On May 10, 2013, the staff of the SEC issued two no-action letters granting relief under Section 14 of the Securities Exchange Act of 1934 and Rule 14a-8 thereunder to the College Retirement Equities Fund (the “Fund”), an open-end registered investment company, to allow the Fund to omit two shareholder proposals from its proxy materials for its 2013 shareholder meeting. One proposal requested that the Fund’s Board of Trustees “end investments in companies that, in the trustees’ judgment, substantially contribute to or enable egregious violations of human rights, including companies whose business supports Israel’s occupation.” Based upon the facts recited in the Fund’s letter to the SEC, the staff granted no-action relief under Rule 14a-8(i)(10), which permits a company to omit from its proxy statement shareholder proposals that the company has already substantially implemented. In particular, the Fund had already adopted policies and procedures to address human rights violations, which provided for divesture of portfolio holdings under certain circumstances. The other shareholder proposal requested that the Fund “exclude health insurance companies from the portfolio fund of CREF-Social Choice, in accordance with reasonable expectations for social responsible investing.” Given the facts cited by the Fund in its letter to the SEC, the staff granted no-action relief pursuant to Rule 14a-8(i)(7) as dealing with matters relating to the Fund’s ordinary business operations (i.e., “the selection and ongoing assessment of portfolio investments”). While the letters do not provide much discussion of the staff’s reasoning for its determinations, the fact that the staff was willing to intercede in favor of the Fund’s position is noteworthy in that it breaks from a trend over recent years during which the staff appeared to be taking a relatively non-interventionist posture with regard to disputed shareholder proposals.