SCHEDULE: Vanguard Group Reports Zero NiSource Beneficial Ownership

The Vanguard Group reports zero beneficial ownership in NiSource Inc. common stock following an internal realignment.

Summary

• The Vanguard Group, Inc. filed an Amendment No. 16 to Schedule 13G for NiSource Inc. common stock.
• As of March 13, 2026, The Vanguard Group reports 0.00 shares beneficially owned, representing 0% of the class.
• This change follows an internal realignment at The Vanguard Group, Inc. on January 12, 2026.
• In accordance with SEC Release No. 34-39538, certain subsidiaries or business divisions of The Vanguard Group, Inc. will now report beneficial ownership separately (on a disaggregated basis).
• The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by these disaggregated entities.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral procedural filing reflecting an internal corporate restructuring at The Vanguard Group, Inc., with no direct positive or negative implications for NiSource Inc.'s operational or financial performance.

Management Comments

• On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment.
• In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release.
• These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.
• The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

Industry Context

StockSavvy.ai notes that this filing reflects a common practice among large asset managers like Vanguard to adjust their reporting structures in response to internal reorganizations or regulatory interpretations, rather than a change in investment thesis regarding NiSource Inc. This disaggregation of reporting is consistent with SEC guidance for complex organizational structures.

Stakeholder Impact

• Shareholders (NiSource): No direct impact on NiSource's operations or value, but institutional ownership reporting will shift from the parent Vanguard entity to its subsidiaries.
• Investors (Vanguard funds): No change in underlying investment strategy or holdings, only in how beneficial ownership is reported at the parent level.

Next Steps

• Subsidiaries or business divisions of The Vanguard Group, Inc. will report their beneficial ownership of NiSource Inc. separately.

Key Dates

Keywords

NiSource Inc, Vanguard Group, Schedule 13G, Beneficial Ownership, Common Stock, SEC Filing, Institutional Ownership, Investment Management