Mutual Funds Integrity and Fee Transparency Act of 2003

[AI summary unavailable — showing source text] Mutual Funds Integrity and Fee Transparency Act of 2003 - Directs the Securities and Exchange Commission (SEC) to require mutual funds to disclose specified costs in their periodic reports to shareholders. States that a disclosure shall not be considered to be made in an appropriate disclosure document if it is made exclusively in a prospectus or statement of additional information. Amends the Investment Company Act of 1940 to require each investment adviser to a registered investment company to report at least annually to such company's board of directors regarding specified payments, services and research services. Imposes a fiduciary duty upon company boards of directors to: (1) supervise and determine that an investment adviser's direction of the company's brokerage transactions serves the best interests of company shareholders; (2) supervise revenue sharing arrangements to ensure compliance with this Act; and (3) determine that revenue sharing arrangements serve the best interests of company shareholders. Reduces from sixty percent to one-third the number of "interested persons" who may serve as board members of a registered company. Prohibits an "interested per…