Like most industries, hedge fund managers – and the way they operate – have been affected by the coronavirus pandemic. Most notably, the switch to remote work for an extended period of time has forced many managers to incur new or increased expenses, such as additional laptops and computer monitors for employees working from home; videoconferencing software licenses; and increased cybersecurity measures. Many of those managers are grappling with the question of who should bear the burden of those unexpected costs: the manager itself or its funds? This article analyzes the types of pandemic-related expenses fund managers may have incurred; the SEC’s perspective on pandemic-related issues and expenses in general; and ways to allocate pandemic-related expenses. See “The SEC’s Response to the Coronavirus Pandemic and Its 2020 Exam Priorities” (May 14, 2020).