After setting the initial allocation of funds when opening a 529 plan, the account owner can reallocate those funds through an investment change at any time, but federal law sets a limit on those changes at two per year.

That said, there is a workaround that many account owners find useful: Changing the beneficiary of the plan allows you to change investments as well, and that reallocation does not factor into the normal two-per-year limit. In addition, account owners can change how investments are made going forward – without moving existing funds from one portfolio to another – at any time and as frequently as they wish.