. Introduction 2. Portfolio Allocation, Systemic Risk, and Approach to Regulation Rising Exposure to Liquidity and Credit Risk—Supply and Demand Factors Systemic Risk Implications of Changes in Investor Risk Appetite and Funds’ Portfolio Allocation Implications for Approach to Regulatory Oversight 3. Policy Options for Money Market Funds Motivation for Policy Action Targeting Investor Incentives, Risk Management, and Market Frictions Policy Implementation—Scope and Sequencing 4. Policy Options for Open-End Funds Motivation for Policy Action