Company: GHC
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0000104889-25-000053
Chunk: 9

Company: Graham Holdings Co
Filing Date: 2025-06-27
Form: 11-K
Chunk 9
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 PARTY-IN-INTEREST TRANSACTIONS

Shares of registered investment companies (mutual funds) and common collective trusts are managed by The Vanguard Group, Inc. Due to the relationship between VFTC as Trustee of the Master Trust and the Plan, investment transactions managed by The Vanguard Group, Inc. qualify as party-in-interest transactions. Investments in the Vanguard registered investment companies and common collective trusts are exempt from the prohibited transaction rules of ERISA pursuant to a class exemption issued by the U.S. Department of Labor. In addition, the fees associated with the management of these investments by The Vanguard Group, Inc. are included in the Master Trust’s net appreciation (depreciation) in fair value of investments.

The Plan invests in shares of the Company through the Graham Holdings Company Stock Fund in the Master Trust; therefore, these transactions qualify as party-in-interest transactions. Purchases and sales of Graham Holdings stock within the Graham Holdings Stock Fund in the Master Trust for the period ended December 31, 2024, were $157,057 and $969,619, respectively. Additionally, personnel and facilities of the Company have been used to perform administrative functions for the Plan at no cost to the Plan.

#### NOTE 4 – TAX STATUS
On September 6, 2016 and October 21, 2016, the Internal Revenue Service made a favorable determination that The GMG Plan and GHC Divisions Plan, respectively, as then designed, were qualified under IRC Section 401(a). Such predecessor plans’ determination letters did not involve a review of the effect on the Plan of certain amendments subsequently adopted. Plan management engaged the Plan’s ERISA counsel to examine the plan document and amendments, and ERISA counsel concluded that none of the amendments had an adverse effect on the tax-qualified status of the Plan under Section 401(a), including the 2016 and 2024 restatements.

The Master Trust, created in 2021 has not filed for a favorable determination since the Internal Revenue Service no longer supports determination letter filings. The Master Trust is designed to be tax-exempt under IRC Section 501(a).

The Plan Administrator and the Plan’s ERISA counsel believe that the Plan and Master Trust are designed and operated in compliance with the applicable requirements of the Internal Revenue Code.

GAAP requires plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by federal, state and/or local taxing authorities