organization focused on building public awareness of and providing public policy support for 529 plans.

-- WebCPA staff

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