Company: MSEX
Filing Date: 2025-03-11
Form Type: 10-K/A
Source: 0001174947-25-000318
Chunk: 33

Company: MIDDLESEX WATER CO
Filing Date: 2025-03-11
Form: 10-K/A
Chunk 33
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     |        |     |
| Asset Category          |     |         2024 |        |     | 2023 |        |     | Target |     |     |                2024 |        |     | 2023 |        |     | Target |     |
| Equity Securities       |     |              | 31.8%  |     |      | 58.1%  |     |        | 30% |     |                     | 65.2%  |     |      | 60.9%  |     |        | 43% |
| Debt Securities         |     |              | 67.9%  |     |      | 39.6%  |     |        | 68% |     |                     | 33.0%  |     |      | 36.1%  |     |        | 50% |
| Cash                    |     |              | 0.3%   |     |      | 0.7%   |     |        | 2%  |     |                     | 1.8%   |     |      | 3.0%   |     |        | 2%  |
| Real Estate/Commodities |     |              | 0.0%   |     |      | 1.6%   |     |        | 0%  |     |                     | 0.0%   |     |      | 0.0%   |     |        | 5%  |
| Total                   |     |              | 100.0% |     |      | 100.0% |     |        |     |     |                     | 100.0% |     |      | 100.0% |     |        |     |

Two outside investment firms each manage a portion
of the Pension Plan asset portfolio. One of those investment firms also manages the Other Benefits Plan asset portfolio. Quarterly meetings
are held between the Company’s Pension Committee of the Board of Directors and the investment managers to review their performance
and asset allocation. If the actual asset allocation is outside the targeted range, the Pension Committee reviews current market conditions
and advice provided by the investment managers to determine the appropriateness of rebalancing the portfolio.

The objective of the Company is to maximize the
long-term return on retirement plan assets, relative to a reasonable level of risk, maintain a diversified investment portfolio and maintain
com