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Verizon released its Q3 2020 earnings on Oct. 21, 2020. The company reported a total consolidated revenue decline of 3.6% year over year. Verizon Wireless saw a total revenue decline of 18.9% year over year, while service revenues declined 0.8%.

Verizon Communications, Inc.'s (VZ) largest fund holders are, to no surprise, index funds.

The five largest mutual fund holders of Verizon Communications (Reported as of Q3 2020)
Holder # Shares Date Reported % Outstanding $ Value
Vanguard Total Stock Market Index Fund 116,028,180 Sep 29, 2020 2.80% 6,902,516,428
Vanguard 500 Index Fund 84,888,288 Sep 29, 2020 2.05% 5,050,004,253
SPDR S&P 500 ETF Trust 44,584,356 Nov 29, 2020 1.08% 2,693,340,945
American Funds Washington Mutual Investors Fund 41,561,357 Sep 29, 2020 1.00% 2,472,485,127
Fidelity 500 Index Fund 37,291,202 Sep 29, 2020 0.90% 2,218,453,606
Source: Yahoo! Finance

1. Vanguard Total Stock Market Index Fund (VTSMX)

The largest mutual fund holder, Vanguard Total Stock Mkt Idx Inv (VTSMX), owns 116 million shares of Verizon, or 2.8% of the company, as of Q3, 2020. VTSMX was created in 1992 and is designed to give broad exposure to the total U.S. stock market by including small-, mid- and large-cap growth and value stocks. Verizon shares represent 0.8% of Vanguard Total Stock Market's $937.6 billion portfolio.

2. Vanguard 500 Index Fund (VFINX)

Vanguard 500 Index Inv (VFINX) is the second-largest mutual fund holder and owns 84.9 million shares of Verizon, or 2.05% of the company as of the third quarter of 2020. VFINX is the industry's first index fund for individual investors. Over 98% of its assets are invested in U.S. stocks covering a diversified spectrum of the largest U.S. companies, mirroring the S&P 500. Verizon shares represent less than 1% of Vanguard 500's $573.0 billion portfolio. 

3. SPDR S&P 500 ETF (SPY)

The SPDR S&P 500 ETF (SPY) is Verizon's third-largest mutual fund holder with 44.6 million shares, or 1.08% of the company as of Q3 2020. The first and most popular ETF in America, SPY is one of the most heavily-traded ETFs on the AMEX, selling as high as over 400 million shares in a day. This mutual fund mirrors the total return of the S&P 500, which tracks 500 of the largest companies in the US as according to Standard and Poor's index. Verizon shares represent 0.86% of SPDR S&P 500's $277,588.75 billion portfolio.

4. American Funds Washington Mutual Investors Fund (AWSHX)

The American Funds Washington Mutual Investors Funds (AWSHX) uses strict eligibility criteria to screen for companies across a broad array of industries with strong balance sheets and consistent dividends. The fund seeks to be fully invested and avoids companies that primarily derive revenue from alcohol or tobacco products. The fund holds 1% of outstanding Verizon shares, which also represent 2% of the fund's $134.4 billion portfolio.

5. Fidelity 500 Index (FXAIX)

The Vanguard 500 Index Index Fund (FXAIX) is one of the lowest-cost ways to access diversified exposure to the broader U.S. stock market. The fund is made up of the 500 largest American companies, which make up about 75% of the total U.S. equity market. As of Q3 2020, the fund holds 37.3 million shares of Verizon, or roughly 0.90% of the company. This accounts for 0.87% of the fund's portfolio. FXAIX has total assets of $275 billion and an expense ratio of just 0.015%.