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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549



FORM 11-K

ý ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
  FOR THE PLAN YEAR ENDED DECEMBER 31, 2003
or
o TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 1-31349
A. Full title of the plan and address of the plan, if different from that of the issuer named below:
THE THOMSON 401(k) SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
THE THOMSON CORPORATION
Metro Center, One Station Place
Stamford, Connecticut 06902





THE THOMSON 401(K) SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND EXHIBITS

 
  Page
Report of Independent Registered Public Accounting Firm   1
Financial Statements:    
  Statements of Net Assets Available for Benefits as of December 31, 2003 and 2002   2
  Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2003   3
  Notes to Financial Statements   4-11
Supplemental Schedule: *    
  Form 5500, Part IV of Schedule H, Line 4i, Schedule of Assets (Held at End of Year) — as of December 31, 2003   12
Signature   13
Exhibits:    
  Consent of Independent Registered Public Accounting Firm    

* Other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, have been omitted because they are not applicable.



Report of Independent Registered Public Accounting Firm

To the Participants and Administrator of
The Thomson 401(k) Savings Plan

        In our opinion, the accompanying statements of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of The Thomson 401(k) Savings Plan (the "Plan") at December 31, 2003 and 2002, and the changes in net assets available for benefits for the year ended December 31, 2003 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

        Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of Assets Held at End of Year is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP

New York, NY
June 24, 2004

1


The Thomson 401(k) Savings Plan

Statements of Net Assets Available for Benefits
December 31, 2003 and 2002

 
  2003
  2002
Assets            
Investments, at fair value or contract value (Note 4)   $ 1,441,925,022   $ 1,121,274,632
Cash     59,571     845
Participant loans     31,546,061     29,365,582
Contributions receivable            
  Employer     4,186,332     5,967,581
  Employee     828     499,700
   
 
    Total assets     1,477,717,814     1,157,108,340
   
 
Liabilities            
Accrued expenses     113,695    
   
 
    Total liabilities     113,695    
   
 
    Net assets available for benefits   $ 1,477,604,119   $ 1,157,108,340
   
 

The accompanying notes are an integral part of these financial statements.

2


The Thomson 401(k) Savings Plan

Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2003

 
  2003
 
Additions to net assets        
Investment income        
  Interest and dividends   $ 22,014,785  
  Net appreciation in fair value of investments (Note 4)     234,758,005  
   
 
    Total investment income     256,772,790  
   
 
Contributions        
  Employee     115,036,288  
  Employer     46,140,183  
  Rollovers     6,080,946  
   
 
    Total contributions     167,257,417  
   
 
    Increase to net assets     424,030,207  
   
 
Deductions from net assets        
Benefits paid to participants     102,301,207  
Forfeitures utilized for Plan administrative expenses (Note 1)     505,293  
Loan origination fees     119,407  
   
 
    Total deductions from net assets     102,925,907  
   
 
    Net increase in net assets available for benefits before other transfers     321,104,300  
Other transfers out (Note 1)     (608,521 )
   
 
    Net increase in net assets available for benefits after other transfers     320,495,779  

Net assets available for benefits

 

 

 

 
Beginning of year     1,157,108,340  
   
 
End of year   $ 1,477,604,119  
   
 

The accompanying notes are an integral part of these financial statements.

3


The Thomson 401(k) Savings Plan
Notes to Financial Statements
December 31, 2003

1.
Description of the Plan
Years of service

  Vested
Percentage

1   25%
2   50%
3   75%
4   100%

4


5


Date

  Plan

  Assets
Transferred

6/3/2003   Thomson 401(k) Plan for Puerto Rico Employees   $ 396,022
10/1/2003   Medical Economics Magazine Group     212,499
   
 
        $ 608,521
   
 
2.
Summary of Significant Accounting Policies

6


3.
Description of Investment Options

7


4.     Investments

 
  2003
  2002
Putnam Voyager Fund   $ 315,039,990   $ 276,108,914
Putnam Stable Value Fund     218,601,056     210,981,315
Putnam Fund for Growth & Income     161,461,331     136,148,158
Putnam New Opportunities Fund     145,109,922     108,823,519
BGI Equity Index Fund     112,164,732     74,009,337
Templeton Institutional Funds, Inc.     92,232,547     1,059,190
The George Putnam Fund of Boston     85,141,405     77,581,884
T. Rowe Price Value Fund     77,075,161     41,827,571
PIMCO Total Return Fund II     69,976,082     61,202,176
Frank Russell Small Cap Fund     55,089,660     23,317,955
Artisan Mid Cap Fund     36,765,571     4,780,536
BGI Extended Equity Market Fund     34,880,682     11,676,452
BGI U.S. Debt Index Fund     28,632,959     29,643,376
Thomson Stock Fund     7,367,081    
BGI Russell 1000 Growth Fund     2,386,843    
Putnam International Growth Fund         64,114,249
   
 
    $ 1,441,925,022   $ 1,121,274,632
   
 

8


 
  December 31,
 
  2003
  2002
Putnam Voyager Fund, 19,315,398 and 21,155,976 shares, respectively   $ 315,039,990   $ 276,108,914
Putnam Stable Value Fund, 218,601,056 and 210,940,029 shares, respectively     218,601,056     210,981,315
Putnam Fund for Growth and Income, 9,106,333 and 9,613,287 shares, respectively     161,461,331     136,148,158
Putnam New Opportunities Fund, 3,738,838 and 3,728,803 shares, respectively     145,109,922     108,823,519
BGI Equity Index Fund, 3,441,692 and 2,863,061 shares, respectively     112,164,732     74,009,337
Templeton Institutional Funds, 5,441,448 shares     92,232,547     *
The George Putnam Fund of Boston 5,002,433 and 5,230,467 shares, respectively     85,141,405     77,581,884
T Rowe Price Value Fund, 3,851,832 shares     77,075,161     *
Putnam International Growth Fund, 3,880,008 shares     *     64,114,249
PIMCO Total Return Fund II, 5,957,317 shares     *     61,202,176
Interest and dividends   $ 22,014,785
Net appreciation in fair value of investments     234,758,005
   
  Total investment income   $ 256,772,790
   
Mutual funds   $ 189,089,420
Commingled trusts     44,736,294
Thomson Stock Fund     932,291
   
    $ 234,758,005
   
5.
Income Tax Status

9


6.
Reconciliation of Financial Statements to Form 5500
 
  December 31,
 
 
  2003
  2002
 
Net assets available for benefits per the financial statements   $ 1,477,604,119   $ 1,157,108,340  
Amounts allocated to withdrawing participants     (275,874 )   (216,001 )
   
 
 
  Net assets available for benefits per the Form 5500   $ 1,477,328,245   $ 1,156,892,339  
   
 
 
Benefits paid to participants per the financial statements   $ 102,301,207  
Add — Amounts allocated to withdrawing participants at December 31, 2003     275,874  
Less — Amounts allocated to withdrawing participants at December 31, 2002     (216,001 )
   
 
  Benefits paid to participants per the Form 5500, Schedule H, Part II (lines e(4), f and g)   $ 102,361,080  
   
 
7.
Related Party Transactions

10


8.
Subsequent Events

11


The Thomson 401(k) Savings Plan
Line 4i of Part IV of Schedule H
Schedule of Assets (Held at End of Year)
December 31, 2003

Schedule I

Identity of issuer

  Description of investment

  Fair value
 
Putnam Voyager Fund*   Open-end mutual fund   $ 315,039,990  
Putnam Stable Value Fund*   Collective investment trust     218,601,056 **
Putnam Fund for Growth & Income*   Open-end mutual fund     161,461,331  
Putnam New Opportunities Fund*   Open-end mutual fund     145,109,922  
BGI Equity Index Fund   Commingled trust     112,164,732  
Templeton Institutional Funds, Inc.   Open-end mutual fund     92,232,547  
The George Putnam Fund of Boston*   Open-end mutual fund     85,141,405  
T. Rowe Price Value Fund   Open-end mutual fund     77,075,161  
PIMCO Total Return Fund II   Open-end mutual fund     69,976,082  
Frank Russell Small Cap Fund   Commingled trust     55,089,660  
Artisan Mid Cap Fund   Open-end mutual fund     36,765,571  
BGI Extended Equity Market Fund   Commingled trust     34,880,682  
BGI U.S. Debt Index Fund   Commingled trust     28,632,959  
Thomson Stock Fund*   Common stock fund     7,367,081  
BGI Russell 1000 Growth Fund   Commingled trust     2,386,843  
Cash         59,571  
   
 
 
          1,441,984,593  
Loan Fund*   Loans to participants (maturities
range from 2003 to 2031;
interest rates range
from 5% to 11%)
    31,546,061  
       
 
  Total assets held for investment purposes       $ 1,473,530,654  
       
 
*
Parties-in-interest.

**
Valued at contract value.

12



SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.

    THE THOMSON 401(K) SAVINGS PLAN

Date: June 28, 2004

 

 

 

 

 

By:

/s/  
JOHN J. RAFFAELI, JR.      
Name: John J. Raffaeli, Jr.
Title: Senior Vice President, Human Resources,
         The Thomson Corporation

13



EXHIBIT INDEX

Exhibit Number

  Description

23   Consent of Independent Registered Public Accounting Firm

14




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THE THOMSON 401(K) SAVINGS PLAN INDEX TO FINANCIAL STATEMENTS AND EXHIBITS
Report of Independent Registered Public Accounting Firm
SIGNATURE
EXHIBIT INDEX