<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One):
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934.
For the fiscal year ended December 31, 1996
-----------------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934.
For the transition period from _________ to__________
Commission file number 0-22033
---------
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
Wesley Jessen VisionCare, Inc.
333 East Howard Avenue
Des Plaines, Illinois 60018-5903
<PAGE>
WESLEY JESSEN PUERTO RICO
-------------------------
SAVINGS PLAN
------------
FINANCIAL STATEMENTS
--------------------
AND ADDITIONAL INFORMATION
--------------------------
DECEMBER 31, 1996 AND 1995
--------------------------
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
--------------------------------------
TABLE OF CONTENTS TO FINANCIAL STATEMENTS
-----------------------------------------
AND ADDITIONAL INFORMATION
--------------------------
PAGE
----
<TABLE>
<CAPTION>
Financial Statements:
<S> <C>
Report of Independent Accountants........................... 1
Statements of Assets Available for Benefits
with Fund Information...................................... 2-3
Statements of Changes in Assets Available for
Benefits with Fund Information............................. 4-5
Notes to Financial Statements............................... 6-10
Additional Information:*
Schedule I - Schedule of Assets Held for Investment Purposes.. 11-12
Schedule II - Schedule of Reportable Transactions............. 13-14
</TABLE>
* Other schedules required by Section 2520.103-10 of the Department of Labor's
Rules and Regulations for Reporting and Disclosure under ERISA have been
omitted because they are not applicable.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
May 13, 1997
To the Participants and Administrator of the
Wesley Jessen Puerto Rico Savings Plan
In our opinion, the accompanying statements of assets available for benefits and
the related statements of changes in assets available for benefits present
fairly, in all material respects, the assets available for benefits of the
Wesley Jessen Puerto Rico Savings Plan (the "Plan") at December 31, 1996 and
1995, and the changes in assets available for benefits for the year ended
December 31, 1996 and for the period from July 1, 1995 to December 31, 1995, in
conformity with generally accepted accounting principles. 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 generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatements. 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 the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by ERISA. The Fund Information in the statements of assets available
for benefits and the statements of change in assets available for benefits is
presented for purposes of additional analysis rather than to present the assets
available for plan benefits and changes in assets available for benefits of each
fund. Schedules I and II and the Fund Information have been subjected to the
auditing procedures applied in the audits of the basic financial statements and,
in our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
1
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
--------------------------------------
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS
------------------------------------------
WITH FUND INFORMATION
---------------------
<TABLE>
<CAPTION>
Year Ended December 31, 1996
------------------------------------------------------
Fund Information
------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Vanguard Vanguard
Vanguard Vanguard Vanguard Short-term Index 500
Wellington Windsor Explorer Corporate Portfolio
Fund Fund Fund Bond Fund Fund
---- ---- ---- --------- ----
Assets:
Investments, at fair value:
Shares of registered investment companies $17,878 $209,595 $2,836 $128,978 $471,964
Participant loans other than mortgages
------- -------- ------ -------- --------
17,878 209,595 2,836 128,978 471,964
------- -------- ------ -------- --------
Receivables:
Participant's contributions 1,121 4,522 192 2,710 6,693
Employer's contributions 648 2,657 120 1,639 3,964
Other 4 725 335 757
------- -------- ------ -------- --------
1,773 7,904 312 4,684 11,414
------- -------- ------ -------- --------
Assets available for benefits $19,651 $217,499 $3,148 $133,662 $483,378
======= ======== ====== ======== ========
</TABLE>
<TABLE>
<CAPTION>
Year Ended December 31, 1996
--------------------------------------------------------------
Fund Information
--------------------------------------------------
<S> <C> <C> <C> <C>
Vanguard
Treasury International Participant
Money Market Growth Loans Plan
Portfolio Fund Portfolio Fund Fund Total
-------------- -------------- ---- -----
Assets:
Investments, at fair value:
Shares of registered investment companies $297,792 $1,948 $1,130,991
Participant loans other than mortgages $102,067 102,067
-------- ------ -------- ----------
297,792 1,948 102,067 1,233,058
-------- ------ -------- ----------
Receivables:
Participant's contributions 6,075 173 21,486
Employer's contributions 3,600 95 12,723
Other 477 15 2,313
-------- ------ -------- ----------
10,152 283 36,522
-------- ------ -------- ----------
Assets available for benefits $307,944 $2,231 $102,067 $1,269,580
======== ====== ======== ==========
</TABLE>
The accompanying notes are an integral part of these statements.
2
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
--------------------------------------
STATEMENT OF ASSETS AVAILABLE FOR BENEFITS
------------------------------------------
WITH FUND INFORMATION
---------------------
<TABLE>
<CAPTION>
December 31, 1995
---------------------------------------------------------------------------------------
Fund Information
----------------------------------------------------------------------------
Vanguard Vanguard Vanguard Vanguard
Vanguard Short-term Index 500 Treasury International Participant
Windsor Corporate Portfolio Money Market Growth Loans Plan
Fund Bond Fund Fund Portfolio Fund Portfolio Fund Fund Total
-------- ---------- --------- -------------- -------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Shares of registered investment
companies $105,683 $78,884 $323,838 $229,288 $ 77 $737,770
Participant loans other than mortgages $47,506 47,506
-------- ------- -------- -------- ---- ------- --------
105,683 78,884 323,838 229,288 77 47,506 785,276
-------- ------- -------- -------- ---- ------- --------
Receivables:
Participant's contributions 4,592 3,261 6,002 6,458 53 20,366
Other 637 229 943 816 2,625
-------- ------- -------- -------- ---- ------- --------
5,229 3,490 6,945 7,274 53 22,991
-------- ------- -------- -------- ---- ------- --------
Assets available for benefits $110,912 $82,374 $330,783 $236,562 $130 $47,506 $808,267
======== ======= ======== ======== ==== ======= ========
</TABLE>
The accompanying notes are an integral part of these statements.
3
<PAGE>
WESLEY JESSEN
-------------
PUERTO RICO SAVINGS PLAN
------------------------
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
-----------------------------------------------------
WITH FUND INFORMATION
---------------------
<TABLE>
<CAPTION>
Year ended December 31, 1996
------------------------------------------------------
Fund Information
------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Vanguard Vanguard
Vanguard Vanguard Vanguard Short-term Index 500
Wellington Windsor Explorer Corporate Portfolio
Fund Fund Fund Bond Fund Fund
---- ---- ---- --------- ----
Additions to assets attributed to:
Investment income:
Interest and dividends $ 1,046 $ 19,047 $ 152 $ 6,118 $ 9,586
Net appreciation (depreciation) in fair
value of investments 371 17,298 (83) (876) 69,750
------- -------- ------ -------- --------
1,417 36,345 69 5,242 79,336
------- -------- ------ -------- --------
Contributions:
Participants 10,208 58,709 1,501 36,929 81,900
Employer 4,130 25,798 699 16,765 35,465
------- -------- ------ -------- --------
14,338 84,507 2,200 53,694 117,365
------- -------- ------ -------- --------
Total additions 15,755 120,852 2,269 58,936 196,701
------- -------- ------ -------- --------
Deductions from assets attributable to:
Participants benefits 622 13,637 4,371 23,619
------- -------- ------ -------- --------
Net increase prior to transfers 15,133 107,215 2,269 54,565 173,082
Net interfund transfers 4,518 (2,948) 879 (3,277) (29,429)
Rollovers and other 2,320 8,942
------- -------- ------ -------- --------
Net increase 19,651 106,587 3,148 51,288 152,595
Assets available for benefits at beginning
of year 110,912 82,374 330,783
------- -------- ------ -------- --------
Assets available for benefits at end of year $19,651 $217,499 $3,148 $133,662 $483,378
======= ======== ====== ======== ========
</TABLE>
<TABLE>
<CAPTION>
Year ended December 31, 1996
--------------------------------------------------------------
Fund Information
--------------------------------------------------
<S> <C> <C> <C> <C>
Vanguard Vanguard
Treasury International Participant
Money Market Growth Loans Plan
Portfolio Fund Portfolio Fund Fund Total
-------------- -------------- ---- -----
Additions to assets attributed to:
Investment income:
Interest and dividends $ 12,603 $ 70 $ 6,840 $ 55,462
Net appreciation (depreciation) in fair
value of investments 66 86,526
-------- ------ -------- ----------
12,603 136 6,840 141,988
-------- ------ -------- ----------
Contributions:
Participants 74,349 1,725 265,321
Employer 32,721 759 116,337
-------- ------ -------- ----------
107,070 2,484 381,658
-------- ------ -------- ----------
Total additions 119,673 2,620 6,840 523,646
-------- ------ -------- ----------
Deductions from assets attributable to:
Participants benefits 31,362 398 2,472 76,481
-------- ------ -------- ----------
Net increase prior to transfers 88,311 2,222 4,368 447,165
Net interfund transfers (19,793) (121) 50,171
Rollovers and other 2,864 22 14,148
-------- ------ -------- ----------
Net increase 71,382 2,101 54,561 461,313
Assets available for benefits at beginning
of year 236,562 130 47,506 808,267
-------- ------ -------- ----------
Assets available for benefits at end of year $307,944 $2,231 $102,067 $1,269,580
======== ====== ======== ==========
</TABLE>
The accompanying notes are an integral part of these statements.
4
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
--------------------------------------
STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
-----------------------------------------------------
WITH FUND INFORMATION
---------------------
<TABLE>
<CAPTION>
For the Period from July 1, 1995 to December 31, 1995
--------------------------------------------------------------------------------------
Fund Information
----------------------------------------------------------------------------
Vanguard Vanguard Vanguard Vanguard
Vanguard Short-term Index 500 Treasury International Participant
Windsor Corporate Portfolio Money Market Growth Loans Plan
Fund Bond Fund Fund Portfolio Fund Portfolio Fund Fund Total
-------- ---------- --------- -------------- -------------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to assets attributed to:
Investment income:
Interest and dividends $ 11,011 $ 1,956 $ 1,243 $ 4,872 $ 2 $ 1,106 $ 20,190
Net appreciation (depreciation) in
fair value of investments (7,362) 1,180 26,273 20,091
-------- ---------- --------- -------------- -------------- ----------- --------
3,649 3,136 27,516 4,872 2 1,106 40,281
Contributions:
Participants 18,862 14,227 25,953 26,580 128 85,750
-------- ---------- --------- -------------- -------------- ----------- --------
Total additions 22,511 17,363 53,469 31,452 130 1,106 126,031
Deductions from assets attributable to:
Participant benefits 3,582 4,955 9,371 6,927 4,667 29,502
-------- ---------- --------- -------------- -------------- ----------- --------
Net increase (decrease) prior to
transfers 18,929 12,408 44,098 24,525 130 (3,561) 96,529
Net interfund transfers (7,358) (1,949) (2,120) (2,503) 13,930
Plan assets transferred-in 99,341 71,915 288,805 214,540 37,137 711,738
-------- ---------- --------- -------------- -------------- ----------- --------
Net increase and assets available for
benefits at end of year $110,912 $82,374 $330,783 $236,562 $130 $47,506 $808,267
======== ========== ========= ============== ============== =========== ========
</TABLE>
The accompanying notes are an integral part of these statements.
5
<PAGE>
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
--------------------------------------
NOTES TO FINANCIAL STATEMENTS
-----------------------------
NOTE 1 - DESCRIPTION OF PLAN:
- -----------------------------
The following description of the Wesley Jessen Puerto Rico Savings Plan (the
"Plan") provides only general information. Participants should refer to the
Plan agreement for a more complete description of the Plan's provisions.
General
- -------
The Plan became effective July 1, 1995 as a defined contribution plan covering
all full-time employees of Wesley-Jessen (Puerto Rico), Inc. (the "Company").
It is subject to the provisions of the Employee Retirement Income Security Act
of 1974 ("ERISA").
Contributions
- -------------
Participants may contribute up to 10 percent of their pretax annual base
compensation, to a maximum of $7,500 for taxable year 1996 ($7,000 for taxable
year 1995). Beginning on January 1, 1996, the Company contributes 50 percent of
the first 6 percent that a participant contributes to the Plan. The Plan did
not provide for Company contributions in 1995.
Participant accounts
- --------------------
Each participant's account is credited with the participant's contribution and
allocation of (a) the Company's contribution and (b) Plan earnings. Allocations
are based on participant earnings or account balances, as defined. The benefit
to which a participant is entitled is the benefit that can be provided from the
participant's account.
Vesting
- -------
Participants are immediately vested in their contributions plus actual earnings
thereon. Vesting in the remainder of their account is based on years of
continuous service. A participant is 100 percent vested after four years of
credited service. Former employees of Schering-Plough Products, Inc. are vested
100 percent after three years of credited service. Forfeitures are used to
reduce Company's contributions.
6
<PAGE>
Investment Options
- ------------------
Upon enrollment in the Plan, a participant may direct contributions in any of
the following seven investments options:
Vanguard Wellington Fund - Funds are invested 60 to 70 percent in equity
shares and 30 to 40 percent in high quality bonds.
Vanguard Windsor Fund - Funds are invested in equity shares of 80 specific
companies.
Vanguard Explorer Fund - Funds are invested in shares of approximately 250
small USA companies.
Vanguard Short-Term Corporate Bond Fund - Funds are invested in high
quality bonds of approximately 180 privately owned companies.
Vanguard Index 500 Portfolio Fund - Funds are invested in equity shares of
the 500 more important USA companies.
Vanguard Treasury Money Market Portfolio Fund - Funds are invested in
short-term investments guaranteed by the USA government.
Vanguard International Growth Portfolio Fund - Funds are invested in equity
shares of approximately 200 companies located in 30 countries worldwide.
Participants may change their investment options quarterly.
Participant Loans
- -----------------
Participants may borrow from their fund accounts a maximum amount equal to the
lesser of $50,000 or 50 percent of their account vested balance. Loan
transactions are treated as a transfer to (from) the investment funds from (to)
the Participant Loans Fund. Loan terms are for a period not exceeding 5 years.
Loans used to acquire a principal residence shall provide for repayment over a
reasonable period of time that may exceed 5 years.
The loans are secured by the vested balance in the participant's account and
bear interest at a rate determined by the Plan administrator at the time of the
loan. Interest rates range from 8 percent to 10 percent. Principal and
interest is paid ratably through monthly payroll deductions.
7
<PAGE>
Payment of Benefits
- -------------------
On termination of service due to death, disability or retirement, a participant
may elect to receive either a lump-sum amount equal to the value of the
participant's vested interest in his or her account, or installments not
exceeding the life expectancy of the participant or beneficiary. For
termination of service due to other reasons, a participant may receive the value
of the vested interest in his or her account as a lump-sum distribution.
Forfeited Accounts
- ------------------
At December 31, 1996, forfeited nonvested accounts amounted to approximately
$1,000.
Administrative expenses
- -----------------------
Certain expenses relating to the Plan, including administrative fees, are paid
by the Company.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
- ----------------------------------------------------
The Plan's financial statements are prepared on the accrual basis of accounting.
The preparation of financial statements in conformity with generally accepted
accounting principles requires the use of management's estimates. The following
are the most significant accounting policies followed by the Plan.
Investments
- -----------
Plan investments are stated at fair value. Shares of registered investment
companies are valued at the quoted net asset value (redemption value) of the
respective investment company determined by Vanguard Fiduciary Trust Company.
Participant loans are valued at cost which approximates fair value.
Contributions
- -------------
Employee contributions are recorded in the period during which the Company makes
payroll deductions from the Plan participants' earnings. Matching Company
contributions are recorded in the same period.
8
<PAGE>
NOTE 3 - INVESTMENTS:
- ---------------------
Investments that represent 5% or more of the Plan's assets are summarized as
follows:
<TABLE>
<CAPTION>
December 31,
------------
1996 1995
---------- --------
<S> <C> <C>
Investments at fair value determined by
quoted market price:
Shares of registered investment companies:
Vanguard Windsor Fund - 12,663 shares
(1995 - 7,273 shares) $ 209,595 $105,683
Vanguard Short-term Corporate Bond
Fund - 11,997 shares
(1995 - 7,230 shares) 128,978 78,884
Vanguard Index 500 Portfolio Fund -
6,824 shares (1995 - 5,622 shares) 471,964 323,838
Vanguard Treasury Money Market
Portfolio Fund - 297,792 shares
(1995 - 229,288) 297,792 229,288
Investment at estimated fair value:
Participant loans other than mortgages 102,067 47,506
---------- --------
$1,210,396 $785,199
========== ========
</TABLE>
NOTE 4 - PLAN TERMINATION:
- --------------------------
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
9
<PAGE>
NOTE 5 - INCOME TAX:
- --------------------
The Company has filed a petition with the Government of Puerto Rico to qualify
the Plan under Sections 1165(a) and 1165(e) of the Puerto Rico Internal Revenue
Code. The Plan administrator believes that the Plan is designed and is
currently being operated in compliance with the applicable requirements of the
Internal Revenue Code, therefore, no income taxes have been provided in the
financial statements.
NOTE 6 - TRANSFER OF ASSETS:
- ----------------------------
On July 1, 1995, the Plan received a transfer of assets amounting to
approximately $712,000 from the Schering-Plough Puerto Rico Employees'
Retirement Savings Plan, a plan sponsored by the previous owner of the Company.
10
<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL INFORMATION
----------------------
SCHEDULE I
----------
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
--------------------------------------
ITEM 27a PART I FORM 5500
-------------------------
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
-----------------------------------------------
DECEMBER 31, 1996
-----------------
(c) Description of investment
(b) Identity of issue, including maturity date, rate
borrower, lessor, of interest, collateral, par (e) Current
(a) or similar party or maturity value (d) Cost value
-------- -------------------------- ----------------------------- ----------- -----------
<S> <C> <C> <C> <C>
* Vanguard Fiduciary Trust Company: Shares of Registered Investment Companies:
Vanguard Wellington Fund 683 shares $ 17,598 $ 17,878
Vanguard Windsor Fund 12,633 shares 199,496 209,595
Vanguard Explorer Fund 52 shares 2,896 2,836
Vanguard Short-term Corporate
Bond Fund 11,997 shares 128,821 128,978
Vanguard Index 500
Portfolio Fund 6,824 shares 385,677 471,964
Vanguard Treasury Money Market
Portfolio Fund 297,792 shares 297,792 297,792
Vanguard International Growth
Portfolio Fund 118 shares 1,913 1,948
----------- ----------
1,034,193 1,130,991
----------- ----------
Participant loans Loans other than mortgages 102,067 102,067
----------- ----------
$ 1,136,260 $1,233,058
=========== ==========
</TABLE>
* Recordkeeper
11
<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL INFORMATION
----------------------
SCHEDULE I
----------
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
--------------------------------------
ITEM 27a PART I FORM 5500
-------------------------
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
-----------------------------------------------
DECEMBER 31, 1995
-----------------
(c) Description of investment
(b) Identity of issue, including maturity date, rate
borrower, lessor, of interest, collateral, par (e) Current
(a) or similar party or maturity value (d) Cost value
- ------- ---------------- --------------------------- -------- -----------
<S> <C> <C> <C> <C>
* Vanguard Fiduciary Trust Company: Shares of Registered Investment Companies:
Vanguard Windsor Fund 7,273 shares $112,556 $105,683
Vanguard Short-term Corporate
Bond Fund 7,230 shares 77,744 78,884
Vanguard Index 500
Portfolio Fund 5,622 shares 298,417 323,838
Vanguard Treasury Money Market
Portfolio Fund 229,288 shares 229,288 229,288
Vanguard International Growth
Portfolio Fund 5 shares 77 77
-------- --------
718,082 737,770
-------- ---------
Participant loans Loans other than mortgages 47,506 47,506
-------- ---------
$765,588 $785,276
======== ========
* Recordkeeper
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL INFORMATION
----------------------
SCHEDULE II
-----------
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
--------------------------------------
ITEM 27d FORM 5500 SCHEDULE OF REPORTABLE TRANSACTIONS
------------------------------------------------------
CUMULATIVE TRANSACTIONS BY ISSUE
--------------------------------
FOR THE YEAR ENDED DECEMBER 31, 1996
------------------------------------
Disposed Acquired
--------------------------------------------------------- -------------------------
Security Description Sales Proceeds Gain or (Loss) Purchases Cost
- -------------------- ----- -------- -------------- --------- ----
<S> <C> <C> <C> <C> <C>
Shares of Registered Investment
Companies:
Vanguard Windsor Fund 23 $35,561 $ 326 38 $122,175
Vanguard Short-term Corporate
Bond Fund 25 19,337 106 52 70,308
Vanguard Index 500 Portfolio Fund 33 75,120 8,884 46 149,656
Vanguard Treasury Money Market
Portfolio Fund 33 65,312 63 133,827
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
ADDITIONAL INFORMATION
----------------------
SCHEDULE II
-----------
WESLEY JESSEN PUERTO RICO SAVINGS PLAN
--------------------------------------
ITEM 27d FORM 5500 SCHEDULE OF REPORTABLE TRANSACTIONS
------------------------------------------------------
CUMULATIVE TRANSACTIONS BY ISSUE
--------------------------------
FOR THE PERIOD FROM JULY 1, 1995 TO DECEMBER 31, 1995
-----------------------------------------------------
Disposed Acquired
----------------------------------------------------- ----------------------------
Security Description Sales Proceeds Gain or (Loss) Purchases Cost
- -------------------- ----- -------- -------------- --------- ----
<S> <C> <C> <C> <C> <C>
Shares of Registered Investment
Companies:
Vanguard Windsor Fund 7 $15,846 ($489) 7 $128,886
Vanguard Short-term Corporate
Bond Fund 6 8,278 40 13 85,979
Vanguard Index 500 Portfolio Fund 9 17,210 852 9 314,775
Vanguard Treasury Money Market
Portfolio Fund 9 13,649 16 242,893
Vanguard International Growth
Portfolio Fund 4 78
</TABLE>
14
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
Wesley Jessen Puerto Rico Savings Plan
--------------------------------------
(Name of plan)
Date June 9, 1997 /s/ Michael R. Southard
------------- -----------------------------------------
Michael R. Southard,
Vice President, Human Resources
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
23.1 Consent of Price Waterhouse LLP
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 of our report dated June 10, 1997 appearing on page 1 of
the Annual Report of Wesley Jessen Savings and Retirement Plan on Form 11-K for
the year ended December 31, 1996, our report dated June 10, 1997 appearing on
page 1 of the Annual Report of PBH Employees' Savings and Investment Plan on
Form 11-K for the year ended December 31, 1996, and our report dated May 13,
1997 appearing on page 1 of the Annual Report of Wesley Jessen Puerto Rico
Savings Plan on Form 11-K for the year ended December 31, 1996.
Price Waterhouse LLP
Chicago, Illinois
June 10, 1997
