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Mutual funds usually collect 1/365 (or more correctly 1/no of business days per year) of the expense ratio times the daily net asset value every day when they calculate the NAV--usually at close of market or 4 pm. Hence, the NAV reported each day is after fund expenses.

However, 401Ks often have additional fees charged to administer the accounts. Large 401K plans usually try to fund these charges from the matching funds surrendered when employees leave the plan prior to vesting, at no cost to the employee and no additional charge to the company. But smaller plans often have extra expenses collected from participants in a variety of ways.

Note further that the value of the funds shown in the 401K statements are often for "units" rather than for shares. It has been explained that plans need a certain amount of liquid funds to function, plus sometimes there are extra fees for additional investments. These various factors as well as dividends and distributions get factored into the unit values making them vary somewhat from the actual reported NAV.
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