<SEC-DOCUMENT>0000863110-20-000025.txt : 20200625
<SEC-HEADER>0000863110-20-000025.hdr.sgml : 20200625
<ACCEPTANCE-DATETIME>20200625105145
ACCESSION NUMBER:		0000863110-20-000025
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200625
DATE AS OF CHANGE:		20200625

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARTESIAN RESOURCES CORP
		CENTRAL INDEX KEY:			0000863110
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				510002090
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18516
		FILM NUMBER:		20987601

	BUSINESS ADDRESS:	
		STREET 1:		664 CHURCHMANS RD
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19702
		BUSINESS PHONE:		3024536900

	MAIL ADDRESS:	
		STREET 1:		664 CHURCHMANS RD
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19702
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>file11k.htm
<DESCRIPTION>ARTESIAN RESOURCES CORPORATION FORM 11-K
<TEXT>
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        <div style="font-weight: bold;">UNITED STATES</div>
        <div><font style="font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
        <div><font style="font-weight: bold;">WASHINGTON, D.C. 20549</font></div>
        <div><font style="font-weight: bold;"> <br>
          </font></div>
        <div><font style="font-size: 18pt; font-weight: bold;">FORM 11-K</font></div>
        <div><br>
        </div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;">(Mark One)</font></div>
        <div><font style="font-size: 10pt;"> <br>
          </font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;"><font style="font-family: Wingdings;">&#254; </font>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;"> <br>
          </font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;">For the fiscal year ended December 31, 2019</font></div>
        <div><br>
        </div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;">Or</font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;"> <br>
          </font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;"><font style="font-family: Wingdings;">o </font>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;"> <br>
          </font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;">For the transition period from _____ to _____</font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;"> <br>
          </font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;">Commission file number 000-18516</font></div>
        <div><font style="font-size: 10pt;"> <br>
          </font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;">A.&#160; FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW:</font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;"> <br>
          </font></div>
        <div><font style="font-size: 18pt; font-weight: bold;">ARTESIAN RESOURCES CORPORATION RETIREMENT PLAN</font></div>
        <div><font style="font-size: 18pt; font-weight: bold;"> <br>
          </font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;">B.&#160; NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE:</font></div>
        <div><font style="font-size: 10pt;"><font style="font-weight: normal;"> </font><br>
          </font></div>
        <div><font style="font-size: 18pt; font-weight: bold;">ARTESIAN RESOURCES CORPORATION</font></div>
        <div style="font-weight: normal;"><font style="font-size: 10pt;">664 CHURCHMANS ROAD.<br>
            NEWARK, DE 19702</font></div>
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        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Financial Statements</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">December 31, 2019</font></div>
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                <div style="text-align: center;"><font style="font-weight: bold;"><a name="TableofContents"><!--Anchor--></a>Table of Contents</font></div>
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                <div style="text-align: center;"><font style="font-weight: bold;">Page</font></div>
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              <td style="width: 87.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><a href="#ReportofIndependentRegist">Report of Independent Registered Public Accounting Firm</a></div>
              </td>
              <td style="width: 3.66%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 8.8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">3</div>
              </td>
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              <td style="width: 87.54%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;">Financial Statements</div>
              </td>
              <td style="width: 3.66%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 8.8%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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              <td style="width: 87.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><a href="#StatementsofNetAssetsAvai">Statements of Net Assets Available for Benefits &#8211; December 31, 2019 and December 31, 2018</a></div>
              </td>
              <td style="width: 3.66%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 8.8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;">4</div>
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                <div style="text-align: left;"><a href="#StatementofChangesinNetAs">Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2019</a></div>
              </td>
              <td style="width: 3.66%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 8.8%; vertical-align: top; background-color: rgb(255, 255, 255);">
                <div style="text-align: center;">5</div>
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                <div style="text-align: left;"><a href="#NotestotheFinancialStatem">Notes to the Financial Statements</a></div>
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                <div style="text-align: center;">6 - 14</div>
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                <div style="text-align: left;"><a href="#SupplementalInformation">Supplemental Information</a></div>
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              <td style="width: 8.8%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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              <td style="width: 87.54%; vertical-align: top; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><a href="#ScheduleHLine4i:Scheduleo">Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</a></div>
              </td>
              <td style="width: 3.66%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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                <div style="text-align: center;">16</div>
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                <div style="text-align: left;"><a href="#SIGNATURES">Signatures</a></div>
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                <div style="text-align: left;"><a href="#INDEXTOEXHIBITS">Exhibit Index</a></div>
              </td>
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                <div style="text-align: left;">Consent of BDO USA, LLP</div>
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        <div style="text-align: left;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a><br>
        </div>
        <div style="text-align: left;"><br>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Report of Independent Registered Public Accounting Firm<a name="ReportofIndependentRegist"><!--Anchor--></a></font></div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt;"><br>
            <br>
            <font style="font-weight: normal;">To the Plan Administrator and Participants</font></font></div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt; font-weight: normal;"><font style="font-size: 10pt;">Artesian Resources Corporation Retirement Plan</font></div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt; font-weight: normal;"><font style="font-size: 10pt;">Newark, Delaware</font></div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt;"> </font><br>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Opinion on the Financial Statements</font></div>
        <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt; font-weight: normal;">
          <div style="font-size: 10pt;">We have audited the accompanying statements of net assets available for benefits of the Artesian Resources Corporation Retirement Plan (the &#8220;Plan&#8221;) as of December 31, 2019 and 2018, the related statement of changes
            in net assets available for benefits for the year ended December 31, 2019, and the related notes (collectively, the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the net assets
            available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of
            America.</div>
        </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Basis for Opinion</font></div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: normal;">These financial statements are the responsibility of the Plan&#8217;s management. Our responsibility is to express an opinion on the
          Plan&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Plan in accordance
          with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</div>
        <div style="font-weight: normal;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: normal;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to
          obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial
          reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan&#8217;s internal control over financial
          reporting. Accordingly, we express no such opinion.</div>
        <div style="font-weight: normal;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: normal;">Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to
          error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the
          accounting principles used and significant estimates made by the Plan&#8217;s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Supplemental Information</font></div>
        <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt; font-weight: normal;">
          <div style="font-size: 10pt;">The supplemental information in the accompanying schedule of assets (held at End of Year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction with the audit of the Plan&#8217;s financial
            statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor&#8217;s Rules and
            Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan&#8217;s management. Our audit procedures included determining whether the supplemental
            information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In
            forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure
            under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.</div>
        </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt; font-weight: normal;"><font style="font-size: 10pt;">/s/BDO USA, LLP</font></div>
        <div style="font-weight: normal;"><br>
        </div>
        <div style="text-align: left; font-weight: normal;"><font style="font-size: 10pt;">We have served as the Plan&#8217;s auditor since 2010.</font></div>
        <div style="font-weight: normal;"><br>
        </div>
        <div style="text-align: left; font-weight: normal;"><font style="font-size: 10pt;">Wilmington, Delaware</font></div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt; font-weight: normal;"><font style="font-size: 10pt;">June 25, 2020</font></div>
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        <div style="text-align: left;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a> </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;"><a name="StatementsofNetAssetsAvai"><!--Anchor--></a>Statements of Net Assets Available for Benefits</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">As of December 31, 2019 and December 31, 2018</font></div>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center;">December 31, 2018</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,258</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>8,932</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: -13.5pt; margin-left: 13.5pt;">Investments, at fair value</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 33.75pt;">Artesian Resources Corp. Class A non-voting common stock</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6,160,851</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6,084,098</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-align: left; margin-left: 22.5pt;">Collective trust</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>2,334,851</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>2,257,057</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left; margin-left: 22.5pt;">Mutual funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>53,901,135</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>42,462,985</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 45pt;">Total investments, at fair value</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>62,396,837</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>50,804,140</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left;">Participants' notes receivable</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>296,724</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>276,145</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left;">Contributions receivable</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: 22.5pt;">Employer</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>166,214</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>136,906</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: 22.5pt;">Participants</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>32,158</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>---</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>198,372</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>136,906</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 45pt;">Total assets</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>62,895,191</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>51,226,123</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left;">NET ASSETS AVAILABLE FOR BENEFITS</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>62,895,191</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>51,226,123</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                <div style="text-align: left;">See accompanying notes to financial statements.</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>

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        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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        </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt; text-align: left;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a> </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;"><a name="StatementofChangesinNetAs"><!--Anchor--></a>Statement of Changes in Net Assets Available for Benefits</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">For the Year Ended December 31, 2019</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="ze9251593875b46b79c1e145679105e38">

            <tr>
              <td valign="bottom" style="vertical-align: top;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 11.25pt;">ADDITIONS TO NET ASSETS ATTRIBUTED TO:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 22.5pt;">Net investment income <br>
                </div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 33.75pt;">Artesian Resources Corp. Class&#160;A non-voting common stock dividends</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>164,261</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 33.75pt;">Dividend income from other investments</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>1,597,017</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 33.75pt;">Net appreciation in fair value of investments</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>9,807,987</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1"> <br>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 33.75pt;">Other income</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>187</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
                <div style="text-align: left;">Total net investment income<br>
                </div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>11,569,452</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1"> <br>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: 13.5pt;">Interest income from participants' notes receivable</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>15,259</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 22.5pt;">Contributions</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: 22.7pt;">Employer contributions</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,136,663</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: 22.7pt;">Participant contributions</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>1,845,053</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: 22.7pt;">Rollovers</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>240,779</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
                <div style="text-align: left;">Total contributions</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,222,495</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: -5.4pt; margin-left: 11.25pt;">Total additions</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>14,807,206</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 11.25pt;">&#160;</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 11.25pt;">DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: -0.15pt; margin-left: 14.85pt;">Participant distributions</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,138,138</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%;">&#160; Total deductions </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1"> 3,138,138 </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: -5.4pt; margin-left: 11.25pt;"><br>
                </div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"> <br>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 11.25pt;">NET INCREASE</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>11,669,068</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1"> <br>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 11.25pt;">&#160;</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 11.25pt;">NET ASSETS AVAILABLE FOR BENEFITS - BEGINNING OF YEAR</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>51,226,123</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 11.25pt;">&#160;</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: -11.25pt; margin-left: 11.25pt;">NET ASSETS AVAILABLE FOR BENEFITS - END OF YEAR</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>62,895,191</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
                <div style="text-align: left;">See accompanying notes to financial statements.</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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        <div style="margin-top: 3pt; margin-bottom: 3pt; text-align: left;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a> </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Notes to the Financial Statements<a name="NotestotheFinancialStatem"><!--Anchor--></a></font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Note A - Description of the Plan</font></div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z37bf06f0ace842b1ab055040d7b7550d">

            <tr>
              <td style="width: 3.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">1.</font></div>
              </td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">General</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">
                <div style="text-align: justify;">
                  <div>Effective July&#160;1, 1984, Artesian Resources Corporation (the "Company" or "Plan Sponsor" or "Employer") established the Artesian Resources Corporation Retirement Plan (the "Plan") as a defined contribution
                    retirement plan for its employees, subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;).&#160; Pursuant to Internal Revenue Code (&#8220;IRC&#8221;)&#160;Section 401(k), the Plan permits employees to exclude
                    contributions to the Plan from their current taxable income, subject to certain limits. The Plan is administered by an Administrative Committee, which consists of five members appointed by the Company's Board of Directors. PNC Bank,
                    National Association is a co-fiduciary of the Plan within the meaning of 3(21) of ERISA. Plan administration expenses may be paid out of the Plan unless paid by the Company. The following description of the Plan provides only general
                    information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions.</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">2.</font></div>
              </td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">Participation and Vesting</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">
                <div style="text-align: justify;">
                  <div>All employees age 18 and over are eligible for Plan participation immediately after hire.&#160;Employees may elect to make tax-deductible contributions up to the IRC limitation, including "catch-up"
                    contributions for participants age 50 and older.&#160;Participants are also able to designate part or all of their contributions as Roth 401(k) contributions, which are made on an after-tax basis. For every dollar an employee contributes up
                    to 6% of compensation, the Company will provide a 50% matching contribution.&#160;In each Plan year, the Company may make discretionary quarterly and annual contributions to the Plan for all employees eligible to participate in the Plan. The
                    Company made discretionary quarterly contributions to the Plan equal to 2% of quarterly compensation for each of the four quarters of 2019.&#160; The total matching, discretionary and service contributions in 2019 were approximately
                    $548,000, $391,000 and $198,000, respectively.</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">
                <div style="text-align: justify;">The Company's Board of Directors, at its sole discretion, may make a Special Discretionary Stock Contribution to the Plan.&#160;A Special Discretionary Stock Contribution was not made for 2019.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">
                <div style="text-align: justify;">
                  <div>The trust maintains separate accounts for each participant in the Plan. These accounts are credited with the participants' contributions and Plan earnings and may be charged with certain administrative
                    expenses. Participant contributions, and the related earnings, are fully vested.&#160; Company contributions, and the related earnings, vest as follows:</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z5381af094db542fda80520c1d41bfa9c">

            <tr>
              <td style="width: 67.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center;"><font style="font-weight: bold;">Years of Service</font></div>
              </td>
              <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 31.88%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
                <div style="text-align: left;"><font style="font-weight: bold;">Vested Percentage</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: center; text-indent: -11.25pt; margin-left: 11.25pt;">Less than 2</div>
              </td>
              <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 16.26%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">0</div>
              </td>
              <td style="width: 15.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;">%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center; text-indent: -11.25pt; margin-left: 11.25pt;">2 but less than 3</div>
              </td>
              <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 16.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">20</div>
              </td>
              <td style="width: 15.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;">%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: center; text-indent: -11.25pt; margin-left: 11.25pt;">3 but less than 4</div>
              </td>
              <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 16.26%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">40</div>
              </td>
              <td style="width: 15.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;">%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center; text-indent: -11.25pt; margin-left: 11.25pt;">4 but less than 5</div>
              </td>
              <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 16.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">60</div>
              </td>
              <td style="width: 15.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;">%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: center; text-indent: -11.25pt; margin-left: 11.25pt;">5 but less than 6</div>
              </td>
              <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 16.26%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: right;">80</div>
              </td>
              <td style="width: 15.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                <div style="text-align: left;">%</div>
              </td>
            </tr>
            <tr>
              <td style="width: 67.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: center; text-indent: -11.25pt; margin-left: 11.25pt;">6&#160;years or more</div>
              </td>
              <td style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 16.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: right;">100</div>
              </td>
              <td style="width: 15.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                <div style="text-align: left;">%</div>
              </td>
            </tr>

        </table>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zbe3dc466e858481da74b97d0b098dbf5">

            <tr>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.32%; vertical-align: top;">
                <div style="text-align: justify;">
                  <div style="text-align: left;">
                    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Any forfeitures of non-vested contributions maybe off against Company contributions or Plan administration expenses. During 2019 and 2018, forfeited non-vested accounts totaled approximately $13,000 and $32,000, respectively. &#160; In 2019, approximately $19,000 was applied
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                    <font style="background-color: #FFFFFF;"></font></div>
                </div>
              </td>
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        </table>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
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        </div>
        <div style="text-align: left;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a> </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Notes to the Financial Statements (Continued)</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Note A - Description of the Plan (Continued)</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z0cea3043814c4100bebc57196e1556f6">

            <tr>
              <td style="width: 3.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">2.</font></div>
              </td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Participation and Vesting (Continued)</font></div>
                <div style="text-align: left;"> &#160;</div>
                <div style="text-align: justify;">The Company also sponsored another defined contribution plan for its employees, the Supplemental Plan, which was merged into the Plan on March 31, 2000. The contribution and vesting guidelines for the
                  participants of the Supplemental Plan continued and consist of the following:</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">
                <div style="text-align: left; text-indent: 36pt;"><font style="font-family: Symbol, serif;">&#183;</font>Only employees as of April 26, 1994 are eligible for participation.</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 92.2%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">
                <div style="text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Symbol, serif;">&#183;</font>A 6% service contribution is made by the Company to the Plan for all eligible participants each quarter based upon each participant&#8217;s quarterly
                  compensation.</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 92.2%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.84%; vertical-align: top;">&#160;</td>
              <td style="width: 92.2%; vertical-align: top;">
                <div style="text-align: left; text-indent: 36pt;"><font style="font-family: Symbol, serif;">&#183;</font>Service contributions and the associated earnings originally vested over a graded period of service, but are now fully vested for all active
                  participants.</div>
              </td>
            </tr>

        </table>
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            <tr>
              <td style="width: 100%; vertical-align: top;">&#160;</td>
            </tr>

        </table>
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            <tr>
              <td style="width: 3.96%; vertical-align: top;"><br>
              </td>
              <td style="width: 3.38%; vertical-align: top;"><br>
              </td>
              <td style="width: 92.66%; vertical-align: top;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.38%; vertical-align: top;">&#160;</td>
              <td style="width: 92.66%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">3.</font></div>
              </td>
              <td style="width: 3.38%; vertical-align: top;">&#160;</td>
              <td style="width: 92.66%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Investment Elections</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.38%; vertical-align: top;">&#160;</td>
              <td style="width: 92.66%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.38%; vertical-align: top;">&#160;</td>
              <td style="width: 92.66%; vertical-align: top;">
                <div style="text-align: justify;">All future discretionary Company contributions, as well as all prior discretionary contributions and the corresponding earnings, are participant directed.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.38%; vertical-align: top;">&#160;</td>
              <td style="width: 92.66%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.38%; vertical-align: top;">&#160;</td>
              <td style="width: 92.66%; vertical-align: top;">
                <div style="text-align: justify;">Participants may allocate basic contributions among the various investments options, including the Company's Class&#160;A non-voting common stock.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.38%; vertical-align: top;">&#160;</td>
              <td style="width: 92.66%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.38%; vertical-align: top;">&#160;</td>
              <td style="width: 92.66%; vertical-align: top;">
                <div style="text-align: justify;">
                  <div>The Plan has an automatic enrollment feature for newly hired and/or rehired employees to help employees save for retirement by reducing their compensation automatically with an initial pre-tax
                    contribution of eligible compensation, as defined in the Plan document. The initial pre-tax contribution rate of the automatic enrollment feature is 6%. This amount is deemed as the Participant's Employee Savings Contribution election
                    if the Participant does not elect to defer a greater or lesser percentage of compensation, or elects to receive cash in lieu of making any Employee Savings Contribution, within 90 days after employment.&#160; Any automatic deferral
                    contributions made and any corresponding matching contributions are placed in a default investment fund as selected by the Administrative Committee, and Participants may modify the investment allocation of these contributions in the
                    same manner as any other Plan contributions. Employees may elect to opt out from participating in the Plan, or they may elect to defer more or less than the 6% default contribution as well as choose their own investment elections
                    offered in multiples of 1% with a minimum investment of 1% in any selected investment.</div>
                </div>
              </td>
            </tr>

        </table>
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        <!--PROfilePageNumberReset%Num%8%%%-->
        <div style="text-align: left;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a></div>
        <div><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Notes to the Financial Statements (Continued)</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Note A - Description of the Plan (Continued)</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zdf2c47b783e543ba9130c8af0130b82e">

            <tr>
              <td style="width: 5.01%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">3.</font></div>
              </td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Investment Elections (continued)</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: justify;">
                  <div>The Plan permits an automatic escalation provision on an annual basis, such as each July 1 or January 1, within the discretion of the Administrative Committee, in order to increase employee savings and
                    other employee contributions. This provision of the Plan would only become effective should the Administrative Committee decide to implement the automatic escalation feature and after notification of the automatic escalation is given to
                    Participants. However, if implemented, to the extent the participant has opted out of the automatic escalation feature, or has otherwise elected a 0% Employee Savings Contribution, Employee After-Tax Roth 401(k) Contribution or has
                    otherwise elected a 0% Employee Savings Contribution, such Participant would not be subject to automatic increases in the future. Such Participants would only be subject to automatic escalation in the event that they affirmatively elect
                    to increase their contributions during any Plan Year, and do not reconfirm their decision to "opt out" of the automatic escalation feature.&#160; As of December 31, 2019, the Administrative Committee has not implemented the automatic
                    escalation feature.</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">4.</font></div>
              </td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Participants' Notes Receivable</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: justify;">Participants may borrow from the Plan under the following guidelines:</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: left; text-indent: 36pt;"><font style="font-family: Symbol, serif;">&#183;</font>A participant may borrow as much as 50% of his or her vested account balance, subject to certain minimum and maximum limitations as defined
                  in the Plan.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: left; text-indent: 36pt;"><font style="font-family: Symbol, serif;">&#183;</font>Loans are repaid over a period not to exceed five years, unless the loan is to buy, build, or substantially rehabilitate the borrower's
                  principal residence.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: left; text-indent: 36pt;"><font style="font-family: Symbol, serif;">&#183;</font>The participant's account balance is secured as collateral when the loan is executed.&#160; If a participant defaults on a loan, the loan is
                  treated as a distribution from the Plan to the participant.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: left; text-indent: 36pt;"><font style="font-family: Symbol, serif;">&#183;</font>Interest rates on loans are prime plus 1% at the date of the loan.&#160; Interest rates on outstanding balances ranged from 4.25% to 9.25% as of
                  December 31, 2019.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: left; text-indent: 36pt;"><font style="font-family: Symbol, serif;">&#183;</font>As loans are repaid to the Plan, the total payment, principal plus interest, is credited back to the participant's account.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">5.</font></div>
              </td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Benefits</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: justify;">
                  <div>Participants are entitled to a benefit payment equal to the vested amount credited to their accounts upon retirement, upon permanent disability, at age 59<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>&#189;, in the case of certain financial
                    hardships outlined in the Plan document, or upon termination of employment or death.&#160; In the event of death of a participant, a death benefit payment is made to the participant's beneficiary.&#160;The only form of distribution under the Plan
                    is a single lump sum distribution in cash or stock.</div>
                </div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 91.18%; vertical-align: top;">
                <div style="text-align: justify;">Effective March 1, 2019, the Plan was amended to provide that participants who take hardship distributions shall no longer be precluded from making employee pre-tax salary deferral and employee after-tax
                  Roth contributions to the Plan for the six month period following receipt of a hardship distribution.&#160; For participants who received hardship distributions prior to March 1, 2019, the six month period of suspension was eliminated
                  effective March 1, 2019.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>

        </table>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">8</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div style="text-align: left;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a> </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div><font style="font-size: 10pt; font-weight: bold;">Notes to the Financial Statements (Continued)</font></div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold;">Note A - Description of the Plan (Continued)</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold;"> <br>
          </font></div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z2c3d727d385e4452b277f85de4e6dc75">

            <tr>
              <td style="width: 5.01%; vertical-align: top;"><font style="font-weight: bold;">6.</font></td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;"><font style="font-weight: bold;">Plan Termination</font> <br>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;" rowspan="1">Although it has not expressed the intent to do so, the Company may amend or terminate the Plan.&#160;In the event of Plan termination, the accounts of all participants affected shall
                become fully vested and non-forfeitable.&#160;Assets remaining in the Plan may be immediately distributed to the participants, inactive participants, and beneficiaries in proportion to their respective account balances; or the trust may be
                continued with distributions made at such time and in such manner as though the Plan had not been terminated. <br>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">7.</font></div>
              </td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">Administrative Expenses</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 5.01%; vertical-align: top;">&#160;</td>
              <td style="width: 3.82%; vertical-align: top;">&#160;</td>
              <td style="width: 91.18%; vertical-align: top;">
                <div style="text-align: justify;">
                  <div>Effective March 1, 2018, administrative expenses are billed as a per participant fee and paid directly by the Employer.&#160; Prior to that, certain administrative expenses of the Plan were paid by the
                    Employer.&#160;The Plan could pay for certain member requested services, investment and other fees. Investment fees were allocated to participants' accounts based on a specified basis point per investment through the investments' earnings, a
                    portion of which was used to reduce administrative expenses of the Plan.&#160; The balance of administrative expenses was paid directly by the Employer.</div>
                  <div><br>
                  </div>
                  <div>Management fees and operating expenses charged to the Plan for investments in the mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management
                    fees and operating expenses are reflected as a reduction of investment return for such investments.</div>
                </div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold;">Note B - Significant Accounting Policies</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zf437bf6cfa3346dfb5e5986ce535d511">

            <tr>
              <td style="width: 3.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">1.</font></div>
              </td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Basis of Accounting</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;">The Plan's financial statements are presented using the accrual method of accounting in conformity with generally accepted accounting principles.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">2.</font></div>
              </td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Use of Estimates</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and
                  liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and changes therein.&#160; Actual results could differ from those estimates.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">3.</font></div>
              </td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Investment Valuation and Income Recognition</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;">
                  <div>Plan assets held in mutual funds (shares of registered investment companies) and the Company's Class&#160;A non-voting common stock are unsecured and are traded on national securities exchanges.&#160; Mutual funds
                    and common stock are valued at quoted market prices at December 31, 2019 and 2018.</div>
                </div>
              </td>
            </tr>

        </table>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div><font style="font-size: 10pt; font-weight: bold;">Notes to the Financial Statements (Continued)</font></div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold;">Note B - Significant Accounting Policies (Continued)</font></div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z2520e813507645c28d184ec50c0e4454">

            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">3.</font></div>
              </td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">Investment Valuation and Income Recognition (continued)</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;">Plan assets held in a common collective trust are unsecured and are valued at net asset value (&#8220;NAV&#8221;).&#160; The collective trust fund represents investments in the PNC Investment Contract Fund and NAV is
                  determined by PNC, based on the fair value of the underlying securities held by the common collective trust.&#160; Investments that calculate NAV per share (or its equivalent), but for which the practical expedient is not applied, are included
                  in the fair value hierarchy along with the related required disclosures.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;">In accordance with the policy of stating investments at fair value, net unrealized appreciation (depreciation)&#160;for the year is included in the statement of changes in net assets available for benefits and
                  includes the Plan's gains and losses on investments bought and sold as well as held during the year.</div>
                <div style="text-align: justify;">&#160;</div>
                <div style="text-align: justify;">Purchases and sales of securities are recorded on a trade-date basis.&#160; Interest income is recorded on the accrual basis.&#160;Dividends are recorded on the ex-dividend date.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">4.</font></div>
              </td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Participants' Notes Receivable</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;">
                  <div>Participant loans are classified as participants' notes receivable, and are measured at the unpaid principal balance plus unpaid accrued interest. The Plan classifies loans in default for various events,
                    including failure to pay timely installments.&#160;Defaulted loans are deemed distributed and recorded as benefits paid to participants in the statement of changes in net assets available for benefits. In 2019, no amounts were recorded as
                    deemed distributions. No allowance for credit losses has been recorded as of December 31, 2019 and December 31, 2018.</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">5.</font></div>
              </td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Benefit Payments and Participant Distributions</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;">Benefit payments to participants are recorded upon distribution.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">
                <div style="text-align: left;"><font style="font-weight: bold;">6.</font></div>
              </td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-weight: bold;">Income Taxes</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;">
                <div style="text-align: justify;">The Internal Revenue Service has determined and informed the Company by letter dated August 26, 2016 that the&#160;Plan plus amendments is qualified and the trust established under the Plan is tax exempt under
                  the appropriate sections of the Internal Revenue Code.&#160;The Plan administrator and the Plan's tax counsel believe that the Plan&#160;is designed and being operated in compliance with the applicable requirements of the Internal Revenue Code.
                  Therefore, no provision for income taxes has been included in the financial statements.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;" rowspan="1">
                <div style="text-align: left;">The Plan Sponsor has analyzed the tax positions taken by the Plan and has concluded that, as of December 31, 2019, no uncertain tax positions are
                  taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, currently no audits are in progress
                  for any tax periods.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top; font-weight: bold;" rowspan="1">7.</td>
              <td style="width: 3.78%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;" rowspan="1"><font style="font-weight: bold;">Cash and Cash Equivalents</font> <br>
              </td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top; font-weight: bold;" rowspan="1">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;" rowspan="1">&#160;</td>
            </tr>
            <tr>
              <td style="width: 3.96%; vertical-align: top; font-weight: bold;" rowspan="1">&#160;</td>
              <td style="width: 3.78%; vertical-align: top;" rowspan="1">&#160;</td>
              <td style="width: 92.26%; vertical-align: top;" rowspan="1">Cash and cash equivalents include cash and short-term interest-bearing investments with initial maturities of three months or less. <br>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div><font style="font-size: 10pt; font-weight: bold;">Notes to the Financial Statements (Continued)</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;"> <br>
          </font></div>
        <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Note C &#8211; Risks and Uncertainties</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt; font-weight: normal;">
          <div style="margin-top: 3pt; margin-bottom: 3pt; font-size: 10pt;">The Plan invests in various investment securities.&#160; Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk
            associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participant account balances and the
            amounts reported in the statements of net assets available for benefits.&#160; In March 2020, the World Health Organization characterized the coronavirus (&#8220;COVID-19&#8221;) as a pandemic, and the President of the United States declared the COVID-19
            outbreak a national emergency.&#160; The economic impact of COVID-19 has caused extreme volatility in financial markets, which has and may continue to adversely impact investment securities in which the Plan invests (See Note G).</div>
        </div>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold;">Note D &#8211; Investments</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: normal;">
          <div style="font-size: 10pt;">FASB Accounting Standards Codification (&#8220;ASC&#8221;) 820, Fair Value Measurements, defined fair value, established a framework for using fair value to measure assets and liabilities, and expanded disclosures about fair
            value measurements.&#160; This framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.&#160; The hierarchy gives the highest priority to unadjusted quoted prices in active markets for
            identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).&#160; The three levels of the fair value hierarchy under FASB ASC 820 are as follows:</div>
        </div>
        <div><br>
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              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif;">&#183;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Level 1: unadjusted quoted prices in active markets for identical assets or liabilities that the Plan has the ability to access;</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zf494be0861c94903aa4a3cf5744b7e30" class="DSPFListTable">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif;">&#183;</font></div>
                </td>
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                  <div style="text-align: justify;">Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices in active markets for similar assets or liabilities, quoted prices for identical or
                    similar assets or liabilities in non-active markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or</div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
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                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif;">&#183;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Level 3: inputs that are unobservable and significant to the fair value measurement.</div>
                </td>
              </tr>

          </table>
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        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Notes to the Financial Statements (Continued)</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Note D &#8211; Investments (Continued)</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt;">The asset&#8217;s or liability&#8217;s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair
            value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.</font></div>
        <div style="font-weight: normal;"><br>
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        <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt;">The following tables set forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December&#160;31:</font></div>
        <div><br>
        </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z16cbaf08f4014037961ed02b654f50bc">

            <tr>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="14">
                <div style="text-align: center;"><font style="font-weight: bold;">Investments at Fair Value as of December 31, 2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center;"><font style="font-weight: bold;">Level 1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center;"><font style="font-weight: bold;">Level 2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center;"><font style="font-weight: bold;">Level 3</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center;"><font style="font-weight: bold;">Total</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>
                  <div style="text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 53,901,135</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>53,901,135</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-align: left;">Artesian Resources Corporation Class A non-voting common stock</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>
                  <div style="text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6,160,851</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>
                  <div style="text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6,160,851</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-align: left;">Total assets in the fair value hierarchy</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>
                  <div style="text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 60,061,986</div>
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              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>
                  <div style="text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 60,061,986</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-align: left;">Common collective trust*</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>
                  <div style="text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,334,851</div>
                </div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="text-align: left;">Total investments, at fair value</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>
                  <div style="text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 60,061,986</div>
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              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>
                  <div style="text-align: left;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 62,396,837</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z11a37d3f3a4b457fba86104bbffb2bb3">

            <tr>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="14">
                <div style="text-align: center;"><font style="font-weight: bold;">Investments at Fair Value as of December 31, 2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center;"><font style="font-weight: bold;">Level 1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center;"><font style="font-weight: bold;">Level 2</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center;"><font style="font-weight: bold;">Level 3</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                <div style="text-align: center;"><font style="font-weight: bold;">Total</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>42,462,985</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>42,462,985</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-align: left;">Artesian Resources Corporation Class A non-voting common stock</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>6,084,098</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>6,084,098</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-align: left;">Total assets in the fair value hierarchy</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>48,547,083</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>48,547,083</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-align: left;">Common collective trust*</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div>2,257,057</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="text-align: left;">Total investments, at fair value</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>48,547,083</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>---</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div>50,804,140</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt;"><font style="font-weight: bold;">*</font><font style="font-weight: normal;"> Certain investments for which fair value is measured using the NAV
              per share as the practical expedient have not been categorized within the fair value hierarchy.&#160; The fair value amounts presented in this table are intended to reconcile the fair value hierarchy to the amounts presented in the Statements of
              Net Assets Available for Benefits.</font></font></div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div style="text-align: left;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a> </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Notes to the Financial Statements (Continued)</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold;">Note D &#8211; Investments (Continued)</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt;">The following is a description of the valuation methodologies for the Plan assets measured at fair value.</font></div>
        <div style="font-weight: normal;"><br>
        </div>
        <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt;"><font style="font-style: italic;">Mutual Funds &#8211; </font>This class consists of publicly traded mutual funds. The fair value of these investments is determined by
            reference to the fair value of the underlying securities of the mutual funds. The NAV of the mutual fund's shares is quoted on the exchange where the fund is traded and therefore classified as a Level 1 investment.</font></div>
        <div style="font-weight: normal;"><br>
        </div>
        <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt;"><font style="font-style: italic;">Artesian Common Stock </font>&#8211;This class consists of Artesian Common Stock Class A non-voting shares and is valued at the
            quoted market price from a national securities exchange. Artesian Common Stock is classified as a Level 1 investment.</font></div>
        <div style="font-weight: normal;"><br>
        </div>
        <div style="text-align: justify; font-weight: normal;"><font style="font-size: 10pt;"><font style="font-style: italic;">Common Collective Trust &#8211;</font> This class consists of a commingled fund that primarily invests in domestic fixed income
            securities, money market funds and investment contracts issued by insurance companies and other financial institutions and seeks to preserve principal investment while earning interest income. The NAV of the common collective trust is used as a
            practical expedient to estimate fair value. This practical expedient would not be used if it is determined to be probable that the fund will sell the investment for an amount different from the reported NAV. The common collective trust allows
            for daily redemption and investments in the common collective fund do not have a participant level holding period. There are no unfunded commitments for investments in the common collective trust.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-weight: bold;">Note E &#8211; Distributions Payable</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="ze305b8a2cca04a828822bb321c5a5f58">

            <tr>
              <td style="width: 100%; vertical-align: top;" colspan="3">
                <div style="text-align: justify;">Amounts allocated to withdrawing participants are reported on the Schedule&#160;H of Form&#160;5500 for benefit claims that have been processed and approved for payment prior to December 31, but not yet paid as of
                  that date.</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3.93%; vertical-align: top;">&#160;</td>
              <td style="width: 3.8%; vertical-align: top;">&#160;</td>
              <td style="width: 92.28%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 100%; vertical-align: top;" colspan="3">
                <div style="text-align: justify;">At December 31, 2019 and 2018, there were no net assets available for plan benefits for distributions to participants who have requested a distribution from the Plan prior to the end of the Plan year.</div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-weight: bold;">Note F &#8211; Related Party Transactions</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z44e36af746b0444dbe25aee1739c0a73">

            <tr>
              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: justify;">
                  <div style="font-family: 'Times New Roman',Times,serif;">Artesian Resources Corporation and its employees are parties-in-interest to the Plan.&#160;On December 31, 2019 and&#160;&#160; December 31, 2018, the Plan's assets included $6,160,851 and
                    $6,084,098, respectively, of Artesian Resources Corporation Class A non-voting stock and $296,724 and $276,145, respectively, of participant notes receivable.&#160;Additionally, as of December 31, 2019 and 2018, certain plan investments
                    totaling $2,334,851 and $2,257,057, respectively, represent investments managed by PNC Advisors or its affiliates. PNC Advisors is the custodian as defined by the Plan and, therefore, these transactions qualify as party-in-interest
                    transactions. Transactions in these assets are exempt from the prohibited transaction rules.</div>
                </div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-weight: bold;">Note G &#8211; </font><font style="font-size: 10pt; font-weight: bold;">Subsequent Events</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: normal;">Plan management evaluated subsequent events through June 25, 2020, the date the financial statements were available to be issued.&#160;
          Based on the subsequent events reviewed, the following matters have been disclosed.</div>
        <div style="font-weight: normal;"><br>
        </div>
        <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: normal;">
          <div style="font-family: 'Times New Roman', Times, serif;">In March 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization.&#160; The COVID-19 pandemic has led to extreme volatility
            in financial markets and has affected, and may continue to affect, the market price of Artesian Resources Corporation&#8217;s Class A non-voting common stock and other Plan assets.&#160; While the potential economic impact brought by, and the duration of,
            COVID-19 may be difficult to assess or predict, a widespread pandemic could result in significant disruption of global financial markets. The extent to which COVID-19 impacts the financial markets will depend on future developments that are
            highly uncertain and cannot be predicted.</div>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt;">
          <div><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a></div>
          <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-weight: bold;">Notes to the Financial Statements (Continued)</font></div>
          <div><br>
          </div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-weight: bold;">Note G &#8211; Subsequent Events (Continued)</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; font-weight: normal;">
            <div style="font-size: 10pt;">On March 27, 2020, the United States Government enacted the Coronavirus Aid, Relief, and Economic Security Act (&#8220;CARES Act&#8221;) which permits eligible Plan participants that meet certain requirements to request
              penalty-free distributions of up to $100,000 from their retirement plan in 2020 for qualifying coronavirus-related reasons. These reasons include adverse financial consequences due to being quarantined, furloughed, laid off, having work hours
              reduced or being unable to work due to a lack of childcare resulting from COVID-19. The Administrative Committee approved updates to the Plan to allow for both coronavirus-related distributions and loans.&#160; A notice of the updates was
              distributed to all participants in the Plan.&#160; The Administrative Committee is in the process of amending the Plan to incorporate these CARES Act provisions.</div>
            <font style="font-size: 10pt;">.</font></div>
          <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
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        </div>
        <!--PROfilePageNumberReset%Num%15%%%-->
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Supplemental Information<a name="SupplementalInformation"><!--Anchor--></a></font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;"> </font><br>
        </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;"> </font><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageFooter"></div>
          <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal; font-family: 'Times New Roman',Times,serif;" id="DSPFPageNumber">15</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          <div id="DSPFPageHeader"></div>
        </div>
        <!--PROfilePageNumberReset%Num%16%%%-->
        <div style="text-align: left;"><a href="#TableofContents"><font style="font-weight: normal; font-size: 10pt;">Table of Contents</font></a> </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Artesian Resources Corporation Retirement Plan</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">EIN 51-0002090, Plan No.&#160;003</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">Schedule&#160;H, Line 4i: Schedule of Assets (Held at End of Year)<a name="ScheduleHLine4i:Scheduleo"><!--Anchor--></a></font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">December&#160;31, 2019</font></div>
        <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z170af26c5ded4643b396f0f95311a5fb">

            <tr>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: justify;">(a)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: center;">(b)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: center;">(c)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: center;">(d)</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center;">(e)</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: center;">Identity of issuer, borrower, lessor, or similar party</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: center;">Description of investment, including maturity date, rate of interest, collateral, par, or maturity value</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: center;">Cost**</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">
                <div style="text-align: center; text-indent: 26pt;">Current Value</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right;" colspan="1">
                <div>*</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: left;">Common Stock -</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div>$</div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>6,160,851</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>*</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">PNC Stable Value Fund Z</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Common/Collective Trust</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>2,334,851</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds -</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">American Funds EuroPacific Growth R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,671,394</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">T Rowe Price Growth Stock I</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>11,749,182</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Prudential QMA Mid Cap Value Q</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>3,070,341</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">J.P. Morgan Emerging Markets Equity R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>261,869</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">J.P. Morgan Equity Income R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>6,439,783</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">J.P. Morgan Mid Cap Growth R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>2,062,957</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Vanguard Short-Term Investment-Grade Admiral</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>767,223</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Vanguard Mid Cap Index Admiral</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,051,984</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Vanguard Small Cap Index Admiral</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>1,178,815</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Vanguard 500 Index Admiral</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>7,971,908</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">American Funds American Balanced&#160; R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>2,884,669</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">American Funds 2010 Target Date Retire R6</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>528,593</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">American Funds 2020 Target Date Retire R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>313,649</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">American Funds 2025 Target Date Retire R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,638,908</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">American Funds 2030 Target Date Retire R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>818,082</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">American Funds 2035 Target Date Retire R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>1,881,687</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">American Funds 2040 Target Date Retire R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>44,947</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">American Funds 2045 Target Date Retire R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>2,069,978</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">American Funds 2050 Target Date Retire R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>97,439</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">American Funds 2055 Target Date Retire R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>985,762</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">American Funds 2060 Target Date Retire R6</td>
              <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">Mutual Funds</td>
              <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1"><font style="font-size:10.0pt;font-family:'Times New Roman',serif; mso-fareast-font-family:'Times New Roman';color:black;mso-ansi-language:EN-US; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">14,879</font> <br>
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              <td valign="bottom" nowrap="nowrap" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">American Century Small Cap Value R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>29,765</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Pioneer Bond&#160; K</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div>3,559,835</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Carillon Eagle Small Cap Growth R6</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Mutual Funds</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div>807,486</div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">
                <div style="text-align: left;">Participants' Notes Receivable -</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
                <div>*</div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 38.5%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: 36pt;">Various Participants</div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 38.5%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="2">
                <div style="text-align: left;">Interest rates range from 4.25% to 9.25%</div>
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              <td valign="bottom" style="vertical-align: bottom; width: 25.666666666666666666666666667%; background-color: #FFFFFF;">&#160;</td>
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        <div style="margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-weight: bold;">SIGNATURES<a name="SIGNATURES"><!--Anchor--></a></font></div>
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        <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt;"><font style="font-weight: bold;">The Plan</font>. <font style="font-weight: normal;">Pursuant to the requirements of the Securities Exchange Act
              of 1934, the Administrative Committee has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.</font></font></div>
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                <div style="text-align: left;">ARTESIAN RESOURCES CORPORATION RETIREMENT PLAN</div>
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              <td style="width: 5.84%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
              <td style="width: 62.42%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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              <td style="width: 5.84%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
              <td style="width: 62.42%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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                <div style="text-align: justify;">Date:&#160;June 25, 2020</div>
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                <div style="text-align: justify;">By:</div>
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                <div style="text-align: justify;">/s/ Jennifer L. Finch</div>
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                <div style="text-align: center;">Exhibit No.</div>
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                <div style="text-align: justify;">Description</div>
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                <div style="text-align: justify;"><a href="exhibit23-1.htm#Exhibit23.1">23.1</a><a name="A23."><!--Anchor--></a></div>
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                <div style="text-align: justify;">Consent of BDO USA, LLP *</div>
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              <td style="width: 86.6%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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<TYPE>EX-23.1
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<DESCRIPTION>EXHIBIT 23-1
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    <div style="text-align: right;"><!--Anchor--><!--Anchor--><a name="Exhibit23.1"><!--Anchor--></a>Exhibit 23.1</div>
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    <div style="font-weight: normal;"><u>Consent of Independent Registered Public Accounting Firm</u></div>
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    <div style="font-weight: normal; text-align: left;">Artesian Resources Corporation Retirement Plan</div>
    <div style="font-weight: normal; text-align: left;">Newark, Delaware</div>
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    <div style="font-weight: normal; text-align: justify;">We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (333-31209) of Artesian Resources
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    <div style="font-weight: normal; text-align: left;">Wilmington, Delaware</div>
    <div style="font-weight: normal; text-align: left;">June 25, 2020</div>
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