There are thousands of no-load funds on the market. Mutual funds impose these fees to discourage customers to trade shares of the fund too often. Only few mutual funds impose them. They are not directly deducted form the amount you are taking out of the fund, but it is important to realize that the higher marketing costs, the higher return of the fund must be. Similarly to 12b-1 fees they influence your return.
Index funds have relatively low management fees, because they are passively managed.
The prospectus also informs you about past financial results. Additionally, you will find instructions regarding how to buy and redeem shares, how to reinvest dividends, etc. It is a resultant of all the closing prices of securities that the fund is invested in. If you have chosen the fund and you want to buy it, you have to be aware how mutual fund trades are executed, because, similarly to stock trades, it is a source of investors dissatisfaction. When you place an order to buy or sell shares of the fund, you don't have any control over price.