Time to put some skin in the game! These mutual funds hold themselves out as the great and mighty Oz's of our time. They strut their stuff on TV and give interviews and periodically tell us how they are doing.

They don't like to disclose their holdings on a timely fashion. They don't tell us when the managers change. They don't give us the kind of information that would seem as basic as apple pie and motherhood. They are cloaked in secrecy and protected by rules that they have a huge share in writing.

Most of them make me sick to my stomach with their lack of forthcoming information. We gotta change it. Together.

How unresponsive are they? How bad can they be? We are about to find out. I am putting up so they can't make me shut up. Beginning next week, I am investing 100 G's -- not a mythical 100 G's, not a paper 100 G's, but the real American greenbacks -- in 50 funds.

I am going to monitor them on a daily basis. I am going to keep you updated on how they are doing and how little they tell you about how they are doing. I am going to become an activist shareholder.

America likes survivors. At the end of the year, I will kick 10 funds out and make room for 10 new ones. Of course, I will give the boot to the bottom performers.

I know how important mutual funds are to you. I know how important this industry is to investors. I also know that keeping a pulse on mutual funds is a good way to figure out how to make money in the market. I will share with you my insights.

We hope to be able to offer email bulletins about my comments on your funds and on my standings for those who need to be updated regularly.

May the best funds win! And may the losers not cost me too much money. You'll be sure to know about both. No free passes for anybody.

See Part 1 of Cramer's Smarter Money. See Part 3 Sunday.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.