<SEC-DOCUMENT>0000863110-25-000041.txt : 20250627
<SEC-HEADER>0000863110-25-000041.hdr.sgml : 20250627
<ACCEPTANCE-DATETIME>20250627092911
ACCESSION NUMBER:		0000863110-25-000041
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250626
FILED AS OF DATE:		20250627
DATE AS OF CHANGE:		20250627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARTESIAN RESOURCES CORP
		CENTRAL INDEX KEY:			0000863110
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		251082608

	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.htm
<DESCRIPTION>11K 2024
<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>
    <div><br>
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    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 11-K</div>
    <div><br>
    </div>
    <div style="text-align: center;">(Mark One)</div>
    <div style="text-align: center;"><font style="font-family: Wingdings;">&#9744; </font>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="text-align: center;">For the fiscal year ended December 31, 2024</div>
    <div><br>
    </div>
    <div style="text-align: center;">Or</div>
    <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;">For the transition period from _____ to _____</div>
    <div style="text-align: center;">Commission file number 000-18516</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; font-size: 18pt; font-weight: bold;">ARTESIAN 401(K) RETIREMENT PLAN</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; font-size: 18pt; font-weight: bold;">ARTESIAN RESOURCES CORPORATION</div>
    <div style="text-align: center;">664 CHURCHMANS ROAD<br>
      NEWARK, DE 19702</div>
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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, 2024</div>
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            <div style="text-align: center; font-weight: bold;"><a name="TableofContents"><!--Anchor--></a>Table of Contents</div>
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            <div style="text-align: center; font-weight: bold;">Page</div>
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            <div><a href="#Report">Report of Independent Registered Public Accounting Firm</a></div>
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            <div style="text-align: center;">3 - 4<br>
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            <div>Financial Statements</div>
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            <div><a href="#StatementsofNetAssetsAvai">Statements of Net Assets Available for Benefits as of December 31, 2024 and December 31, 2023</a></div>
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            <div style="text-align: center;">5</div>
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            <div><a href="#StatementofChanges">Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2024</a></div>
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            <div style="text-align: center;">6</div>
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            <div><a href="#NotestotheFinancialStatem">Notes to the Financial Statements</a></div>
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            <div><a href="#SupplementalInformation">Supplemental Information</a></div>
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            <div><a href="#ScheduleH">Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</a></div>
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            <div style="text-align: center;">17</div>
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            <div><a href="#SIGNATURES">Signatures</a></div>
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            <div style="text-align: center;">18</div>
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            <div><a href="#INDEXTOEXHIBITS">Exhibit Index</a></div>
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            <div style="text-align: center;">19</div>
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            <div><a href="ex23_htm.htm">Consent of BDO USA, P.C</a>.</div>
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            <div style="text-align: justify; margin-right: 6.2pt; font-style: italic;">Other schedules required by Section 2520.103.10 of the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because
              they are not applicable.</div>
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    <div><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a>
      <div><br>
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    <div><br>
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    <div style="margin-top: 3pt; margin-bottom: 3pt;">Plan Administrator and Participants<a name="Report"><!--Anchor--></a></div>
    <div>Artesian 401(k) Retirement Plan</div>
    <div>Newark, Delaware</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Opinion</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We have audited the financial statements of Artesian 401(k) Retirement Plan (the Plan), an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 (ERISA). The financial statements comprise
      the statements of net assets available for benefits as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes to the financial statements.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In our opinion, the accompanying financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in its net assets
      available for benefits for the year ended December 31, 2024, in accordance with accounting principles generally accepted in the United States of America (GAAP).</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Basis for Opinion</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the <font style="font-style: italic;">Auditor's Responsibilities for the Audit of the Financial Statements</font> section of our report. We are required to be independent of the Plan and to meet our other ethical responsibilities, in accordance with the relevant ethical
      requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Responsibilities of Management for the Financial Statements</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Management is responsible for the preparation and fair presentation of the financial statements in accordance with GAAP,&#160;and for the design, implementation, and maintenance of internal control relevant to the
      preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Plan's ability to continue as a
      going concern within one year&#160;after the date that the financial statements are available to be issued.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Management is responsible for maintaining a current plan instrument, including all plan amendments. Management is also responsible for administering the Plan and determining that the Plan's transactions that are
      presented and disclosed in the financial statements are in conformity with the Plan's provisions, including maintaining sufficient records with respect to each of the participants, to determine the benefits due or which may become due to such
      participants.</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Auditor&#8217;s Responsibilities for the Audit of the Financial Statements</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
      opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not
      detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered
      material if, there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
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    <div>In performing an audit in accordance with GAAS, we:</div>
    <div><br>
    </div>
    <div>
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              <div style="text-align: left; margin-left: 18pt;">&#8226;</div>
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              <div style="text-align: justify;">Exercise professional judgment and maintain professional skepticism throughout the audit.</div>
            </td>
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    </div>
    <div>
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              <div style="text-align: left; margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include
                examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z96ef14fefe9346de8e8ac0b185fb92b1">

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            <td style="width: 36pt; vertical-align: top; text-align: right;">
              <div style="text-align: left; margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
                effectiveness of the Plan's internal control. Accordingly, no such opinion is expressed.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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            <td style="width: 36pt; vertical-align: top; text-align: right;">
              <div style="text-align: left; margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial
                statements.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze833e9789c8645d49f872b5c8d3eab9e">

          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: right;">
              <div style="text-align: left; margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Plan's ability to continue as a going concern for a reasonable period of
                time.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that
      we identified during the audit.</div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;">Supplemental Schedule Required by ERISA</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2024 is&#160; presented for purposes of
      additional analysis and is&#160; not a required part of the financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA. Such information is the responsibility
      of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial
      statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other
      additional procedures in accordance with GAAS.</div>
    <div style="text-align: justify;">In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for
      Reporting and Disclosure under ERISA.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">In our opinion, the information in the accompanying supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole, and the form and content is presented in
      conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA.</div>
    <div><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;">/s/BDO USA, P.C.</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 27, 2025</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a> </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;"><a name="StatementsofNetAssetsAvai"><!--Anchor--></a>Statements of Net Assets Available for Benefits</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">As of December 31, 2024 and December 31, 2023</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z7761c94871934730aeeac98352a2ac53" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.39%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="text-align: center;">December 31,</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="text-align: center;">December 31,</div>
          </td>
          <td style="width: 0.19%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.39%; vertical-align: bottom;" colspan="2">
            <div style="text-align: center;">2024</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.33%; vertical-align: bottom;" colspan="2">
            <div style="text-align: center;">2023</div>
          </td>
          <td style="width: 0.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.39%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td style="width: 0.19%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">
            <div style="text-indent: -11.25pt; margin-left: 11.25pt;">ASSETS</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.39%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.33%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td style="width: 0.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cash and cash equivalents</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="text-align: right;">---</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; 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: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; 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: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom;">
            <div style="text-align: right;">4,317,229</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">6,135,086</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 22.5pt;">Common collective trust</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,033,677</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="text-align: right;">2,782,073</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">
            <div style="margin-left: 22.5pt;">Pooled separate accounts</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom;">
            <div style="text-align: right;">24,805,340</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">22,607,248</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 22.5pt;">Mutual funds</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">46,949,928</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="text-align: right;">41,845,209</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -11.25pt; margin-left: 45pt;">Total investments, at fair value</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">79,106,174</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="text-align: right;">73,369,616</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Participants' notes receivable</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">218,218</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="text-align: right;">242,336</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">
            <div>Dividends receivable</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">---</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">
            <div>Contributions receivable</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 22.5pt;">Employer</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">140,034</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="text-align: right;">143,343</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">
            <div style="text-indent: 22.5pt;">Participants</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">---</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">
            <div style="text-indent: -1.45pt; margin-left: 35.3pt;">Total contributions receivable</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom;">
            <div style="text-align: right;">140,034</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">143,343</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">
            <div>NET ASSETS AVAILABLE FOR BENEFITS</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 11.49%; vertical-align: bottom;">
            <div style="text-align: right;">79,464,426</div>
          </td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">
            <div>$</div>
          </td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">73,755,295</div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 61.77%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>See accompanying notes to financial statements.</div>
          </td>
          <td style="width: 2.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
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        <tr>
          <td style="width: 61.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 2.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.49%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 4.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.8%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.9%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.62%; vertical-align: bottom;" colspan="2">&#160;</td>
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    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a> </div>
    <div><a href="#TableofContents"><font style="font-weight: normal;"> <br>
        </font></a></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;"><a name="StatementofChanges"><!--Anchor--></a>Statement of Changes in Net Assets Available for Benefits</div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">For the Year Ended December 31, 2024</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: 82.27%; 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: 17.6%; 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>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 17.6%; vertical-align: bottom;" colspan="2">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 17.6%; 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>
        </tr>
        <tr>
          <td style="width: 82.27%; 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>
          </td>
          <td style="width: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;">163,941</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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>
          </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: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,737,900</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: 82.27%; 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: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;">7,725,403</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; 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: 82.27%; 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: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;">9,627,244</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; 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: 82.27%; 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: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;">12,796</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; 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: 82.27%; 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: 16.5%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,269,200</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: 82.27%; 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: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;">2,292,293</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">147,027</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: 82.27%; 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: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;">3,708,520</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; 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: 82.27%; 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: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;">13,348,560</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; 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: 82.27%; 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: 16.5%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,623,728</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: 82.27%; 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: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;">15,701</div>
          </td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,639,429</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: 82.27%; 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: 16.5%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,709,131</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: 82.27%; 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: 16.5%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">73,755,295</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: 82.27%; 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: 16.5%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">79,464,426</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: 82.27%; 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: 16.5%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.07%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 82.27%; 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: 16.5%; 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: 82.27%; 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: 16.5%; 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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
      <div class="BRPFPageBreak" 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>
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    <div style="margin-top: 3pt; margin-bottom: 3pt;"><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a>
      <div><br>
      </div>
    </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;"><a name="NotestotheFinancialStatem"><!--Anchor--></a>Notes to the Financial Statements</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="zc4420280d01a4265863211015cba0fd7" 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") as a defined contribution retirement plan for
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              from their current taxable income, subject to certain limits.</div>
            <div>&#160;</div>
            <div style="text-align: justify;">The Plan is administered by an Administrative Committee, which consists of six members appointed by the Company's Board of Directors. Empower Trust Company, LLC (&#8220;Empower&#8221;) serves as a Directed Trustee and
              CAPTRUST serves as a Section 3(21) Co-Fiduciary with regard to investments.&#160; The following description of the Plan provides only general information. Participants should refer to the Plan document 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;">U.S. based employees age 18 and over are eligible for Plan participation on their date of hire except for leased, seasonal and certain temporary employees.&#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 2024.</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 also sponsored another defined contribution plan for its employees, the Supplemental Plan. The service contributions that are continued under the current Plan and vesting guidelines for the
              participants receiving the service contributions are 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>
        <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 in the service contribution.</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 2024 were approximately $709,000, $490,000 and $220,000, 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 2024 and has not been made
              since 2007.</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>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a>
      <div><br>
      </div>
    </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" id="z497c1aa1e025404d92767fb6487af52d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 3.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
            <div style="font-weight: bold;">2.</div>
          </td>
          <td style="width: 63.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="3">
            <div style="font-weight: bold;">Participation and Vesting (Continued)</div>
          </td>
          <td style="width: 1%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 31.88%; vertical-align: top; background-color: rgb(255, 255, 255);" 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; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 31.88%; vertical-align: top; background-color: rgb(255, 255, 255);" 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: 9.1%; vertical-align: bottom;">
            <div style="text-align: right;">0</div>
          </td>
          <td style="width: 22.78%; 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: 9.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">20</div>
          </td>
          <td style="width: 22.78%; 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: 9.1%; vertical-align: bottom;">
            <div style="text-align: right;">40</div>
          </td>
          <td style="width: 22.78%; 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: 9.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">60</div>
          </td>
          <td style="width: 22.78%; 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: 9.1%; vertical-align: bottom;">
            <div style="text-align: right;">80</div>
          </td>
          <td style="width: 22.78%; 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: 9.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100</div>
          </td>
          <td style="width: 22.78%; 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; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 3.84%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="3">&#160;</td>
          <td style="width: 92.34%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="4">
            <div style="text-align: justify;">Any forfeitures of non-vested contributions may be offset against Company contributions or Plan administration expenses.&#160; For the year ended December 31, 2024, forfeited non-vested accounts were approximately
              $194,000 and approximately $150,000 was applied to reduce the Plan Sponsor&#8217;s contribution obligations.&#160; For the year ended December 31, 2023, forfeited non-vested accounts were approximately $13,000 and approximately $12,000 was applied to
              reduce the Plan Sponsor&#8217;s contribution obligations.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.82%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 3.84%; vertical-align: top; background-color: rgb(255, 255, 255);" 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; background-color: rgb(255, 255, 255);" colspan="2">
            <div style="font-weight: bold;">3.</div>
          </td>
          <td style="width: 3.38%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 92.68%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="5">
            <div style="text-align: justify; font-weight: bold;">Investment Elections</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.94%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 92.68%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="5">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.94%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 92.68%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="5">
            <div style="text-align: justify;">Participants direct the investment of all assets in their accounts as permitted under Section 404(c) of ERISA, except to the extent that investment direction is not provided, in which case the Qualified Default
              Investment Alternative (&#8220;QDIA&#8221;) is utilized.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.94%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 92.68%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="5">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.94%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 92.68%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="5">
            <div style="text-align: justify;">Participants may allocate 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; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 92.68%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="5">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.94%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td style="width: 3.38%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 92.68%; vertical-align: top; background-color: rgb(255, 255, 255);" 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>
          </td>
        </tr>

    </table>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
      <div class="BRPFPageBreak" 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>
    <div style="font-weight: bold;"> <a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a>
      <div><br>
      </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>
    <table cellspacing="0" cellpadding="0" id="z984df9b45e994c3e995f4c373bbf71e0" 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 9.50% as of December 31, 2024.</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 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;">
            <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="text-align: justify; 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>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a><br>
      <br>
    </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><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z1535c9f3652345f18f2a87baae1889cb" 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;">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; 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 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>
        <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;">8.</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;">SECURE 2.0 Act</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 SECURE 2.0 Act was signed into law as part of the Consolidated Appropriations Act, 2023.&#160; The act contained required and optional provisions aimed at improving coverage and savings with effective dates
              ranging from immediate to 2024 and beyond.&#160; Principal areas of the act addressed participant saving assistance, required minimum distributions (RMD), catch-up contributions and lost participants.</div>
            <div>&#160;</div>
            <div style="text-align: justify;">There are provisions which are currently part of the Plan design, including the provisions designed to assist with participant savings, automatic enrollment, and the RMD provisions required for 2023, which have
              already been adopted by the Plan. Additional provisions of the SECURE 2.0 Act will be evaluated and implemented in accordance with future regulations and guidance and the Plan will be amended as applicable.&#160; The Plan will be amended prior to
              December 31, 2026 for the SECURE 2.0 Act, unless an extension of time is provided by the IRS.</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;">&#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;">&#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;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Note B - Significant Accounting Policies</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z7ed5525ed0cb46b0898a169a43ed49ff" 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>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">10</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a><br>
      <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="zd648868973044157ae4c3850204d7ebd" 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="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, 2024 and 2023.</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; Plan assets invested in pooled separate accounts are valued by Empower Annuity Insurance Company (EAIC) at a per unit price
              based on the value of the underlying investments.</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 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 2024, $2,000 was recorded as deemed
              distributions.&#160; In 2023, no amounts were recorded as deemed 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;">
            <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="font-weight: bold;">Contributions</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 contributions and related employer contributions are recorded in the period that the compensation is paid to the participant.</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;">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;">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;">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;">Effective December 15, 2021, the Company restated the Plan Document utilizing the Ft. William Volume Submitter Adoption Agreement including custom language.&#160; The custom language changes did not convert the Plan
              Document into an individually designed plan, however, the Company requested an updated favorable determination letter from the Internal Revenue Service &#8220;IRS&#8221; regarding the qualified status of the Plan.&#160; A favorable determination letter was
              received from the IRS on September 1, 2022.&#160; 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, 2024, 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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">11</font></div>
      <div class="BRPFPageBreak" 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>
    <div style="margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;"> <a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a></div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;"> <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="zc57cd5e38d24469a90c64ac3086ee1d5" 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;">8.</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 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="zf0c07673fef540e89a08f4847679fa60" 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; text-align: right;">
              <div style="text-align: left; margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Level 1: inputs are 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="ze7e306fc4c9744ac82998297918cf425" 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; text-align: right;">
              <div style="text-align: left; 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="z8762e0b8ff4446b798ab3249b8f665e2" 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; text-align: right;">
              <div style="text-align: left; 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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">12</font></div>
      <div class="BRPFPageBreak" 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>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a>
      <div><br>
      </div>
    </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 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="zd0388e6fd01e43418d74aded05145c51" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 64.84%; 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, 2024</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.16%; 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: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; 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: 11.18%; 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: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; 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: 9.02%; 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: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; 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: 11.26%; 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: 35.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom;">
            <div><a name="z_Hlk198195867"></a>Mutual Funds</div>
          </td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom;">
            <div style="text-align: right;">46,949,928</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom;">
            <div style="text-align: right;">46,949,928</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom;">
            <div>Pooled Separate Accounts</div>
          </td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom;">
            <div style="text-align: right;">24,805,340</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom;">
            <div style="text-align: right;">24,805,340</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom;">
            <div>Artesian Resources Corporation Class A non-voting common stock</div>
          </td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">4,317,229</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">4,317,229</div>
          </td>
        </tr>
        <tr>
          <td style="width: 35.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom;">
            <div>Total investments in the fair value hierarchy</div>
          </td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom;">
            <div style="text-align: right;">51,267,157</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom;">
            <div style="text-align: right;">24,805,340</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom;">
            <div style="text-align: right;">76,072,497</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom;">
            <div>Common collective trust*</div>
          </td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">3,033,677</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.16%; vertical-align: bottom;">
            <div>Total investments, at fair value</div>
          </td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 12.16%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">51,267,157</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.18%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">24,805,340</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.61%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 9.02%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.17%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.26%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">79,106,174</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z04c63c0188c24a1d97302d4890f06a9b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 64.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="11">
            <div style="text-align: center; font-weight: bold;">Investments at Fair Value as of December 31, 2023</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.22%; 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: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.59%; 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: 11.14%; 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: 3.23%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; 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: 9.42%; 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: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; 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: 11.5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom;">
            <div>Mutual Funds</div>
          </td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom;">
            <div style="text-align: right;">41,845,209</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.59%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom;">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom;">
            <div style="text-align: right;">41,845,209</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom;">
            <div>Pooled Separate Accounts</div>
          </td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom;">
            <div style="text-align: right;">22,607,248</div>
          </td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom;">
            <div style="text-align: right;">22,607,248</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 35.04%; vertical-align: bottom;">
            <div>Artesian Resources Corporation Class A non-voting common stock</div>
          </td>
          <td style="width: 3.15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;6,135,086</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;&#160;6,135,086</div>
          </td>
        </tr>
        <tr>
          <td style="width: 35.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom;">
            <div>Total investments in the fair value hierarchy</div>
          </td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom;">
            <div style="text-align: right;">47,980,295</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.59%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom;">
            <div style="text-align: right;">22,607,248</div>
          </td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom;">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom;">
            <div style="text-align: right;">70,587,543</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom;">
            <div>Common collective trust*</div>
          </td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;&#160;2,782,073</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 35.04%; vertical-align: bottom;">
            <div>Total investments, at fair value</div>
          </td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.22%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">47,980,295</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.59%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.14%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">22,607,248</div>
          </td>
          <td nowrap="nowrap" style="width: 3.23%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 9.42%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 2.7%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.15%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">$</div>
          </td>
          <td nowrap="nowrap" style="width: 11.5%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;">73,369,616</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;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">13</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;"> <a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a>
      <div><br>
      </div>
    </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 daily 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;">Pooled Separate Accounts (PSAs) </font>&#8211; This class consists of insurance company separate accounts whose investors include only qualified retirement plans and certain governmental
      retirement plans.&#160; The value of each pooled separate account is determined at the close of each business day based on the fair value of the underlying assets, which can consist of a single mutual fund or multiple securities. The value of the account
      is expressed in units or unit value. The unit value is the dollar value of one unit and is determined at the close of each business day by dividing the fair value of the entire account by the total number of units in the account.&#160; Contributions to
      the account increase the number of units. Withdrawals from the account decrease the number of units. The increase or decrease in number of units is determined by dividing the amount of the contribution or withdrawal by the unit value for the day the
      transaction is made. The value of the participant&#8217;s account on any date is determined by multiplying the number of units held by the unit value at the close of the business day.&#160; The PSAs held by the Plan provide for daily redemptions by the Plan at
      reported unit value with no advance requirement. The Plan is permitted to redeem investment units at unit value on the measurement date. The PSAs have various investment objectives depending on the investment strategy of the accounts as provided and
      available to the plan participants through a variety of participant communications. The PSAs are valued as a Level 2 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 invest in 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="z9584fa19bd13425ca0f4947c41121736" 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, 2024, there were no assets available for plan benefits for distributions to participants who requested a distribution from the Plan prior to the end of the Plan year.&#160; At December 31, 2023,
              there were approximately $5,400 of net assets available for plan benefits for distributions to participants who requested a distribution from the Plan prior to the end of the Plan year.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">14</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><a href="#TableofContents"><font style="font-weight: normal;">Table of Conten</font></a> </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><a href="#TableofContents"><font style="font-weight: normal;"> <br>
        </font></a></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><br>
    </div>
    <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="z5ef88b2bbf6d481abe51560af267f7c4" 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, 2024 and&#160;&#160; December 31, 2023, the Plan's assets included $4,317,229 and $6,135,086, respectively, of
              Artesian Resources Corporation Class A non-voting common stock and $218,218 and $242,336, respectively, of participant notes receivable.&#160; Empower and its affiliates serve as the Plan&#8217;s recordkeeper and trustee/custodian and, as such,
              administrative fees recorded of $15,701 qualify as party-in-interest transactions.&#160; Transactions in these assets are exempt from the prohibited transaction rules.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; 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 nor adjustments to the
      financial statements.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">15</font></div>
      <div class="BRPFPageBreak" 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>
    <div><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a> </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>
    </div>
    <br>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"> <br>
      <br>
    </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;"><a name="SupplementalInformation"><!--Anchor--></a>Supplemental Information</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>
    <br>
    <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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">16</font></div>
      <div class="BRPFPageBreak" 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>
    <div><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a> </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 style="text-align: center; font-weight: bold;"><a name="ScheduleH"><!--Anchor--></a>Schedule&#160;H, Line 4i: Schedule of Assets Held For Investment Purposes at End of Year</div>
    <div style="text-align: center; font-weight: bold;">December 31, 2024</div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z63dfe7393d484baaa9c5817d881e8606" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 2.65%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="text-align: justify;">(a)</div>
          </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;">(b)</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">(c)</div>
          </td>
          <td style="width: 7.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">(d)</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;">(e)</div>
          </td>
          <td style="width: 0.2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <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>
        </tr>
        <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>
          </td>
          <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>
        </tr>
        <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>
        </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);">
            <div style="text-align: right;">*</div>
          </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>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>
        </tr>
        <tr>
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          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.77%; vertical-align: bottom;">&#160;</td>
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          <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>
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          <td style="width: 8.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <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;">
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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;">3,033,677</div>
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          <td style="width: 0.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <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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          <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>
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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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          <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 American Balanced 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;">4,254,345</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 Century Small Cap Value Fund R6</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;">147,077</div>
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          <td style="width: 0.2%; vertical-align: top;">&#160;</td>
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          <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 2010 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;">262,114</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 2020 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;">30,887</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 2025 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;">1,567,171</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 2030 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;">295,154</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 2035 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;">2,022,593</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 2040 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;">396,312</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 2045 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;">4,386,408</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 2050 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;">725,423</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 2055 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;">2,582,470</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 2060 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;">141,794</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 2065 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: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">115,755</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>Columbia Small Cap Growth Fund 1</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;">820,948</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>Driehaus Emerging Markets Growth 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;">228,548</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>JP Morgan Mid Cap Growth 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;">1,797,173</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;">3,393,744</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>Vanguard Total International Stock Index Admiral</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;">1,346,376</div>
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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>Vanguard 500 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;">12,593,842</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>Vanguard Mid-Cap Index Fund Admiral</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;">1,505,982</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>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);">
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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;">1,981,957</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>Vanguard Short-Term Investment-Grade Bond Fund Admiral</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;">2,443,197</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>Vanguard Total Bond Market Index 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;">1,378,983</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>Allspring Special Mid Cap Value 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;">2,473,586</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>Dreyfus Government Cash Management 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; border-bottom: 2px solid rgb(0, 0, 0); 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;">58,089</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;">&#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: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: bottom;">
            <div style="text-align: right;">46,949,928</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;">
            <div>Pooled Separate Accounts -</div>
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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>
        </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>Capital Group Europacific Growth SA</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Pooled Separate Accounts</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;">3,300,365</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>JP Morgan Large Cap Value 1 Fund SA</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Pooled Separate Accounts</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;">7,300,925</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>JP Morgan Large Cap Growth SA</div>
          </td>
          <td style="width: 30.91%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Pooled Separate Accounts</div>
          </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; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 8.83%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">14,204,050</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: 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: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 8.83%; vertical-align: bottom;">
            <div style="text-align: right;">24,805,340</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: top;">
            <div style="text-align: right;">*</div>
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          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45.04%; vertical-align: top;">
            <div>Participants' Notes Receivable</div>
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          <td style="width: 30.91%; vertical-align: bottom;">
            <div>Interest rates range from 4.25% to 9.5%</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; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">218,218</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);">
            <div>&#160;&#160;&#160;&#160;</div>
          </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);">
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          <td style="width: 8.83%; vertical-align: bottom; 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;">
            <div style="text-align: right;">*</div>
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          <td nowrap="nowrap" style="width: 1.77%; vertical-align: bottom;">&#160;</td>
          <td style="width: 75.96%; vertical-align: bottom;" colspan="2">
            <div>Identifies the party as a "Party in Interest" as defined by ERISA.</div>
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          <td style="width: 7.07%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.53%; vertical-align: bottom;" colspan="2">&#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>
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            <div>Cost information is not required for participant directed investments and is therefore not included.</div>
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          <td nowrap="nowrap" style="width: 0.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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    </table>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">17</font></div>
      <div class="BRPFPageBreak" 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>
    <div><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a> </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;"><a name="SIGNATURES"><!--Anchor--></a>SIGNATURES</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: justify; margin-top: 3pt; margin-bottom: 3pt;">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>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z411f44760adc4a6aa765dd4736bc2d9c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 26.92%; vertical-align: top;">&#160;</td>
          <td style="width: 68.26%; vertical-align: top;" colspan="2">
            <div>ARTESIAN 401(k) RETIREMENT PLAN</div>
          </td>
          <td style="width: 4.82%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <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>
        </tr>
        <tr>
          <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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        <tr>
          <td style="width: 26.92%; vertical-align: top;">
            <div style="text-align: justify;">Date:&#160;June 27, 2025</div>
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          <td style="width: 5.84%; vertical-align: top;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td style="width: 62.42%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;">/s/ Jennifer L. Finch</div>
          </td>
          <td style="width: 4.82%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <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;">
            <div style="text-align: justify;">Jennifer L. Finch</div>
          </td>
          <td style="width: 4.82%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <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;">
            <div style="text-align: justify;">Plan Administrator</div>
          </td>
          <td style="width: 4.82%; vertical-align: top;">&#160;</td>
        </tr>

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    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">18</font></div>
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    </div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><a href="#TableofContents"><font style="font-weight: normal;">Table of Content</font></a> </div>
    <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">INDEX TO EXHIBITS<a name="INDEXTOEXHIBITS"><!--Anchor--></a></div>
    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z281bfcfdeca94697b36335af3cb3a060" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 13.4%; vertical-align: top; border-bottom: #000000 2px solid;">
            <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>
        </tr>
        <tr>
          <td style="width: 13.4%; vertical-align: top;">
            <div style="text-align: justify;"><a href="ex23_htm.htm">23.1</a></div>
          </td>
          <td style="width: 86.6%; vertical-align: top;">
            <div style="text-align: justify;"><a href="ex23_htm.htm">Consent of BDO USA, P.C. *</a></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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        <tr>
          <td style="width: 13.4%; vertical-align: top;">
            <div style="text-align: right;">*</div>
          </td>
          <td style="width: 86.6%; vertical-align: top;">
            <div style="text-align: justify;">Filed herewith.</div>
          </td>
        </tr>

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    <div style="margin-top: 3pt; margin-bottom: 3pt;"><br>
    </div>
  </div>
  <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">19</font></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>ex23_htm.htm
<DESCRIPTION>EX 23.1
<TEXT>
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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>
    </div>
    <div>Artesian 401(k) Retirement Plan</div>
    <div>Newark, Delaware</div>
    <div><br>
    </div>
    <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
      dated June 27, 2025, relating to the financial statements and supplemental schedule of Artesian 401(k) Retirement Plan which appear in this Form 11-K for the year ended December 31, 2024.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>/s/ BDO USA, P.C.</div>
    <div><br>
    </div>
    <div>Wilmington, Delaware</div>
    <div>June 27, 2025</div>
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