|  |  |  |
|--|--|--|
|  |

|  |  |  |
|--|--|--|
|  |

----

|                                                                                                                                                                                                                                                            |        |        |        |        |          |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|----------|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                                                                                                       |   |   |   |   | Page No. |
|                                                                                                                                                                                                                                                       |   |   |   |   |     |
| Report of Independent Registered Public Accounting Firm                                                                                                                                                                                                    |        |        |        |        | 3        |
|                                                                                                                                                                                                                                                       |        |        |        |        |     |
| Statements of Net Assets Available for Benefits at December 31, 2019 and 2018                                                                                                                                                                              |        |        |        |        | 4        |
|                                                                                                                                                                                                                                                       |        |        |        |        |     |
| Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2019 and 2018                                                                                                                                                  |        |        |        |        | 5        |
|                                                                                                                                                                                                                                                       |        |        |        |        |     |
| Notes to Financial Statements                                                                                                                                                                                                                              |        |        |        |        | 6        |
|                                                                                                                                                                                                                                                       |        |        |        |        |     |
| Supplemental Schedules: (1)                                                                                                                                                                                                                            |        |        |        |        |          |
| Schedule H, Line 4a – Schedule of Delinquent Participant Contributions                                                                                                                                                                               |        |        |        |        | 13       |
|                                                                                                                                                                                                                                                            |        |        |        |        |          |
| Schedule H, Line 4i – Schedule of Assets (Held at End of Year)                                                                                                                                                                                       |        |        |        |        | 14       |
|                                                                                                                                                                                                                                                            |        |        |        |        |          |
| Signature                                                                                                                                                                                                                                                  |        |        |        |        | 15       |
|                                                                                                                                                                                                                                                       |        |        |        |        |     |
| Exhibit                                                                                                                                                                                                                                                    |        |        |        |        |     |
| Exhibit No. 23.1 – Consent of KPMG LLP (Independent Registered Public Accounting Firm) (filed herewith)                                                                                                                                              |        |        |        |        |          |
|                                                                                                                                                                                                                                                            |        |        |        |        |          |
| (1) Schedules not listed above are omitted because of the absence of conditions under which they are required under the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 |        |        |        |        |          |

----

----

|                                                 |  |               |               |        |               |               |        |  |  |  |  |  |  |  |
|-------------------------------------------------|--|---------------|---------------|--------|---------------|---------------|--------|--|--|--|--|--|--|--|
| (Amounts in thousands)                          |  | 2019          |               | 2018   |
| Assets                                          |  |          |               |   |
| Investments at fair value:                  |  |          |               |   |
| Mutual funds                                    |  | $             | 288,332  |   |               | 246,680  |   |
| Common and preferred stocks                     |  | 63,732   |          |        | 47,019   |          |
| Collective trust                                |  | 18,974   |          |        | 21,116   |          |
| Self-directed brokerage accounts                |  | 11,492   |          |        | 9,509    |          |
| Total investments                               |  | 382,530  |          |        | 324,324  |          |
|                                                 |  |               |               |        |
| Receivables:                                |  |          |               |   |
| Notes receivable from participants              |  | 5,084    |          |        | 5,196    |          |
| Participant contributions                       |  | 167      |          |        | 620      |          |
| Employer contributions                          |  | 406      |          |        | 630      |          |
| Other receivables                               |  | —  |          |        | 15       |          |
| Total receivables                               |  | 5,657    |          |        | 6,461    |          |
| Total Assets                                    |  | 388,187  |          |        | 330,785  |          |
|                                                 |  |               |               |        |
| Liabilities                                     |  |          |               |   |
| Administrative expenses payable                 |  | 17       |          |        | —  |          |
| Excess participant contributions payable        |  | 2        |          |        | 5        |          |
| Net assets available for benefits               |  | $             | 388,168  |   |               | 330,780  |   |
|                                                 |  |               |               |        |
| See accompanying notes to financial statements. |  |               |               |        |

----

|                                                              |  |               |               |        |               |               |        |  |  |  |  |  |  |  |
|--------------------------------------------------------------|--|---------------|---------------|--------|---------------|---------------|--------|--|--|--|--|--|--|--|
| (Amounts in thousands)                                       |  | 2019          |               | 2018   |
| Additions to net assets attributed to:                   |  |          |               |   |
| Contributions:                                           |  |          |               |   |
| Participant                                                  |  | $             | 13,997   |   |               | 15,496   |   |
| Employer                                                     |  | 10,717   |          |        | 10,745   |          |
| Total contributions                                          |  | 24,714   |          |        | 26,241   |          |
|                                                              |  |               |               |        |
| Investment income (loss):                                |  |          |               |   |
| Net appreciation (depreciation) in fair value of investments |  | 79,156   |          |        | (40,058)      |          |
| Dividend income                                              |  | 9,304    |          |        | 9,689    |          |
| Total investment income (loss)                               |  | 88,460   |          |        | (30,369)      |          |
|                                                              |  |               |               |        |
| Interest income on notes receivable from participants        |  | 282      |          |        | 251      |          |
|                                                              |  |               |               |        |
| Total additions                                              |  | 113,456  |          |        | (3,877)       |          |
|                                                              |  |               |               |        |
| Deductions to net assets attributed to:                  |  |          |               |   |
| Participant withdrawals                                      |  | (55,857)      |          |        | (26,073)      |          |
| Corrective distribution of excess contributions              |  | (2)           |          |        | (5)           |          |
| Administrative expenses                                      |  | (209)         |          |        | (210)         |          |
| Total deductions                                             |  | (56,068)      |          |        | (26,288)      |          |
| Net increase (decrease) in net assets available for benefits |  | 57,388   |          |        | (30,165)      |          |
| Net assets available for benefits at beginning of period     |  | 330,780  |          |        | 360,945  |          |
| Net assets available for benefits at end of period           |  | $             | 388,168  |   |               | 330,780  |   |
|                                                              |  |               |               |        |
| See accompanying notes to financial statements.              |  |               |               |        |

----

----

|                           |  |                   |  |  |  |  |  |  |
|---------------------------|--|-------------------|--|--|--|--|--|--|
| Years of Service          |  | Vested Percentage |
| Less than 1               |  | 0%                |
| 1 or more but less than 2 |  | 20%               |
| 2 or more but less than 3 |  | 30%               |
| 3 or more but less than 4 |  | 45%               |
| 4 or more but less than 5 |  | 60%               |
| 5 or more but less than 6 |  | 80%               |
| 6 or more                 |  | 100%              |

----

----

----

|                                   |  |      |             |        |  |             |        |  |  |  |  |  |  |  |
|-----------------------------------|--|------|-------------|--------|--|-------------|--------|--|--|--|--|--|--|--|
|                              |  | 2019 |             | 2018   |
| GCI Liberty Series A common stock |  | $    | 70.85  |   |  | 41.16  |   |
| GCI Liberty Preferred Stock       |  | $    | 26.48  |   |  | 24.23  |   |

----

|                                                                          |  |              |               |             |               |                  |        |  |               |               |        |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------|--|--------------|---------------|-------------|---------------|------------------|--------|--|---------------|---------------|--------|--|--|--|--|--|--|--|--|--|
| December 31, 2019                                                        |  | Level 1 (1)  |               | Level 2 (2) |               | Total fair value |
| Mutual funds                                                             |  | $            | 288,332  |        |               | —     |   |  |               | 288,332  |   |
| Common and preferred stocks                                              |  | 63,732  |          |             | —  |             |        |  | 63,732   |          |
| Self-directed brokerage accounts                                         |  | 10,911  |          |             | 581      |             |        |  | 11,492   |          |
| Collective trust                                                         |  | 18,974  |          |             | —  |             |        |  | 18,974   |          |
| Total investments at fair value                                          |  | $            | 381,949  |        |               | 581         |   |  | 382,530  |          |
|                                                                          |  |              |               |             |               |                  |
| December 31, 2018                                                        |  |         |               |             |               |                  |
| Mutual funds                                                             |  | $            | 246,680  |        |               | —     |   |  |               | 246,680  |   |
| Common and preferred stocks                                              |  | 47,019  |          |             | —  |             |        |  | 47,019   |          |
| Self-directed brokerage accounts                                         |  | 9,269   |          |             | 240      |             |        |  | 9,509    |          |
| Collective trust                                                         |  | 21,116  |          |             | —  |             |        |  | 21,116   |          |
| Total investments at fair value                                          |  | $            | 324,084  |        |               | 240         |   |  | 324,324  |          |
|                                                                          |  |              |               |             |               |                  |
| (1) Quoted prices in active markets for identical assets or liabilities. |  |              |               |             |               |                  |
| (2) Significant other observable inputs                                  |  |              |               |             |               |                  |
|                                                                          |  |              |               |             |               |                  |

|                              |  |                                   |               |        |         |                                                              |        |     |              |        |  |  |  |  |  |  |  |  |  |  |
|------------------------------|--|-----------------------------------|---------------|--------|---------|--------------------------------------------------------------|--------|-----|--------------|--------|--|--|--|--|--|--|--|--|--|--|
|                              |  | Net Assets Available for Benefits |               |        |         | Net Increase (Decrease) in Net Assets Available for Benefits |
|                         |  | 2019                              |               | 2018   |         | 2019                                                         |
| Per financial statements     |  | $                                 | 388,168  |   |         | 330,780                                                 |   |     | 57,388  |   |
| Accrued excess contributions |  | 2                            |          |        | 5  |                                                         |        | (3) |         |
| Per Form 5500                |  | $                                 | 388,170  |   |         | 330,785                                                 |   |     | 57,385  |   |

----

|                                       |  |              |               |        |              |              |        |  |  |  |  |  |  |  |
|---------------------------------------|--|--------------|---------------|--------|--------------|--------------|--------|--|--|--|--|--|--|--|
|                                  |  | 2019         |               | 2018   |
| GCI Liberty Series A common stock     |  | $            | 57,044   |   |              | 39,762  |   |
| GCI Liberty Preferred Stock           |  | 6,688   |          |        | 7,257   |         |
| Fidelity Total Market Index Fund      |  | 28,812  |          |        | 23,659  |         |
| Self-directed brokerage accounts      |  | 11,492  |          |        | 9,509   |         |
| Participant loans                     |  | 5,084   |          |        | 5,196   |         |
| Total parties-in-interest investments |  | $            | 109,120  |   |              | 85,383  |   |

----

|                                                    |              |                                                                |  |                                      |        |                                          |             |                                                   |  |               |        |  |              |        |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------|--------------|----------------------------------------------------------------|--|--------------------------------------|--------|------------------------------------------|-------------|---------------------------------------------------|--|---------------|--------|--|--------------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
| (Amounts in thousands)                             |              |  Total That Constitutes Nonexempt Prohibited Transactions |  |                                      |        |                                          |             |                                                   |
| Participant Contributions Transferred Late to Plan |              | Contributions Not Corrected                                    |  | Contributions Corrected Outside VFCP |        | Contributions Pending Correction in VFCP |             | Total Fully Corrected Under VFCP and  PTE 2002-51 |
| $                                                  | 21,817  |                                                           |  | 53                              |   |                                          | 5,160  |                                              |  | —  |   |  | 16,604  |   |

----

|                                                       |                                                                           |                                                               |               |                   |               |        |  |  |  |  |  |  |  |  |
|-------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------|---------------|-------------------|---------------|--------|--|--|--|--|--|--|--|--|
| (Amounts in thousands, except share and unit amounts) |                                                                           |                                                               |               |                   |
| (a)                                                   | (b) Identity of Issue                                                     | (c) Description of Investment                                 | (d) Cost      | (e) Current Value |
|                                                  | Common Stock:                                                         |                                                          |          |              |
| *                                                     | GCI Liberty Series A common stock                                         | 805,097 shares                                                | **            | $                 | 57,044   |   |
| *                                                     | GCI Liberty Series A Cumulative Redeemable Preferred Stock                | 252,526 shares                                                | **            | 6,688        |          |
|                                                  |                                                                      |                                                          |          | 63,732       |          |
|                                                       |                                                                           |                                                               |               |                   |
|                                                  | Mutual Fund Investments:                                              |                                                          |          |              |
|                                                  | American Funds EuroPacific Growth Fund R-4                                | 302,928 shares                                                | **            | 16,828       |          |
|                                                       | DFA US Targeted Value I                                                   | 631,860 shares                                                | **            | 14,647       |          |
|                                                       | Dodge & Cox Income Fund                                               | 1,100,638 shares                                              | **            | 15,442       |          |
| *                                                     | Fidelity Total Market Index Fund                                          | 318,048 shares                                                | **            | 28,812       |          |
|                                                  | Harbor Capital Appreciation Fund                                          | 358,648 shares                                                | **            | 27,150       |          |
|                                                       | JPMorgan Equity Income Fund                                               | 1,050,860 shares                                              | **            | 20,429       |          |
|                                                  | Vanguard Small Cap Growth Index                                           | 277,499 shares                                                | **            | 15,526       |          |
|                                                  | Vanguard Target Retirement 2020                                           | 1,069,937 shares                                              | **            | 25,796       |          |
|                                                  | Vanguard Target Retirement 2030                                           | 1,884,483 shares                                              | **            | 47,338       |          |
|                                                  | Vanguard Target Retirement 2040                                           | 1,845,020 shares                                              | **            | 47,749       |          |
|                                                  | Vanguard Target Retirement 2050                                           | 784,091 shares                                                | **            | 20,559       |          |
|                                                  | Vanguard Target Retirement 2060                                           | 143,121 shares                                                | **            | 3,773        |          |
|                                                  | Vanguard Target Retirement Income                                         | 189,350 shares                                                | **            | 4,283        |          |
|                                                  |                                                                      |                                                          |          | 288,332      |          |
|                                                       |                                                                           |                                                               |               |                   |
| *                                                     | Self-directed brokerage accounts                                          | 4,693,964 shares                                              | **            | 11,492       |          |
|                                                       |                                                                           |                                                               |               |                   |
|                                                  | Collective Trust:                                                     |                                                          |          |              |
|                                                  | Morley Stable Value Fund                                                  | 695,800 shares                                                | **            | 18,974       |          |
|                                                  |                                                                      |                                                          |          | 382,530      |          |
|                                                  |                                                                      |                                                          |          |              |
| *                                                     | Participant loans                                                         | Interest bearing at 4.25% to 6.50%, due through December 2024 | —  |              | 5,084    |   |
|                                                  |                                                                      |                                                          |          | $                 | 387,614  |   |
|                                                  |                                                                      |                                                          |          |              |
| *                                                     | Party-in-interest                                                         |                                                          |          |              |
| **                                                    | Not required for participant directed investments                         |                                                               |          |              |
|                                                  |                                                                      |                                                          |          |              |
|                                                  | See accompanying report of independent registered public accounting firm. |                                                               |               |              |

----

|           |                          |  |  |  |  |
|-----------|--------------------------|--|--|--|--|
| By:   | /s/ Peter Pounds |
|           | Peter Pounds             |
|           | Plan Committee Member    |
|           |                          |
| Date: | June 23, 2020            |