The broker-sold version of the Missouri Saving for Tuition plan is no longer on Morningstar’s list of worst college-savings plans. In releasing this year’s list, the analysis firm says:

… one of 2007’s worst, Missouri’s MOST 529 Advisor Plan, made its way off the list by adding better funds and cutting its formerly excessive expenses to a more reasonable level.

That still doesn’t mean that Morningstar likes it very much. Its fund profile notes that plan manager Upromise shuffled the fund lineup in September and reduced overall costs. Morningstar adds:

Costs on the A-share investment options now range from 0.69% to 1.66% of assets a year, which is down from the exorbitant 1.22% to 2.70% cost range ….  The plan still isn’t cheap, though: The average investment option costs 1.17% of assets a year, and only three out of the 21 portfolios (two index portfolios and one bond portfolio) charge annual fees of less than 1%.

The profile says Missourians should consider using the direct-sold version of MOST instead of the broker-sold version. Morningstar says the direct-purchase plan offers “reasonably priced” Vanguard index funds along with some “pricey” American Century funds.

Across the Mississippi, meanwhile, Morningstar wholeheartedly endorses Illinois’ revamped Bright Start College Savings plan. Morningstar analyst Marta Norton writes:

Illinois is a Cinderella story. Previously lackluster with middling investment options, the plan switched its program manager to OppenheimerFunds Inc. It now offers a choice between sensibly constructed all-index and actively managed age-based options with underlying funds from Vanguard and Oppenheimer, respectively, as well as rock-bottom expenses.