Securities and Exchange Commission
Washington, D.C. 20549
Form 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 1-7784
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
CENTURY TELEPHONE ENTERPRISES, INC.
100 CENTURY PARK DRIVE
MONROE, LA 71203
<PAGE>
Independent Auditors' Report
The Board of Directors
Century Telephone Enterprises, Inc.:
We have audited the accompanying statements of assets available for benefits
with fund information of Century Telephone Enterprises, Inc. Dollars and Sense
Plan as of December 31, 1995 and 1994, and the related statement of changes in
assets available for benefits with fund information for the year ended December
31, 1995. 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 in accordance with generally accepted auditing
standards. 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. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for benefits of Century Telephone
Enterprises, Inc. Dollars and Sense Plan as of December 31, 1995 and 1994, and
the changes in assets available for benefits for the year ended December 31,
1995, in conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes and reportable transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are 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. The fund information in the
statements of assets available for benefits and the statement of changes 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 plan benefits of each fund. The supplemental schedules and
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.
KPMG PEAT MARWICK LLP
/s/ KPMG PEAT MARWICK LLP
Shreveport, Louisiana
June 6, 1996
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Assets Available for Benefits With Fund Information
December 31, 1995
<TABLE>
<CAPTION>
Century Asset Growth Money Bond
Common Allocation Stock S & P 500 Market Loan Index
Stock Fund Fund Fund Stock Fund Fund Fund Fund Sub-total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLAN ASSETS
Investments, at fair value $ 23,456,425 6,256,726 6,078,920 4,968,690 3,145,384 3,313,894 1,156,298 48,376,337
Cash 370,702 - - - - - - 370,702
Contributions receivable - employer 339,590 - - - - - - 339,590
Contributions receivable - employee - - 2,882 2,882 - - 3,842 9,606
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS AVAILABLE
FOR BENEFITS $ 24,166,717 6,256,726 6,081,802 4,971,572 3,145,384 3,313,894 1,160,140 49,096,235
====================================================================================================================================
Lifepath Lifepath Lifepath Lifepath Lifepath Sweep Combined
Sub-total 2000 Fund 2010 Fund 2020 Fund 2030 Fund 2040 Fund Account Funds
- ------------------------------------------------------------------------------------------------------------------------------------
PLAN ASSETS
Investments, at fair value $ 48,376,337 98,524 324,042 221,052 29,168 76,688 - 49,125,811
Cash 370,702 - - - - - - 370,702
Contributions receivable - employer 339,590 - - - - - - 339,590
Contributions receivable - employee 9,606 - - - - - - 9,606
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS AVAILABLE
FOR BENEFITS $ 49,096,235 98,524 324,042 221,052 29,168 76,688 - 49,845,709
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statements of Assets Available for Benefits With Fund Information
December 31, 1994
<TABLE>
<CAPTION>
Century Asset Growth Money Bond
Common Allocation Stock S & P 500 Market Loan Index
Stock Fund Fund Fund Stock Fund Fund Fund Fund Sub-total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PLAN ASSETS
Investments, at fair value $ 20,003,759 4,582,797 3,630,195 3,237,778 2,558,322 2,774,156 884,911 37,671,918
Cash 203,405 - - - - - - 203,405
Contributions receivable - employer 371,630 - - - - - - 371,630
Contributions receivable - employee 1,147 250 330 132 282 - 24 2,165
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS AVAILABLE
FOR BENEFITS $ 20,579,941 4,583,047 3,630,525 3,237,910 2,558,604 2,774,156 884,935 38,249,118
====================================================================================================================================
Lifepath Lifepath Lifepath Lifepath Lifepath Sweep Combined
Sub-total 2000 Fund 2010 Fund 2020 Fund 2030 Fund 2040 Fund Account Funds
- ------------------------------------------------------------------------------------------------------------------------------------
PLAN ASSETS
Investments, at fair value $ 37,671,918 - - - - - - 37,671,918
Cash 203,405 - - - - - - 203,405
Contributions receivable - employer 371,630 - - - - - - 371,630
Contributions receivable - employee 2,165 - - - - - - 2,165
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS AVAILABLE
FOR BENEFITS $ 38,249,118 - - - - - - 38,249,118
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statement of Changes in Assets Available for Benefits With Fund Information
For the Year Ended December 31, 1995
<TABLE>
<CAPTION>
Century Asset Growth Money Bond
Common Allocation Stock S & P 500 Market Loan Index
Stock Fund Fund Fund Stock Fund Fund Fund Fund Sub-total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income
Net appreciation in
fair value of investments $ 1,644,138 1,136,830 804,553 1,087,689 - - 107,929 4,781,139
Dividend and interest income 253,420 209,322 651,867 167,753 149,979 316,101 70,825 1,819,267
- -----------------------------------------------------------------------------------------------------------------------------------
Total investment income 1,897,558 1,346,152 1,456,420 1,255,442 149,979 316,101 178,754 6,600,406
- -----------------------------------------------------------------------------------------------------------------------------------
Contributions
Participants 1,816,213 738,641 833,431 615,819 359,514 - 176,011 4,539,629
Company 2,106,671 - - - - - - 2,106,671
- -----------------------------------------------------------------------------------------------------------------------------------
Total contributions 3,922,884 738,641 833,431 615,819 359,514 - 176,011 6,646,300
- -----------------------------------------------------------------------------------------------------------------------------------
Participant withdrawals (641,710) (143,789) (154,227) (167,748) (472,777) (145,494) (44,242) (1,769,987)
Other, net (20,367) (8,320) 2,735 (5,797) 35,062 - (986) 2,327
Transfers between funds, net (1,571,589) (259,005) 312,918 35,946 515,002 369,131 (34,332) (631,929)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase 3,586,776 1,673,679 2,451,277 1,733,662 586,780 539,738 275,205 10,847,117
Assets available for benefits:
Beginning of year 20,579,941 4,583,047 3,630,525 3,237,910 2,558,604 2,774,156 884,935 38,249,118
- -----------------------------------------------------------------------------------------------------------------------------------
End of year $ 24,166,717 6,256,726 6,081,802 4,971,572 3,145,384 3,313,894 1,160,140 49,096,235
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Statement of Changes in Assets Available for Benefits With
Fund Information, Continued
For the Year Ended December 31, 1995
<TABLE>
<CAPTION>
Lifepath Lifepath Lifepath Lifepath Lifepath Sweep Combined
Sub-total 2000 Fund 2010 Fund 2020 Fund 2030 Fund 2040 Fund Account Funds
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment income
Net appreciation
in fair value of investments $ 4,781,139 1,231 16,393 9,908 1,621 4,507 - 4,814,799
Dividend and interest income 1,819,267 2,981 9,690 7,145 683 2,560 4 1,842,330
- -----------------------------------------------------------------------------------------------------------------------------------
Total investment income 6,600,406 4,212 26,083 17,053 2,304 7,067 4 6,657,129
- -----------------------------------------------------------------------------------------------------------------------------------
Contributions
Participants 4,539,629 5,098 23,396 14,446 13,944 24,255 - 4,620,768
Company 2,106,671 - - - - - - 2,106,671
- -----------------------------------------------------------------------------------------------------------------------------------
Total contributions 6,646,300 5,098 23,396 14,446 13,944 24,255 - 6,727,439
- -----------------------------------------------------------------------------------------------------------------------------------
Participant withdrawals (1,769,987) - - - (477) - (7,827) (1,778,291)
Other, net 2,327 (3) (88) (4,889) (9) (63) (6,961) (9,686)
Transfers between funds, net (631,929) 89,217 274,651 194,442 13,406 45,429 14,784 -
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase 10,847,117 98,524 324,042 221,052 29,168 76,688 - 11,596,591
Assets available for benefits:
Beginning of year 38,249,118 - - - - - - 38,249,118
- -----------------------------------------------------------------------------------------------------------------------------------
End of year $ 49,096,235 98,524 324,042 221,052 29,168 76,688 - 49,845,709
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Notes to Financial Statements
December 31, 1995
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PROVISIONS OF THE PLAN
Basis of Presentation
The Century Telephone Enterprises, Inc. Dollars and Sense Plan (the Plan)
was established on May 1, 1986. The accompanying financial statements of the
Plan have been prepared on the accrual basis of accounting and present the
assets available for benefits and changes in assets available for benefits.
The assets of the Plan are invested by the Trustee in various investment
programs (funds) which are described in Note 2.
The following description of the Plan provides only general information.
Participants should refer to the Plan Document for a more complete
description of the Plan's provisions.
Participation
Participation in the Plan is available to each employee of Century Telephone
Enterprises, Inc. and its participating subsidiaries (the Company), other
than those who are classified as associate employees, temporary employees,
or employees who are covered under a collective bargaining agreement.
In order to participate in the Plan, an employee must execute a Salary
Deferral Agreement with the Company. In the Salary Deferral Agreement, an
employee agrees to a deferral of between one percent and ten percent of
compensation, excluding bonuses, overtime pay and certain other non-salary
compensation. The amount of compensation deferred by each participant is
credited to an account (Participant Contribution Account) maintained for
each participant by the Trustee. The Participant Contribution Account is
self-directed.
As of the end of each payroll period, the Company contributes to the account
(Employer Contribution Account) of each participant a contribution equal to
50% (45% prior to April 1994) of each such participant's contribution during
such payroll period, however, this matching contribution applies only to the
first 6% of such participant's compensation contributed to the Plan. The
Board of Directors of the Company may, at its discretion, elect at the end
of each year to contribute an additional amount to the Plan. Company
contributions may be made in cash or Century Telephone Enterprises, Inc.
Common Stock (Century Common Stock). If made in cash, such cash is applied
by the Trustee to the purchase of Century Common Stock.
<PAGE>
An employee is permitted to transfer to the Plan as a contribution his
interest in another plan qualified under Section 401(k) of the Internal
Revenue Code, as amended (the Code). Such contribution must qualify as a
"rollover" amount described in Section 402(a)(5) of the Code, or a
"rollover" contribution described in Section 408(d)(3) of the Code. Such a
rollover will be credited to a rollover account on behalf of the participant
(the Participant Rollover Account).
The interest of a participant in his Participant Contribution Account, his
Participant Rollover Account and his Employer Contribution Account is fully
vested and non-forfeitable at all times.
Reports to Participants
All participants are furnished with quarterly statements which set forth the
status of their accounts in the Plan.
Distributions
If the employment of a participant with the employer ceases because of
death, retirement, disability, termination of employment or for any other
reason, the participant's entire interest in the Plan will be distributed to
him or to his beneficiary in a lump sum. If the participant dies without
designating a beneficiary, his interest in the Plan will be paid to his
spouse, if any.
Withdrawals
No withdrawals will be permitted from an Employer Contribution Account. A
withdrawal may be made from a Participant Contribution Account or a Rollover
Account only as a result of financial hardship related to unreimbursable
educational expenses, medical expenses which are not reimbursable by
insurance, the need to pay for the funeral expenses of a family member, or
the prevention of eviction or foreclosure from the Participant's principal
residence. The determination of the existence of a financial hardship and
the amount required to be distributed to meet the need created by the
hardship shall be made uniformly and without discrimination at the sole
discretion of the Plan Administrator.
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 the Employee Retirement Income
Security Act of 1974.
<PAGE>
Loans to Participants
The Plan has a provision whereby a participant can borrow from his
Participant Contribution Account or Participant Rollover Account. The
maximum loan is 50% of the account balance, up to $50,000. The loans are
repaid through payroll deductions and the interest rate is the Wells Fargo
Bank, N.A. (Wells Fargo) prime rate plus 3%. The loan repayment period may
not exceed five years except for loans for the purchase of the Participant's
principal residence which may be for any period not to exceed ten years.
Trustee
The Trustee of the Plan, as of December 31, 1995, was Wells Fargo. The Board
of Directors of the Company may remove the Trustee and appoint a successor
trustee. The Company and the Trustee have entered into a Trust Agreement
which provides for the establishment of a Trust for the purpose of holding
and investing the contributions to the Trust pursuant to the provisions of
the Plan.
Administration
The Company has appointed a committee to administer the Plan. The
individuals who administer the Plan serve at the discretion of the Board of
Directors of the Company and may be removed by the Board of Directors at any
time. The cost of plan administration is paid by the Company.
Market Value Determination
Investments in Century Common Stock are valued at the closing market quote
on December 31, 1995 and 1994, respectively. Other investments in the funds,
which consist of units of mutual funds, are valued by the Trustee based on
the market value at year-end of the underlying assets of each fund. Loans to
participants are valued at principal amount outstanding which approximates
market value.
Reclassification
Certain amounts previously reported for prior years have been reclassified
to conform with the 1995 presentation.
<PAGE>
(2) DESCRIPTION OF THE FUNDS
The following is a description of each of the funds available to Plan
participants as of December 31, 1995:
(a) Century Common Stock Fund - consists of shares of Century Common Stock
(47.1% and 52.3% of assets at December 31, 1995 and 1994, respectively).
(b) Asset Allocation Fund - consists primarily of investments in common
stocks, U. S. Treasury bonds and money market instruments (12.6% and
12.0% of assets at December 31, 1995 and 1994, respectively).
(c) Growth Stock Fund - consists primarily of investments in common stocks
(12.2% and 9.5% of assets at December 31, 1995 and 1994, respectively).
(d) S & P 500 Stock Fund - consists primarily of investments in the same
stocks and in substantially the same percentages as the S & P 500 Index
(10.0% and 8.5% of assets at December 31, 1995 and 1994, respectively).
(e) Money Market Fund - consists primarily of short-term investments in
various money market instruments (6.3% and 6.7% of assets at December
31, 1995 and 1994, respectively).
(f) Loan Fund - represents loans to participants from the participants'
investment accounts (6.6% and 7.2% of assets at December 31, 1995 and
1994, respectively).
(g) Bond Index Fund - consists primarily of investments in government and
corporate bonds (2.3% of assets at December 31, 1995 and 1994).
(h) Lifepath 2000 Fund - consists primarily of investments in U.S. and
foreign equity and debt securities and money market instruments and is
managed for investors planning to retire (or begin to withdraw
substantial portions of their investment) around the year 2000 (.2% of
assets at December 31, 1995).
(i) Lifepath 2010 Fund - consists primarily of investments in U.S. and
foreign equity and debt securities and money market instruments and is
managed for investors planning to retire (or begin to withdraw
substantial portions of their investment) around the year 2010 (.7% of
assets at December 31, 1995).
<PAGE>
(j) Lifepath 2020 Fund - consists primarily of investments in U.S. and
foreign equity and debt securities and money market instruments and is
managed for investors planning to retire (or begin to withdraw
substantial portions of their investment) around the year 2020 (.4% of
assets at December 31, 1995).
(k) Lifepath 2030 Fund - consists primarily of investments in U.S. and
foreign equity and debt securities and money market instruments and is
managed for investors planning to retire (or begin to withdraw
substantial portions of their investment) around the year 2030 (.1% of
assets at December 31, 1995).
(l) Lifepath 2040 Fund - consists primarily of investments in U.S. and
foreign equity and debt securities and money market instruments and is
managed for investors planning to retire (or begin to withdraw
substantial portions of their investment) around the year 2040 (.2% of
assets at December 31, 1995).
A participant may instruct that his contribution be allocated among the
various funds. A participant may change his investment allocation
instructions at any time, however, a participant can only change his
contribution percentage on a quarterly basis.
All amounts allocated to a participant's Employer Contribution Account are
invested in Century Common Stock. Participants who have not attained age 55
have no power to transfer amounts from an Employer Contribution Account to
an investment fund other than the Century Common Stock Fund. Participants
who have attained age 55 may redirect the investment of the balance in their
Employer Contribution Account.
(3) INCOME TAXES
The Plan and related trust meet the necessary requirements of Internal
Revenue Code Section 401(a) and, accordingly, the trust underlying the Plan
is exempt from income taxation pursuant to Internal Revenue Code Section
501(a). A favorable determination letter was obtained in March 1988 prior to
required amendments to the Plan due to the Tax Reform Act of 1986 and
restatement due to the change in the Trustee. The Plan is in the process of
obtaining a determination letter for the restated Plan.
(4) RELATED PARTY TRANSACTIONS
Certain Plan investments are shares of mutual funds managed by Wells Fargo.
Wells Fargo is the Trustee as defined by the Plan and, therefore, these
transactions qualify as party-in-
<PAGE>
interest transactions. Fees paid by the Company to Wells Fargo for trustee,
investment management, record keeping and other services amounted to
$153,099 for the year ended December 31, 1995.
(5) CONCENTRATION OF INVESTMENTS
As of December 31, 1995, 47.1% of the assets available for benefits were
invested in Century Common Stock. Substantially all of the remaining assets
available for benefits were invested in mutual funds managed by Wells Fargo.
(6) COMPANY/PARTICIPANT DIRECTED FUNDS
The Century Common Stock Fund includes contributions from the Company and
participants. Participant contributions are directed solely by the
participants. Contributions from the Company are directed by the Company,
except for contributions made on behalf of participants who are age 55 or
older. Such contributions can be redirected by these participants to the
funds of their choice. All other funds are participant directed.
The Trustee does not maintain separate records for the Company directed and
the participant directed portions of the Century Common Stock Fund,
therefore, the Statement of Assets Available for Benefits and the Statement
of Changes in Assets Available for Benefits include the combined balances
and activity for the Century Common Stock Fund.
(7) SUBSEQUENT EVENTS
Effective January 1, 1996, BZW Barclays Global Investors N.A. replaced Wells
Fargo as Trustee of the Plan due to a change in control of the outstanding
voting securities of certain Wells Fargo subsidiaries.
Effective in July 1996, the percentage of compensation a participant elects
to defer will apply to the participant's base pay plus certain incentive
compensation received, including cash bonuses, commissions, and lump sums
granted in lieu of pay increases.
<PAGE>
Schedule I
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1995
<TABLE>
<CAPTION>
Identity of issuer, borrower, Description Current
lessor or similar party of Investment Cost Value
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment in Century Common Stock 1,672,079 units/
738,785 shares $ 19,921,196 23,456,425 Note 2
Loan Fund (interest rates ranged
from 9% to 12%) 3,313,894 3,313,894 Note 2
Wells Fargo Money Market Account 370,702 units 370,702 370,702
Investments in Mutual Funds for
Qualified Employee Benefit Plans
Managed by Wells Fargo:
Asset Allocation Fund 532,487 units 5,421,122 6,256,726 Note 2
Growth Stock Fund 438,595 units 5,135,804 6,078,920 Note 2
S & P 500 Stock Fund 369,694 units 3,949,314 4,968,690 Note 2
Money Market Fund 3,145,384 units 3,145,384 3,145,384 Note 2
Bond Index Fund 116,445 units 1,133,301 1,156,298
Lifepath 2000 Fund 9,277 units 97,618 98,524
Lifepath 2010 Fund 28,676 units 309,089 324,042
Lifepath 2020 Fund 18,845 units 212,554 221,052
Lifepath 2030 Fund 2,417 units 27,624 29,168
Lifepath 2040 Fund 6,170 units 72,974 76,688
- --------------------------------------------------------------------------------------------------
$ 43,110,576 49,496,513
==================================================================================================
</TABLE>
Notes: (1) The above data is based on information which has been certified as
accurate and complete by the trustee, Wells Fargo Bank, N.A. Wells
Fargo Bank, N. A. sponsors these funds and, accordingly, is a
party-in-interest. Additionally, Century Telephone Enterprises,Inc.,
as sponsor of the Plan, is considered a party-in-interest.
(2) These investments are greater than 5% of assets available for
benefits.
<PAGE>
Schedule II
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Item 27d - Schedule of Reportable Transactions
For the Year Ended December 31, 1995
<TABLE>
<CAPTION>
Current Value of
Redemption Asset at Date of
Purchase or Selling Lease Expense Cost of Acquisition or Net
Description of Transaction Price Price Rental Incurred Asset Disposition Gain
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
(Note 2)
Category (3) - A series of transactions in
- ------------------------------------------
excess of 5% of beginning of year Plan
--------------------------------------
assets available for benefits
-----------------------------
Investments in Century Common Stock
(82 purchases, 157 sales) $ 4,639,192 2,916,787 - - 2,530,667 (Note 3) 386,120
Investments in Mutual Funds for
Qualified Employee Benefit Plans
Managed by Wells Fargo:
Asset Allocation Fund
(95 purchases, 123 sales) 1,377,029 839,930 - - 806,127 (Note 3) 33,803
Growth Stock Fund
(109 purchases, 116 sales) 2,332,791 688,619 - - 554,201 (Note 3) 134,418
S & P 500 Stock Fund
(95 purchases, 131 sales) 1,275,782 632,560 - - 550,219 (Note 3) 82,341
Money Market Fund
(104 purchases, 92 sales) 1,721,788 1,262,450 - - 1,262,450 (Note 3) -
</TABLE>
Notes: (1) The above data is based on information which has been certified as
accurate and complete by the trustee, Wells Fargo Bank, N.A.
Wells Fargo Bank, N.A. sponsors these funds and, accordingly,is
a party-in-interest. Additionally, Century Telephone Enterprises,
Inc., as sponsor of the Plan, is considered a party-in-interest.
(2) The purchase price denotes cost and current value of the security
on the transaction date.
(3) Current value is substantially the same as purchase price or
selling price of the security on the transaction date.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan
Administration Committee has duly caused this annual report to be signed on
its behalf by the undersigned thereunto duly authorized.
Century Telephone Enterprises, Inc.
Dollars and Sense Plan
June 21, 1996 /s/ Ray B. Finney
------------------
Ray B. Finney
Plan Administration Committee Member
<PAGE>
CENTURY TELEPHONE ENTERPRISES, INC.
DOLLARS AND SENSE PLAN
Index to Exhibit
Exhibit
Number
- --------------------------------------------------------------------------
23.1 Independent Auditors' Consent
<PAGE>
EXHIBIT 23.1
------------
INDEPENDENT AUDITORS' CONSENT
-----------------------------
The Board of Directors
Century Telephone Enterprises, Inc.:
We consent to incorporation by reference in the Registration Statements (No.
33-5836 and No. 33-48554) on Form S-8 of Century Telephone Enterprises, Inc. of
our report dated June 6, 1996, relating to the statements of assets available
for benefits with fund information of Century Telephone Enterprises, Inc.
Dollars and Sense Plan as of December 31, 1995 and 1994, and the related
statement of changes in assets available for benefits with fund information for
the year ended December 31, 1995, and related financial statement schedules as
of and for the year ended December 31, 1995, which report appears in the
December 31, 1995 annual report on Form 11-K of Century Telephone Enterprises,
Inc. Dollars and Sense Plan.
KPMG PEAT MARWICK LLP
/s/ KPMG PEAT MARWICK LLP
Shreveport, Louisiana
June 21, 1996
