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

|   |
|---|
|   |  |
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|   |
|---|
|   |  |
| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|                                          |
|------------------------------------------|
|                                          |  |  |
| Delaware                                 |   | 47-0210602 |
| (State of Incorporation)                 |   | (I.R.S. Employer |
|                                     |   | Identification No.) |
|                                     |   |   |
| 1025 Eldorado Blvd., Broomfield, CO      |   | 80021-8869 |
| (Address of principal executive offices) |   | (Zip Code) |

|                                        |
|----------------------------------------|
|                                        |  |  |
| Common Stock, par value $.01 per share |   | New York Stock Exchange |

|                                               |
|-----------------------------------------------|
|                                               |  |  |
| Large accelerated filer x                |   | Accelerated filer o |
|                                          |   |   |
| Non-accelerated filer o                  |   | Smaller reporting company o |
| (Do not check if a smaller reporting company) |   |   |

|                                        |
|----------------------------------------|
|                                        |  |  |
| Title                                  |   | Outstanding |
| Common Stock, par value $.01 per share |   | 345,534,473 as of February 26, 2015 |

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

----

----

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2014 |   | High |   | Low |
| First Quarter                |   | $ | 39.21 |  |   | $ | 31.01 |  |
| Second Quarter               |   | 45.60 |  |   | 36.37 |  |
| Third Quarter                |   | 47.50 |  |   | 41.17 |  |
| Fourth Quarter               |   | 50.05 |  |   | 38.05 |  |

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2013 |   | High |   | Low |
| First Quarter                |   | $ | 24.83 |  |   | $ | 19.67 |  |
| Second Quarter               |   | 23.99 |  |   | 19.34 |  |
| Third Quarter                |   | 27.36 |  |   | 20.34 |  |
| Fourth Quarter               |   | 33.19 |  |   | 26.36 |  |

----

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Plan Category                                          |   | Number of securities tobe issued upon exerciseof outstanding options,warrants and rights |   |   |   | Weighted-averageexercise price ofoutstanding options,warrants and rights |   |   |   | Number of securitiesremaining available forfuture issuance underequity compensation plans |   |   |
| Equity compensation plans approved by stockholders     |   | 4,220,739 |  |   | (1) |   | $ | 22.33 |  |   | (2) |   | 9,906,032 |  |   |   |
| Equity compensation plans not approved by stockholders |   | 783,748 |  |   | (3) |   | $ | 23.29 |  |   | (2) |   | 8,290,270 |  |   | (4) |

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |
| If Level 3 Stock Outperforms the S&P 500® Index by: | Then the Pre-multiplier Gain Is Multiplied bya Success Multiplier of: |
| 0% or Less                                                             | — |
| More than 0% but Less than 11%                                         | Outperformance percentage multiplied by 4/11 |
| 11% or More                                                            | 4 |

----

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                         | 12/09 |   | 12/10 |   | 12/11 |   | 12/12 |   | 12/13 |   | 12/14 |
| Level 3 common stock    | $ | 100.00 |  |   | $ | 64.05 |  |   | $ | 74.03 |  |   | $ | 100.70 |  |   | $ | 144.53 |  |   | $ | 215.16 |  |
| S&P 500® Index | 100.00 |  |   | 112.78 |  |   | 112.78 |  |   | 127.90 |  |   | 165.76 |  |   | 184.64 |  |
| NASDAQ Telecommunications    | 100.00 |  |   | 103.92 |  |   | 90.81 |  |   | 92.63 |  |   | 114.88 |  |   | 125.11 |  |

----

|                       |
|-----------------------|
|                       |  |  |  |  |  |
|                  |   |   |   |   |   |
|                  |   | LEVEL 3 COMMUNICATIONS, INC. |
|                  |   | By: |   | /s/ Neil J. Eckstein |
|                  |   |   |   | Neil J. Eckstein, Senior Vice President |
| Dated: March 20, 2015 |   |   |   |   |
|                  |   |   |   |   |