Can I deduct mutual fund management fees for funds that are in a 401K plan as investment expense?

No. first off, 401k plans are deferred investments, that means that you pay taxes only when you take money out of them, called a distribution. usually this is when you retire, but can be early(with penalties usually.)second, the profits from a mutual fund(that is not a 401k or other retirement account) that is publicly traded are generally distributed after the fees are taken out. so your basis in a fund is generally reduced yearly by the management fees regardless. specifically:
"Publicly offered mutual funds. Most mutual funds are publicly offered. Expenses of publiclyo ffered mutual funds are not treated as miscella-neous itemized deductions. This is because these mutual funds report only the net amount of investment income after your share of the in-vestment expenses has been deducted."

for more info, see the IRS Publication No.564 on mutual funds:

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