Alabama’s Treasury liquidated its Pimco Total Return Fund holdings in the state’s $1.23 billion CollegeCounts 529 plan as of Oct. 1, citing departures of senior investment personnel.

The funds were reinvested in the Vanguard Total Bond Market Index Fund, according to a program disclosure statement supplement dated Oct. 1 on its website.

“This change is based on a number of variables including recent departures of key senior investment personnel, uncertainty surrounding the impact of those changes, potential negative fund flows and performance considerations,” the statement said.

The announcement follows last month’s abrupt departure of co-founder Bill Gross from the Pacific Investment Management Co., the world’s biggest bond fund. Pimco Chief Executive Officer Mohamed El-Erian, who had clashed with Gross, left in February.