UPWORK INC

Ticker: UPWK CUSIP: 91688F104 Class: Common Stock

Arizona State Retirement System's Holding History (CIK: 0001558481)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 34,956 Value ($000) $693 Avg Close $18.34 Range $15.61 - $22.32

Q3 2025

Shares 36,980 Value ($000) $687 Avg Close $14.89 Range $11.46 - $20.54

Q2 2025

Shares 37,556 Value ($000) $505 Avg Close $14.36 Range $11.13 - $17.75

Q1 2025

Shares 36,401 Value ($000) $475 Avg Close $15.23 Range $12.32 - $18.08

Q4 2024

Shares 36,373 Value ($000) $595 Avg Close $14.40 Range $9.93 - $18.14

Q3 2024

Shares 36,414 Value ($000) $381 Avg Close $10.43 Range $8.43 - $12.30

Q2 2024

Shares 36,540 Value ($000) $393 Avg Close $11.35 Range $10.10 - $13.30

Q1 2024

Shares 33,665 Value ($000) $413 Avg Close $13.60 Range $11.63 - $16.36

Q4 2023

Shares 33,936 Value ($000) $505 Avg Close $12.90 Range $9.56 - $15.95

Q3 2023

Shares 34,201 Value ($000) $389 Avg Close $12.41 Range $8.49 - $15.88

Q2 2023

Shares 33,489 Value ($000) $313 Avg Close $9.06 Range $6.56 - $11.26

Q1 2023

Shares 34,251 Value ($000) $388 Avg Close $11.90 Range $9.92 - $14.76

Q4 2022

Shares 33,149 Value ($000) $346 Avg Close $12.34 Range $9.79 - $15.28

Q3 2022

Shares 31,709 Value ($000) $432 Avg Close $18.80 Range $13.29 - $25.05

Q2 2022

Shares 31,276 Value ($000) $647 Avg Close $19.66 Range $14.85 - $25.07

Q1 2022

Shares 31,197 Value ($000) $725 Avg Close $25.02 Range $17.85 - $34.83

Q4 2021

Shares 30,913 Value ($000) $1,056 Avg Close $44.20 Range $31.31 - $61.90

Q3 2021

Shares 30,925 Value ($000) $1,393 Avg Close $48.74 Range $39.45 - $64.49

Q2 2021

Shares 30,571 Value ($000) $1,782 Avg Close $47.00 Range $35.25 - $61.21

Q1 2021

Shares 23,098 Value ($000) $1,034 Avg Close $46.16 Range $33.11 - $63.88

Q4 2020

Shares 22,672 Value ($000) $783 Avg Close $28.59 Range $17.61 - $41.42

Q3 2020

Shares 22,583 Value ($000) $394 Avg Close $14.97 Range $12.96 - $17.80

Q2 2020

Shares 16,435 Value ($000) $237 Avg Close $10.50 Range $5.31 - $14.69

Q1 2020

Shares 13,149 Value ($000) $85 Avg Close $8.58 Range $5.14 - $10.66

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	34,956	$693	$18.34	$15.61 - $22.32
Q3 2025	36,980	$687	$14.89	$11.46 - $20.54
Q2 2025	37,556	$505	$14.36	$11.13 - $17.75
Q1 2025	36,401	$475	$15.23	$12.32 - $18.08
Q4 2024	36,373	$595	$14.40	$9.93 - $18.14
Q3 2024	36,414	$381	$10.43	$8.43 - $12.30
Q2 2024	36,540	$393	$11.35	$10.10 - $13.30
Q1 2024	33,665	$413	$13.60	$11.63 - $16.36
Q4 2023	33,936	$505	$12.90	$9.56 - $15.95
Q3 2023	34,201	$389	$12.41	$8.49 - $15.88
Q2 2023	33,489	$313	$9.06	$6.56 - $11.26
Q1 2023	34,251	$388	$11.90	$9.92 - $14.76
Q4 2022	33,149	$346	$12.34	$9.79 - $15.28
Q3 2022	31,709	$432	$18.80	$13.29 - $25.05
Q2 2022	31,276	$647	$19.66	$14.85 - $25.07
Q1 2022	31,197	$725	$25.02	$17.85 - $34.83
Q4 2021	30,913	$1,056	$44.20	$31.31 - $61.90
Q3 2021	30,925	$1,393	$48.74	$39.45 - $64.49
Q2 2021	30,571	$1,782	$47.00	$35.25 - $61.21
Q1 2021	23,098	$1,034	$46.16	$33.11 - $63.88
Q4 2020	22,672	$783	$28.59	$17.61 - $41.42
Q3 2020	22,583	$394	$14.97	$12.96 - $17.80
Q2 2020	16,435	$237	$10.50	$5.31 - $14.69
Q1 2020	13,149	$85	$8.58	$5.14 - $10.66