This work reports a study on microstructure, electrical conductivity and phase transitions of 5CB(4-pentyl-49-cyanobiphenyl) + multi-walled carbon nanotubes (MWCNTs) composite materials. The concentration of MWCNTs was varied within 0.025 and 1 wt.%. The unmodified (o) and modified (m) MWCNTs were used. The mild milling was applied for shortening length of MWCNTs. Direct microscopic observation of composites at different concentrations C of MWCNTs evidenced the presence of aggregation and percolation processes. Formation of percolation networks was observed at C p L 0.025 -0.05% wt and C=C p L 0.1 -0.25% wt for o-MWCNTs and m-MWCNTs composites, respectively. Increase of the percolation threshold for m-MWCNTs, possibly, reflected their smaller aspect ratio r. The conductivity exponents were approximately the same (t L 3.3 l 0.1) for both o-MWCNTs and m-MWCNTs. The microstructure of MWCNT aggregates was not stable in time. The initially formed loose aggregates (L-aggregates) transformed into the more compact C-aggregates during the incubation time of one week. The incubation resulted in decrease of anisotropy, change in phase behaviour near the nematic-isotropic transition, and influenced external electric field response of the studied composite material. Inkubation führt zu einer Abnahme der Anisotropie, einem Wechsel der Phase in der Nähe der nematischen-isotropen Umwandlung und beeinflusst die Antwort auf ein externes elektrisches Feld der studierten Kompositmaterialien.