<SEC-DOCUMENT>0000863110-22-000032.txt : 20220628
<SEC-HEADER>0000863110-22-000032.hdr.sgml : 20220628
<ACCEPTANCE-DATETIME>20220628144219
ACCESSION NUMBER:		0000863110-22-000032
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220628
DATE AS OF CHANGE:		20220628

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:		221049167

	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>11k.htm
<DESCRIPTION>ARTESIAN RESOURCES CORP 2021 11K
<TEXT>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
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    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 11-K</div>
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    <div style="text-align: center;">(Mark One)</div>
    <div style="text-align: center;"> <br>
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    <div style="text-align: center;">
      <div style="text-align: left;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#9745;&#160;&#160;&#160;&#160; ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
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    <div style="text-align: center;"><br>
    </div>
    <div style="text-align: center;">For the fiscal year ended December 31, 2021</div>
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    <div style="text-align: center;">Or</div>
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    <div style="text-align: center;"><font style="font-family: Wingdings;">&#9744; </font>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;">For the transition period from _____ to _____</div>
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    <div style="text-align: center;">Commission file number 000-18516</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center;">A.&#160; FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW:</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">ARTESIAN 401(K) RETIREMENT PLAN</div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center;">B.&#160; NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE:</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">ARTESIAN RESOURCES CORPORATION</div>
    <div style="text-align: center;">664 CHURCHMANS ROAD<br>
      NEWARK, DE 19702</div>
    <div><br>
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    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Financial Statements and Supplemental Information</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">December 31, 2021</div>
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            <div><a href="#ReportofIndependentRegist">Report of Independent Registered Public Accounting Firm</a></div>
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            <div style="text-align: center;">3</div>
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            <div>Financial Statements</div>
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            <div><a href="#StatementsofNetAssetsAvai">Statements of Net Assets Available for Benefits &#8211; December 31, 2021 and December 31, 2020</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;">4</div>
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            <div><a href="#StatementofChangesinNetAs">Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2021</a></div>
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          <td style="width: 8.8%; vertical-align: top;">
            <div style="text-align: center;">5</div>
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            <div><a href="#NotestotheFinancialStatem">Notes to the Financial Statements</a></div>
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            <div style="text-align: center;">6 - 13</div>
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            <div><a href="#SupplementalInformation">Supplemental Information</a></div>
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            <div><a href="#ScheduleHLine4i:Scheduleo">Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</a></div>
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            <div style="text-align: center;">15</div>
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            <div><a href="#SIGNATURES">Signatures</a></div>
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            <div style="text-align: center;">16</div>
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            <div><a href="#INDEXTOEXHIBITS">Exhibit Index</a></div>
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            <div style="text-align: center;">17</div>
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            <div><a href="#ConsentofBDOUSALLP">Consent of BDO USA, LLP</a></div>
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        <div><a href="#TableofContents">Table of Contents</a></div>
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    <div style="margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Report of Independent Registered Public Accounting Firm<a name="ReportofIndependentRegist"><!--Anchor--></a></div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
      <br>
      Plan Administrator and Participants</div>
    <div>Artesian 401(k) Retirement Plan</div>
    <div>Newark, Delaware</div>
    <div> <br>
    </div>
    <div style="font-weight: bold;">Opinion on the Financial Statements</div>
    <div style="text-align: justify;">We have audited the accompanying statements of net assets available for benefits of the Artesian 401(k) Retirement Plan (the &#8220;Plan&#8221; and formerly known as the Artesian Resources Corporation Retirement Plan) as of
      December 31, 2021 and 2020, the related statement of changes in net assets available for benefits for the year ended December 31, 2021, 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, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021, in conformity with accounting principles
      generally accepted in the United States of America.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Basis for Opinion</div>
    <div style="text-align: justify;">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><br>
    </div>
    <div style="text-align: justify;">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><br>
    </div>
    <div style="text-align: justify;">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><br>
    </div>
    <div style="font-weight: bold;">Supplemental Information</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2021 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 style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;">/s/BDO USA, LLP</div>
    <div><br>
    </div>
    <div>We have served as the Plan&#8217;s auditor since 2010.</div>
    <div><br>
    </div>
    <div>Wilmington, Delaware</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;">June <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">28</font>, 2022</div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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        <div><a href="#TableofContents">Table of Contents</a></div>
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    <div><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Statements of Net Assets Available for Benefits<a name="StatementsofNetAssetsAvai"><!--Anchor--></a></div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">As of December 31, 2021 and December 31, 2020</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
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            <div style="text-align: center;">December 31,</div>
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          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div style="text-align: center;">December 31,</div>
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          <td style="width: 62.79%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: center;">2021</div>
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          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: center;">2020</div>
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            <div style="text-indent: -11.25pt; margin-left: 11.25pt;">ASSETS</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 19.08%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 12.54%; vertical-align: bottom;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 22.5pt;">Cash and cash equivalents</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,049</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">44,043</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -13.5pt; margin-left: 13.5pt;">Investments, at fair value</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">
            <div style="text-indent: -11.25pt; margin-left: 33.75pt;">Artesian Resources Corp. Class A non-voting common stock</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">
            <div style="text-align: right;">7,903,893</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right;">6,275,825</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 22.5pt;">Common collective trusts</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,234,335</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,008,334</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">
            <div style="margin-left: 22.5pt;">Mutual funds</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">
            <div style="text-align: right;">68,468,423</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right;">62,161,769</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">
            <div style="text-indent: -11.25pt; margin-left: 45pt;">Total investments, at fair value</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">
            <div style="text-align: right;">80,606,651</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right;">72,445,928</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">
            <div>Participants' notes receivable</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">
            <div style="text-align: right;">277,576</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right;">330,604</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Dividends receivable</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,183,464</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">---</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Contributions receivable</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">
            <div style="text-indent: 22.5pt;">Employer</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">
            <div style="text-align: right;">151,388</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right;">143,015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 22.5pt;">Participants</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">---</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -1.45pt; margin-left: 35.3pt;">Total contributions receivable</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">151,388</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">143,015</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -11.25pt; margin-left: 45pt;">Total assets</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">83,229,128</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">72,963,590</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NET ASSETS AVAILABLE FOR BENEFITS</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">83,229,128</div>
          </td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">72,963,590</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom;">
            <div>See accompanying notes to financial statements.</div>
          </td>
          <td style="width: 0.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom;">&#160;</td>
          <td style="width: 18%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="width: 100%;" id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TableofContents">Table of Contents</a></div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Statement of Changes in Net Assets Available for Benefits<a name="StatementofChangesinNetAs"><!--Anchor--></a></div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">For the Year Ended December 31, 2021</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
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        <tr>
          <td style="width: 83.37%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div style="text-indent: -11.25pt; margin-left: 11.25pt;">ADDITIONS TO NET ASSETS ATTRIBUTED TO:</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.5%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -11.25pt; margin-left: 22.5pt;">Net investment income</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div style="text-indent: -11.25pt; margin-left: 33.75pt;">Artesian Resources Corp. Class&#160;A non-voting common stock dividends</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">
            <div>$</div>
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          <td style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: right;">179,990</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -11.25pt; margin-left: 33.75pt;">Dividend income from other investments</div>
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          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,980,117</div>
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          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div style="text-indent: -11.25pt; margin-left: 33.75pt;">Net appreciation in fair value of investments</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: right;">8,262,473</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div>Total net investment income</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: right;">12,422,580</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div style="text-indent: 13.5pt;">Interest income from participants' notes receivable</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: right;">16,156</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div style="text-indent: -11.25pt; margin-left: 22.5pt;">Contributions</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 22.7pt;">Employer contributions</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,225,122</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div style="text-indent: 22.7pt;">Participant contributions</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: right;">2,057,674</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 22.7pt;">Rollovers</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">248,354</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div>Total contributions</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: right;">3,531,150</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div style="text-indent: -5.4pt; margin-left: 11.25pt;">Total additions</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: right;">15,969,886</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -11.25pt; margin-left: 11.25pt;">&#160;</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div style="text-indent: -11.25pt; margin-left: 11.25pt;">DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 22.5pt;">Participant distributions</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,703,928</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div style="text-indent: 22.5pt;">Fees</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">
            <div style="text-align: right;">420</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -5.4pt; margin-left: 11.25pt;">Total deductions</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,704,348</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -11.25pt; margin-left: 11.25pt;">NET INCREASE</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,265,538</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div style="text-indent: -11.25pt; margin-left: 11.25pt;">&#160;</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -11.25pt; margin-left: 11.25pt;">NET ASSETS AVAILABLE FOR BENEFITS - BEGINNING OF YEAR</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">72,963,590</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">
            <div style="text-indent: -11.25pt; margin-left: 11.25pt;">&#160;</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -11.25pt; margin-left: 11.25pt;">NET ASSETS AVAILABLE FOR BENEFITS - END OF YEAR</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">83,229,128</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>See accompanying notes to financial statements.</div>
          </td>
          <td style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 83.37%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15.4%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="width: 100%;" id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TableofContents">Table of Contents</a></div>
      </div>
    </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: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Notes to the Financial Statements<a name="NotestotheFinancialStatem"><!--Anchor--></a></div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Note A - Description of the Plan</div>
    <table cellspacing="0" cellpadding="0" id="zd54fef91ebb0453dae9d26e01c191eb3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 3.96%; vertical-align: top;">
            <div style="font-weight: bold;">1.</div>
          </td>
          <td style="width: 3.84%; vertical-align: top;">&#160;</td>
          <td style="width: 92.2%; vertical-align: top;">
            <div style="font-weight: bold;">General</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;">Effective July&#160;1, 1984, Artesian Resources Corporation (the "Company" or "Plan Sponsor" or "Employer") established the Artesian 401(k) Retirement Plan (the "Plan" and formerly known as the Artesian Resources
              Corporation Retirement 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.&#160; The Plan is administered by an Administrative Committee, which consists of six members
              appointed by the Company's Board of Directors. PNC Bank, National Association was a co-fiduciary of the Plan within the meaning of 3(21) of ERISA during the year 2021. As part of our transition to a new record keeper in December 2021, Great
              West Trust Company, LLC was also a co-fiduciary of the Plan within the meaning of 3(21) of ERISA during the year 2021.&#160; 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>
          </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="font-weight: bold;">2.</div>
          </td>
          <td style="width: 3.84%; vertical-align: top;">&#160;</td>
          <td style="width: 92.2%; vertical-align: top;">
            <div style="font-weight: bold;">Participation and Vesting</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;">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 2021.</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>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="margin-left: 18.5pt;">&#8226;Only employees as of April 26, 1994 are eligible for participation.</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="margin-left: 18.5pt;">&#8226;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 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="margin-left: 18.5pt;">&#8226;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>
        <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>The total matching, discretionary and service contributions in 2021 were approximately $604,000, $420,000 and $201,000, respectively.</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 2021.</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 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>
          </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="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="width: 100%;" id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</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 style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TableofContents">Table of Contents</a></div>
      </div>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Notes to the Financial Statements (Continued)</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Note A - Description of the Plan (Continued)</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z69e7fb327a7d47ef847632ee1857c85b" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 3.94%; vertical-align: bottom;" colspan="2">
            <div style="font-weight: bold;">2.</div>
          </td>
          <td style="width: 63.18%; vertical-align: bottom;" colspan="3">
            <div style="font-weight: bold;">Participation and Vesting (Continued)</div>
          </td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 31.88%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.12%; vertical-align: bottom;" colspan="5">&#160;</td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 31.88%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="5">
            <div style="text-align: center; font-weight: bold;">Years of Service</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="font-weight: bold;">Vested Percentage</div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.12%; vertical-align: bottom;" colspan="5">
            <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;">&#160;</td>
          <td style="width: 16.26%; vertical-align: bottom;">
            <div style="text-align: right;">0</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom;">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="5">
            <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>%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.12%; vertical-align: bottom;" colspan="5">
            <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;">&#160;</td>
          <td style="width: 16.26%; vertical-align: bottom;">
            <div style="text-align: right;">40</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom;">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="5">
            <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>%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.12%; vertical-align: bottom;" colspan="5">
            <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;">&#160;</td>
          <td style="width: 16.26%; vertical-align: bottom;">
            <div style="text-align: right;">80</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom;">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="5">
            <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>%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.82%; vertical-align: top;">&#160;</td>
          <td style="width: 3.84%; vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 92.34%; vertical-align: top;" colspan="4">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.82%; vertical-align: top;">&#160;</td>
          <td style="width: 1.92%; vertical-align: top;" colspan="2"><br>
          </td>
          <td style="width: 1.92%; vertical-align: top;"><br>
          </td>
          <td style="width: 46.17%; vertical-align: top;" colspan="3">
            <div style="text-align: justify;">Any forfeitures of non-vested contributions may be offset against Company contributions or Plan administration expenses.&#160; As of December 31, 2021 and 2020, forfeited non-vested accounts were nominal.&#160; In 2021,
              approximately $17,000 was applied to reduce the Plan Sponsor&#8217;s contribution obligations.</div>
          </td>
          <td style="width: 46.17%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.82%; vertical-align: top;">&#160;</td>
          <td style="width: 3.84%; vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 92.34%; vertical-align: top;" colspan="4">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.94%; vertical-align: top;" colspan="2">
            <div style="font-weight: bold;">3.</div>
          </td>
          <td style="width: 3.38%; vertical-align: top;">&#160;</td>
          <td style="width: 92.68%; vertical-align: top;" colspan="5">
            <div style="text-align: justify; font-weight: bold;">Investment Elections</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.94%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top;">&#160;</td>
          <td style="width: 92.68%; vertical-align: top;" colspan="5">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.94%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top;">&#160;</td>
          <td style="width: 92.68%; vertical-align: top;" colspan="5">
            <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: 3.94%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top;">&#160;</td>
          <td style="width: 92.68%; vertical-align: top;" colspan="5">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.94%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top;">&#160;</td>
          <td style="width: 92.68%; vertical-align: top;" colspan="5">
            <div style="text-align: justify;">Participants may allocate basic contributions among the various investment options, including the Company's Class&#160;A non-voting common stock.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.94%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top;">&#160;</td>
          <td style="width: 92.68%; vertical-align: top;" colspan="5">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.94%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top;">&#160;</td>
          <td style="width: 92.68%; vertical-align: top;" colspan="5">
            <div style="text-align: justify;">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
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            <div>&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="width: 100%;" id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TableofContents">Table of Contents</a></div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Notes to the Financial Statements (Continued)</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Note A - Description of the Plan (Continued)</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" id="z1dfa9bd827a5466896d508a5518644f6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <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="font-weight: bold;">4.</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-weight: bold;">Participants' Notes Receivable</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-indent: 36pt;">&#8226;A participant may borrow from the Plan only on account of hardship, for one of the 401(k) safe harbor hardship distribution reasons described in the applicable Federal Treasury regulations.</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-indent: 36pt;">&#8226;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-indent: 36pt;">&#8226;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-indent: 36pt;">&#8226;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-indent: 36pt;">&#8226;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, 2021.</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-indent: 36pt;">&#8226;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="font-weight: bold;">5.</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-weight: bold;">Benefits</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 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 normal form of distribution under the Plan is
              a single lump sum distribution in cash or stock.&#160; Alternate forms of distributions effective as of December 15, 2021 include installment payments over the life expectancy of a participant and/or beneficiary and periodic distributions at any
              time, including after the start of any installment payments.</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;">The Plan allows participants who take hardship distributions to continue to make employee pre-tax salary deferral and employee after-tax Roth contributions to 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: justify;">On March 27, 2020, the United States Government enacted the Coronavirus Aid, Relief, and Economic Security Act (&#8220;CARES Act&#8221;) which permitted eligible Plan participants that met 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 included 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 the coronavirus (&#8220;COVID-19&#8221;). 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; In 2020 the Administrative Committee approved the amendment of the Plan to address the CARES Act, before the due date of December 31, 2022.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="width: 100%;" id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TableofContents">Table of Contents</a></div>
      </div>
    </div>
    <div><br>
    </div>
    <br>
    <div style="text-align: center; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Notes to the Financial Statements (Continued)</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Note A - Description of the Plan (Continued)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z979151fc396f4c98aeee4512ced5a650" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <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="font-weight: bold;">6.</div>
          </td>
          <td style="width: 3.82%; vertical-align: top;">&#160;</td>
          <td style="width: 91.18%; vertical-align: top;">
            <div style="font-weight: bold;">Plan Termination</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;">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.</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="font-weight: bold;">7.</div>
          </td>
          <td style="width: 3.82%; vertical-align: top;">&#160;</td>
          <td style="width: 91.18%; vertical-align: top;">
            <div style="font-weight: bold;">Administrative Expenses</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;">Administrative expenses are billed as a per participant fee and paid directly by the Employer.&#160; Individual participant fees such as loan and distribution fees are charged to participant accounts.&#160; Effective
              December 15, 2021, former employee participant accounts are charged the administrative participant fee plus all individual participant fees. 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>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;">Note B - Significant Accounting Policies</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z77b82f98282f4795be2af884360b6ba1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 3.96%; vertical-align: top;">
            <div style="font-weight: bold;">1.</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-weight: bold;">Basis of Accounting</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="font-weight: bold;">2.</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-weight: bold;">Use of 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;">&#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="font-weight: bold;">3.</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-weight: bold;">Investment Valuation and Income Recognition</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 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, 2021 and 2020.</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 common collective trusts represent investments in the T. Rowe Price Stable Value Fund.&#160; NAV is
              determined by T. Rowe Price 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>

    </table>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="width: 100%;" id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TableofContents">Table of Contents</a></div>
      </div>
    </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: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; font-weight: bold;">Notes to the Financial Statements (Continued)</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Note B - Significant Accounting Policies (Continued)</div>
    <table cellspacing="0" cellpadding="0" id="zc10b35cad158415d82cd69b0ef813b7a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <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="font-weight: bold;">3.</div>
          </td>
          <td style="width: 3.78%; vertical-align: top;">&#160;</td>
          <td style="width: 92.26%; vertical-align: top;">
            <div style="font-weight: bold;">Investment Valuation and Income Recognition (continued)</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>&#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="font-weight: bold;">4.</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-weight: bold;">Participants' Notes Receivable</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;">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 2021, no amounts were recorded as deemed
              distributions. No allowance for credit losses has been recorded as of December 31, 2021 and 2020.&#160; In response to the CARES Act, the Plan temporarily allowed for the suspension of loan repayments.&#160; This temporary provision expired December
              31, 2021.</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="font-weight: bold;">5.</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-weight: bold;">Benefit Payments and Participant Distributions</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="font-weight: bold;">6.</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-weight: bold;">Income Taxes</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 (the &#8220;IRS&#8221;) has determined and informed the Company by letter dated August 26, 2016 that the&#160;Plan is qualified and the trust established under the Plan is tax exempt under the
              appropriate sections of the IRC.&#160; Although the Plan has been amended since receiving the determination letter, the Plan administrator and the Plan's tax counsel believe that the Plan&#160;is designed and currently being operated in compliance with
              the applicable requirements of the IRC. Effective December 15, 2021, the Company restated the Plan utilizing the Ft. William Volume Submitter Adoption Agreement including custom language (the &#8220;Restated Plan&#8221;).&#160; The custom language changes did
              not convert the Restated Plan into an individually designed plan, however, on May 6, 2022, the Company requested an updated favorable determination letter from the IRS regarding the qualified status of the Restated Plan.&#160; A determination
              letter has not yet been received.&#160; The Plan administrator and the Plan&#8217;s tax counsel believe the Plan continues to be qualified and no provision for income taxes has been included in the financial statements.</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 Sponsor has analyzed the tax positions taken by the Plan and has concluded that, as of December 31, 2021, 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>

    </table>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="width: 100%;" id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
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      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TableofContents">Table of Contents</a></div>
      </div>
    </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: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; font-weight: bold;">Notes to the Financial Statements (Continued)</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf4cf0a756ef04ec7b8bd495cfe356ee6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <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="font-weight: bold;">7.</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-weight: bold;">Cash and Cash Equivalents</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;">Cash and cash equivalents include cash and short-term interest-bearing investments with initial maturities of three months or less.</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>

    </table>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Note C &#8211; Risks and Uncertainties</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="text-align: justify;">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.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Several factors, including the COVID-19 pandemic, economic influences and inflation trends have led to extreme volatility in financial markets and have affected, and may continue to affect, the market price of Artesian
      Resources Corporation&#8217;s Class A non-voting common stock and other Plan investments.&#160; While the potential impact brought by, and the duration of, these factors may be difficult to assess or predict, they could result in significant disruption of
      global financial markets. The extent to which these factors impact the financial markets will depend on future developments that are highly uncertain and cannot be predicted.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Note D &#8211; Investments</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Financial Accounting Standards Board (&#8220;FASB&#8221;) 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><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z259f232e8df844c690e94303920feb5e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</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" id="z83949f4fd6a846f088fd20646e4faa81" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <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>
      <table cellspacing="0" cellpadding="0" id="z5f18bbda35e74f47bc1427a12ad3ad74" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</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>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="width: 100%;" id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TableofContents">Table of Contents</a></div>
      </div>
    </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: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Notes to the Financial Statements (Continued)</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Note D &#8211; Investments (Continued)</div>
    <div><br>
    </div>
    <div style="text-align: justify;">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.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following tables set forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December&#160;31:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf47825fca2bb4044bf40d43e62fd2584" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 33.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 66.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="11">
            <div style="text-align: center; font-weight: bold;">Investments at Fair Value as of December 31, 2021</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 33.42%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Level 1</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Level 2</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Level 3</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 33.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 33.42%; vertical-align: bottom;">
            <div>Mutual Funds</div>
          </td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom;">
            <div style="text-align: right;">68,468,423</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom;">
            <div style="text-align: right;">68,468,423</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 33.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 33.42%; vertical-align: bottom;">
            <div>Artesian Resources Corporation Class A non-voting common stock</div>
          </td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">7,903,893</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">7,903,893</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 33.42%; vertical-align: bottom;">
            <div>Total investments in the fair value hierarchy</div>
          </td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom;">
            <div style="text-align: right;">76,372,316</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom;">
            <div style="text-align: right;">76,372,316</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 33.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 33.42%; vertical-align: bottom;">
            <div>Common collective trust*</div>
          </td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">4,234,335</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 33.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 33.42%; vertical-align: bottom;">
            <div>Total investments, at fair value</div>
          </td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">76,372,316</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 8.99%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.57%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.01%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 14.43%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">80,606,651</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zbf25eaf534a34667bc55581c6a8fe215" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 35.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 64.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="11">
            <div style="text-align: center; font-weight: bold;">Investments at Fair Value as of December 31, 2020</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.78%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.93%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">&#160;Level 1</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Level 2</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Level 3</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.93%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.78%; vertical-align: bottom;">
            <div>Mutual Funds</div>
          </td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.93%; vertical-align: bottom;">
            <div>&#160;&#160;62,161,769</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 9.62%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right;">62,161,769</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.93%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.78%; vertical-align: bottom;">
            <div>Artesian Resources Corporation Class A non-voting common stock</div>
          </td>
          <td style="width: 3.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.93%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;&#160;&#160;&#160;&#160;&#160;6,275,825</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">6,275,825</div>
          </td>
        </tr>
        <tr>
          <td style="width: 35.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.93%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.78%; vertical-align: bottom;">
            <div>Total investments in the fair value hierarchy</div>
          </td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.93%; vertical-align: bottom;">
            <div>&#160;&#160;68,437,594</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.62%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right;">68,437,594</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.93%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.78%; vertical-align: bottom;">
            <div>Common collective trust*</div>
          </td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.93%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">4,008,334</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.93%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.78%; vertical-align: bottom;">
            <div>Total investments, at fair value</div>
          </td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.93%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div>&#160;&#160;68,437,594</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 9.62%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.67%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.75%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.22%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.46%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">72,445,928</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;">* 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.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="width: 100%;" id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; 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 style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TableofContents">Table of Contents</a></div>
      </div>
    </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: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Notes to the Financial Statements (Continued)</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="font-weight: bold;">Note D &#8211; Investments (Continued)</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following is a description of the valuation methodologies for the Plan assets measured at fair value.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><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.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-style: italic;">Common Collective Trust &#8211;</font> This class consists of commingled funds 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 and does
      not have a participant level holding period. There are no unfunded commitments for investments in the common collective trust.&#160; The common collective trusts represent investments in the T. Rowe Price Stable Value Fund.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Note E &#8211; Distributions Payable</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za6f3fc913d6b4775a7f882fb4d8eaa1f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <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, 2021 and 2020, 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-weight: bold;">Note F &#8211; Related Party and Party in Interest Transactions</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z41bc127b4e4a46beae61edab45fc80b9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;">Artesian Resources Corporation and its employees are parties-in-interest to the Plan.&#160;On December 31, 2021 and&#160;&#160; December 31, 2020, the Plan's assets included $7,903,893 and $6,275,825, respectively, of
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          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Note G &#8211; Subsequent Events</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Plan management evaluated subsequent events through the date the financial statements were available to be issued and has determined that there are no subsequent events that require disclosure.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="width: 100%;" id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
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        <div><a href="#TableofContents">Table of Contents</a></div>
      </div>
    </div>
    <div><br>
    </div>
    <div> <br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"> <br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"> <br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
      <br>
      <br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">Supplemental Information<a name="SupplementalInformation"><!--Anchor--></a></div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-weight: bold;"> </font><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="width: 100%;" id="DSPFPageFooter"></div>
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: medium; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TableofContents">Table of Contents</a></div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Artesian 401(k) Retirement Plan</div>
    <div style="text-align: center; font-weight: bold;">EIN 51-0002090, Plan No.&#160;003</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Schedule&#160;H, Line 4i: Schedule of Assets (Held at End of Year<a name="ScheduleHLine4i:Scheduleo"><!--Anchor--></a>)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">December&#160;31, 2021</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z258dece1208c4de0a1011a239a823721" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
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            <div style="text-align: justify;">(a)</div>
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          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">(b)</div>
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">(c)</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">(d)</div>
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          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="text-align: center;">(e)</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 2.65%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom;">&#160;</td>
          <td style="width: 30.91%; vertical-align: bottom;">&#160;</td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.6%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 2.65%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Identity of issuer, borrower, lessor, or similar party</div>
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Description of investment, including maturity date, rate of interest, collateral, par, or maturity value</div>
          </td>
          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">Cost**</div>
          </td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="text-align: center;">Current Value</div>
            <div> &#160;</div>
          </td>
          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 2.65%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom;">&#160;</td>
          <td style="width: 30.91%; vertical-align: bottom;">&#160;</td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.6%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">*</div>
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          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Common Stock -</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>Artesian Resources Corporation</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Class A Non-Voting Common Stock</div>
          </td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 8.83%; vertical-align: bottom;">
            <div style="text-align: right;">7,903,893</div>
          </td>
          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom;">
            <div>T Rowe Price Stable Value</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Common/Collective Trust</div>
          </td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: bottom;">
            <div style="text-align: right;">4,234,335</div>
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          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom;">
            <div>Mutual Funds -</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom;">&#160;</td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>American Funds EuroPacific Growth Fund R6</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,041,122</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>American Funds American Balanced Fund R6</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Funds</div>
          </td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: top;">
            <div style="text-align: right;">4,123,238</div>
          </td>
          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>American Century Small Cap Value Fund R6</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">33,488</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>American Funds 2010 Target Date Retirement Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: top;">
            <div style="text-align: right;">353,613</div>
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          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>American Funds 2020 Target Date Retirement Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">576,405</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>American Funds 2025 Target Date Retirement Fund</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Funds</div>
          </td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: top;">
            <div style="text-align: right;">2,578,509</div>
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          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>American Funds 2030 Target Date Retirement Fund</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,157,616</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>American Funds 2035 Target Date Retirement Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom;">
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          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: top;">
            <div style="text-align: right;">2,194,278</div>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>American Funds 2040 Target Date Retirement Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">96,899</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>American Funds 2045 Target Date Retirement Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: top;">
            <div style="text-align: right;">3,325,273</div>
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          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>American Funds 2050 Target Date Retirement Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">389,213</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>American Funds 2055 Target Date Retirement Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: top;">
            <div style="text-align: right;">1,600,808</div>
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          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>American Funds 2060 Target Date Retirement Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">82,088</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>American Funds 2065 Target Date Retirement Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: middle;">
            <div style="text-align: right;">345</div>
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          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Columbia Small Cap Growth Fund 1</div>
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>JP Morgan Emerging Markets Equity Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: top;">
            <div style="text-align: right;">238,647</div>
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          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>JP Morgan Equity Income Fund R6</div>
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,196,284</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>JP Morgan Mid Cap Growth Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Funds</div>
          </td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: top;">
            <div style="text-align: right;">2,765,585</div>
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          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Pioneer Bond Fund K</div>
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,582,315</div>
          </td>
          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>T. Rowe Price Growth Stock Fund 1</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Funds</div>
          </td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: top;">
            <div style="text-align: right;">15,185,973</div>
          </td>
          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Vanguard 500 Index Fund Admiral</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,574,468</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>Vanguard Mid-Cap Index Fund Admiral</div>
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          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Funds</div>
          </td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: top;">
            <div style="text-align: right;">1,448,870</div>
          </td>
          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Vanguard Small-Cap Index Fund Admiral</div>
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,244,917</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>Vanguard Short-Term Investment-Grade Fund Admiral</div>
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          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Funds</div>
          </td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: top;">
            <div style="text-align: right;">1,647,598</div>
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          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Allspring Special Mid Cap Value Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mutual Funds</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,201,287</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom;">
            <div>&#160;Dreyfus Government Cash Management Fund</div>
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          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Mutual Fund</div>
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          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: bottom;">
            <div style="text-align: right;">3,698</div>
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          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom;">
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          <td style="width: 30.91%; vertical-align: bottom;">&#160;</td>
          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 45.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Interest rates range from 4.25% to 9.25%</div>
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          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">277,576</div>
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          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div>Identifies the party as a "Party in Interest" as defined by ERISA.</div>
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          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
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        <div><a href="#TableofContents">Table of Contents</a></div>
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    <div><br>
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    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">SIGNATURES<a name="SIGNATURES"><!--Anchor--></a></div>
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    <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-weight: bold;">The Plan</font>. 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.</div>
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            <div>ARTESIAN 401(k) RETIREMENT PLAN</div>
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          <td style="width: 26.92%; vertical-align: top;">&#160;</td>
          <td style="width: 5.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.42%; vertical-align: top;">&#160;</td>
          <td style="width: 4.82%; vertical-align: top;">&#160;</td>
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          <td style="width: 5.84%; vertical-align: top;">&#160;</td>
          <td style="width: 62.42%; vertical-align: top;">&#160;</td>
          <td style="width: 4.82%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">Date:&#160;June<font style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> <font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">28</font></font>, 2022</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: justify;">Jennifer L. Finch</div>
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    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
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    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">INDEX TO EXHIBITS<a name="INDEXTOEXHIBITS"><!--Anchor--></a></div>
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            <div style="text-align: center;">Exhibit No.</div>
          </td>
          <td style="width: 86.6%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.4%; vertical-align: top;">&#160;</td>
          <td style="width: 86.6%; vertical-align: top;">&#160;</td>
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          <td style="width: 13.4%; vertical-align: top;">
            <div style="text-align: justify;"><a href="ex23.htm">23.1</a></div>
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            <div style="text-align: justify;">Consent of BDO USA, LLP *<a name="ConsentofBDOUSALLP"><!--Anchor--></a></div>
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        </tr>
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          <td style="width: 13.4%; vertical-align: top;">&#160;</td>
          <td style="width: 86.6%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">Filed herewith.</div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>ex23.htm
<DESCRIPTION>EX - 23
<TEXT>
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    <title></title>
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  <div>
    <div style="text-align: right;">Exhibit 23.1</div>
    <div><br>
    </div>
    <div style="text-align: center;"><u>Consent of Independent Registered Public Accounting Firm</u></div>
    <div><br>
    </div>
    <div><br>
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    <div>Artesian 401(k) Retirement Plan</div>
    <div>Newark, Delaware</div>
    <div><br>
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    <div style="text-align: justify;">We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (333-31209) of Artesian Resources Corporation of our report
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    <div><br>
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    <div><br>
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    <div>/s/ BDO USA, LLP</div>
    <div><br>
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    <div>Wilmington, Delaware</div>
    <div>June 28, 2022</div>
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</TEXT>
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