Permanent Fund trustees have special meeting on Monday to talk strategy


The Alaska Permanent Fund Board of Trustees scheduled a special meeting on Monday.

Among items on the agenda are action items to vote to increase assets under management to $100 billion, achieve increased returns above Consumer Price Index + 5%, consideration of leverage, asset allocation adjustments, and execution within private markets. The board also plans to adopt a long-term strategic plan to better manage inflation pressures that are eating away at the real value of the fund, which is about $74 billion currently.

Changes proposed may be encouraging higher-risk investment and even taking out loans to invest. That could mean greater yields some years, and poorer yields in other years.

The board is also weighing proposed changes to how Permanent Fund dividends are distributed to Alaskans, through a possible constitutional amendment that would reduce the dividend. That is an item that probably won’t be voted on at this meeting, but may be discussed.

Ethan Schutt is the chair of the Alaska Permanent Fund Board of Trustees, and Gabrielle Rubenstein was recently elected vice chair.

The meeting takes place at 10:30 a.m. – 4:30 p.m., with a break for lunch, and will be held at the Permanent Fund office in Juneau, 801 W. 10th Street.

The agenda is attached.

Webinar Access:

Event Password: APFCMtg

Teleconference Option

Phone: 415-655-0003

Access Code: 2630 570 5754

Numeric Password: 2732684


  1. Interest rates are at a 20 year high, borrowing money for high risk investments is not a winning strategy, however as Mr Whitekeys sez, “If you can think of something dumb an Alaskan will do it dumber”.

  2. Sorry, Governor. It is really tough for me to believe that Ms. Rubenstein has the best interests of my family foremost in her mind as she makes decisions about the Alaska Permanent Fund. This feels like some kind of extension of the Deep State into Alaska.

    • This actually gets worse with a minimum amount of research. From Ms. Rubenstein’s own “MannaTreeInvestors” website: “Prior to founding Manna Tree, Ellie helped develop the impact investing thesis for a family investment office well known for ESG driven strategies.”

      ESG is short for “environmental, social and governance” where investing decisions are substantially influenced by the feelings and political biases of the decision-makers. This stuff has been used by many of the fancy Wall Street crowd to cut off investment in oil companies on the North Slope. Mining and timber must be even worse in their minds.

      Hasn’t Alaska had enough of East coast grifters? Why do we insist on ruining ourselves and enriching those that hate us?

      • I think Dunleavy must be getting paid to do as he is told; or, they are promising not to hurt his family if he does what he is told to do? Either way, he is not taking action to protect Alaskans.

  3. I have a strategy cut state spending by 50%, go back to the payout the original way and let me spend my PFD as I want. No I don’t need it but the state constitution says I get a share of mineral profits. The politicians are all about laws be can’t seam to follow the law concerning the PFD and the peoples share.

  4. Please everyone read this email chain with regard to As 39.05.050 Surety Bonds and As 39.15,010-100 pertaining to Public Official bonds that our Trustees DON”T have. WHY ?
    I gave Mr. Martin a call this morning and his concerns are not related to debt, but rather insurance.
    My general understanding of his primary concerns is:
    1. Are elected officials (DOA Commissioner, Attorney General, etc) that determine the amounts of sureties or insurance bonding protected by them and therefore conflicted from making these determinations?
    2. Does the state providing this insurance constitute a form of benefit that should be 1099’d?
    3. Does the insurance protect the individual, the corporation, or the state?
    4. Are the standards for sureties/bonding reviewed with each succeeding administration or are the amounts and terms legacy based?
    Mr. Martin indicated that he had been in contact with Scott Jordan from DOA and had received some verbal answers, but is still waiting on written confirmation of #2 -#4.
    Mr. Martin is expecting APOC to give some direction on #1.
    Per our discussion and at his request, I’ve cc’d both Scott and Mr. Martin on this e-mail.

    Deven Mitchell
    Debt Manager, Department of Revenue
    Executive Director, Alaska Municipal Bond Bank
    (office) 907-465-3750
    (cell) 907-723-3080

    From: Collins, Dacia C (DOA)
    Sent: Friday, May 17, 2019 3:24 PM
    To: DOR TRS Debt Management
    Subject: Re: Forwarding Message for request of information
    Good Afternoon,
    We received a call from Ed Martin (907)-252-7857, looking for information regarding AS 39.15 – Official Bonds. If this is the correct office to direct his questions to, would you please return his call? If not, please let me know who he should contact.
    Appreciate your help!

    Dacia C. Collins

    Law Office Assistant I

    Alaska Public Offices Commission, APOC

    2221 E. Northern Lights Blvd. Room# 128

    Anchorage, Alaska, 99508

    (907) 276-4176

    Dear APF Leadership. upon response of my phone conversation of May 5th ,2023 with ED/CEO Deven Mitchell & GC Chris Poag , here is my Public Records Request.

    1) All copy’s of Required Oaths of Office within the Corporation Structure of the Alaska Permanent Fund Corporation currently.

    2) All copy’s of all required Performance / Fiduciary / Fidelity Bonds of Corporate Leadership, Employees & Trustees.

    3) Any and all communication(s) with the Dept. of Law (including the AG Trig Taylor or staff) with regard to bonding requirements under AS 39.15.010 – 100. Please provide subsequent Opinion(s) of law . if any. of such inquiry’s.

    As a Second Generation prior to Statehood , 58 + year Alaskan residents and recipient of the APFD from it’s conception , it is of concern that the performance of Leadership, Employees & Trustees who invest the funds portfolio in a safe & prudent manner, provide the return on investment of the highest & best interest of Alaskans ,which includes our Children, Grandchildren & our two Great Grandchildren Mica & Estelle.

    To date. we are vey pleased at the current time. of this performance of Leadership, in this regard ,Great Job. ,

    Thank you all at the ” Fund “,

    Most Sincerity , Ed & Kathleen Martin 907-252-7857

    Please Alaskans ASK why our Trustee’s are not Bonded under Alaska Statute LAW

  5. “constitutional amendment” is okay, but constitutional conventions are not okay. Put this out to the people as a vote, before amending anything. Tired of the theft that goes on in Alaska.

  6. Here Alaskans is why I stated they the Trustees aren’t Bonded . They are Protected by Attorney Client Privilege What Crap ola ! Below is the response I gotMay 19, 2023
    KEE Construction
    Attn: Ed Martin
    Via email only: redacted
    Mr. Martin,
    Following your May 5th phone call with APFC’s Executive Director and General Counsel, this responds to
    your May 9, 2023 email to the Alaska Permanent Fund Corporation (APFC) requesting:
    “1) All copy’s of Required Oaths of Office within the Corporation Structure of the Alaska Permanent Fund
    Corporation currently.
    2) All copy’s of all required Performance / Fiduciary / Fidelity Bonds of Corporate Leadership, Employees &
    3) Any and all communication(s) with the Dept. of Law (including the AG Trig Taylor or staff) with regard to
    bonding requirements under AS 39.15.010 – 100. Please provide subsequent Opinion(s) of law . if any. of
    such inquiry’s”
    Copies of APFC’s Board of Trustees signed Oaths of Office are attached to this letter.
    APFC Corporate Leadership, Employees and Trustees are not required to hold
    performance/fiduciary/fidelity bonds. As they are not required, no such records exist pertaining to this
    Communications between APFC and the Alaska Department of Law regarding the bonding requirements
    under Alaska law are protected by the Attorney-Client Privilege and are not subject to disclosure under AS
    44.25.1120(a)(4). See Griswold v. Homer City Council, 428 P.3d 180, 188 (Alaska 2018).
    Because we have denied you a copy of some of the public records that you have requested, we wish to
    advise you that you have appeal rights for the records you requested and were not provided. You may
    seek immediate judicial review of the denials by seeking an injunction from the superior court under AS
    40.25.125. You may administratively appeal the full and partial denials by complying with the
    procedures in 2 AAC 96.340. An election not to pursue injunctive remedies in superior court will have no
    adverse effect on your rights before the agency to seek administrative redress. An administrative appeal
    from a denial of a request for public records requires no appeal bond.
    Adam Kane
    Communications Specialist

    • Thank you for sharing these emails Ed. I bet if we asked for everyone’s oaths of offices in our government, we’d find out that no one is in office legally. This is getting to be the normal story now. Does not seem to matter whose office you do ask for their oaths of office, no one has a legal one or has one at all!

  7. Suzanne thank you for posting my emails, What’s unfortunate is the pre-registry to testify ended at noon on Friday ! If anyone caught this notice in time to testify I hope you read my emails & hold the Leadership & Trustees feet to the fire on this Statutory required Bonding issue. If you need more info on it I can fill in the blanks for you. Call me. Ed

  8. The PF board fired Angela Rodell, who grew the fund by over $30 billion. They fired her without having a replacement, which took a year. Now the fund has declined from $82 to less than $75 billion. Because Dunleavy wants to pay Big Oil $8 dollars per barrel to take our oil, we are going broke. The reserve accounts are nearly empty, and the fund is what is primarily being used to fund state government. Each Alaska family of four has now lost $40,000 because we are not getting a fair return for our oil and are paying $8 dollars per barrel to have our oil taken from us. This is insane, and unconstitutional.

    Now the PF board wants to start meeting in secret, so Alaskans will have less transparency. They will then take on increasingly risky investments. This is a disaster.

    • TOTALLY AGREE!!! We The People here in Alaska would like to be the ones to decide how we receive our Permanent Fund, how much we receive and how we receive it!! It just seems that the politicians are hell bent on trying to sneak through and pass us anything where they will be able to get a good bite out of OUR money!! Remember what Jay Hammond said about the Permanent Fund, if politicians get a hold of it they will just piss it down their legs!!

  9. Alaska Statute 39.15.030 Action on Bond states ; An official bond executed by a state officer or employee is in force and obligatory upon the principal and sureties to and for the state, and for the use and benefit of all persons injured or aggrieved by the wrongful act or default of the officer or employee in the official capacity or employment of the official or employee. A person injured or aggrieved may bring suit on the bond in the person’s name.

    I asked Chat GPT AI to explain : This is what I got :

    Title 39, Section 39.15.030 of the Alaska Statutes governs the citizen’s statutory right to execute action on a bond executed by a state officer or employee. This statute is designed to protect the interests of the state and its citizens in the event of wrongful acts or defaults committed by these officials while performing their official duties. It grants individuals who have been injured or aggrieved by the actions or omissions of such state officers or employees the legal right to seek compensation by bringing a suit on the bond in their name. This legal provision is significant in ensuring accountability, transparency, and redress for those harmed by government officials.

    The primary purpose of this statute is to hold state officers and employees accountable for their actions while discharging their official duties. Public officials, by virtue of their roles, wield significant power and authority. Consequently, they have a responsibility to act in the best interests of the state and its citizens. When an official fails to meet this obligation and, as a result, causes harm or injury to someone, this statute empowers the injured party to seek restitution.

    The citizen’s statutory right to execute action on the bond is a crucial component of a well-functioning democracy. It upholds the principles of transparency and good governance by ensuring that public officials are held to high standards of accountability. This provision sends a clear message that the government takes the actions of its officers and employees seriously and will not tolerate any form of wrongdoing.

    The statute not only serves as a deterrent for potential misconduct by public officials but also provides an avenue for individuals to seek justice. It acknowledges that government employees are not immune to errors, negligence, or even misconduct, and when such actions result in harm to citizens, there must be a mechanism for redress.

    Furthermore, this statute has a broader implication for the protection of the rights and interests of citizens. By allowing individuals to bring suits in their own name, it reduces the burden of litigation and legal costs for those seeking compensation. This mechanism empowers individuals to seek restitution without the need for extensive legal resources, leveling the playing field between citizens and the government.

    In practice, the citizen’s statutory right to execute action on a bond ensures that individuals have a means to hold public officials accountable, thereby promoting the trust and confidence of citizens in their government. It also aligns with the principles of justice and fairness, as it provides a path for individuals to seek compensation when their rights have been violated.

    However, it’s essential to understand that this statute does not grant citizens absolute power but rather establishes a legal framework to ensure that any claims brought against state officers or employees are valid and just. To prevail in such suits, plaintiffs must demonstrate that the officer or employee’s actions or defaults indeed resulted in harm, and that the bond was executed for the relevant official.

    In conclusion, Alaska Statute 39.15.030 is a significant legal provision that safeguards the interests and rights of citizens when they have been injured or aggrieved by the wrongful actions or defaults of state officers or employees. It fosters accountability, transparency, and access to justice, ultimately reinforcing the relationship between government and its citizens. This statute is a testament to the importance of upholding the rule of law and ensuring that the government operates in the best interests of the people it serves.

    • Not sure I’d trust Chat GPT to be giving you an answer that benefits conservatives. Isn’t it trained by people on the left?

  10. From ELLIE’s MANNA Business site : Prior to founding Manna Tree, Ellie helped develop the impact investing thesis for a family investment office well known for ESG driven strategies. As part of new product development for the office, she helped launch the first ever arctic asset manager based in Alaska. This established her early belief in the power of impact investing to address social challenges without sacrificing returns, as well as the importance of energy and food as asset classes.

    Is this in Alaska’s best interest worthy of the APF investments?

  11. Thanks and keep up the good work Ed.
    They seem to be operating public funds without full transparency.
    I am curious who set up the structure for them to operate in this manner.

  12. Allow me to explain Mr Martin’s point, folks. He’s telling the aggrieved citizens of Ak that BONDS are REQUIRED by PFD board members. The board members DON’T have them! As an aggrieved citizen you are supposed to have the legal ability to attach your loss to their BOND and retrieve your monetary loss.
    You are being fleeced and lied to folks!
    Wake the H up!

    • They have been asleep at the wheel since the early 1910’s really…now technology will catch those bastards!

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