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 .8%.

Verizon announced on Dec. 11, 2018 that it would slash its workforce by more than 10,000 through a voluntary buyout plan that offers eligible employees 60 weeks' salary, bonus, and benefits. The buyout plan went into effect on Jan. 1, 2019, as the company prepared to shed some of its 152,300 employees before it releases 5G phones next year.

Verizon Communications, Inc.'s (VZ) largest fund holders are, to no surprise, index funds. Here are the five largest mutual fund holders of Verizon Communications, as of Nov. 2020.

Vanguard Total Stock Market Index Fund (VTSMX)

The largest mutual fund holder, Vanguard Total Stock Mkt Idx Inv (VTSMX), owns 117.9 million shares of Verizon, or 2.85% of the company, as of Nov. 2, 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.

Vanguard 500 Index Fund (VFINX)

Vanguard 500 Index Inv (VFINX) is the second-largest mutual fund holder and owns 85.8 million shares of Verizon, or 2.07% of the company as of Nov. 2, 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. 

SPDR S&P 500 ETF (SPY)

The SPDR S&P 500 ETF (SPY) is Verizon's third-largest mutual fund holder with 43.6 million shares, or 1.05% of the company as of Nov. 2, 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 .86% of SPDR S&P 500's $277,588.75 billion portfolio.

Vanguard Wellington Fund (VWELX)

The Vanguard Wellington Fund is the fourth-largest mutual fund holder of Verizon with 42.55 million shares, or 1.0% of the company as of Dec. 11, 2018. Founded in 1929, VWELX is Vanguard’s oldest mutual fund and the nation’s oldest balanced fund. Verizon shares represent 2.15% of Vanguard Wellington's $102.6 billion portfolio.

Vanguard Institutional Index Fund (VINIX)

The Vanguard Institutional Index Fund is Verizon's fifth-largest mutual fund holder with 39.2 million shares, or 1.0% of the company as of Dec. 11, 2018. Like its peer, the Vanguard 500 Index Fund, VINIX seeks to track the performance of the S&P 500, which measures the investment returns of large-cap stocks. Verizon shares represent 1.03% of Vanguard Institutional's $218.0 billion portfolio.