SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)                   July 16, 2003


                          THE PROCTER & GAMBLE COMPANY
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             (Exact name of registrant as specified in its charter)


    Ohio                          1-434                       31-0411980
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(State or other            (Commission File Number)           (IRS Employer
jurisdiction of                                               Identification
incorporation)                                                Number)


One Procter & Gamble Plaza, Cincinnati, Ohio                      45202
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(Address of principal executive offices)                        (Zip Code)


Registrant's telephone number, including area code   (513) 983-1100
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ITEM 9.  REGULATION FD DISCLOSURE

     On July 16, 2003, The Procter & Gamble Company (the "Company") issued a
news release announcing that the Company is exploring strategic alternatives
with respect to its Sunny Delight(R) and Punica(R) juice drink brands. The
Company is filing this 8-K pursuant to Item 9, Regulation FD Disclosure.



                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       THE PROCTER & GAMBLE COMPANY


                                       /s/SHARON E. ABRAMS
                                       ------------------------------------
                                       Sharon E. Abrams, Secretary
                                       July 16, 2003




                                     Exhibit

99.  News Release by The Procter & Gamble Company dated July 16, 2003.