Hybrid offering

FUND PICK/ DSPML Balanced Fund

TOP HOLDINGS
As on March 31, 2004	Value (Cr)	Net Assets (%)
Balrampur Chini Mills	4.04	3.05
Reliance Industries	3.97	3.01
SBI	3.96	2.99
Grasim Industries	3.71	2.81
Mahindra & Mahindra	3.53	2.67
Oil & Natural Gas Corpn	3.53	2.67
ITC	3.03	2.29
Wipro	2.84	2.15
Siemens	2.78	2.11
Infosys Technologies	2.42	1.83
Hero Honda Motors	2.36	1.79
Thermax	2.29	1.73
UTI Bank	2.25	1.70
HPCL	2.25	1.70
Ranbaxy Laboratories	2.13	1.61
TOP DEBT HOLDINGS (30/04/2004)
GoI 2017 7.49%	11.92	9.02
GoI 2004 12.59%	10.11	7.65
Citicorp Finance 2007	5.00	3.78
Sundaram Finance 2005	3.13	2.37

 Outlook: DSPML Balanced's improved performance makes it a decent hybrid offering. Since its equity portfolio is diversified and bond portfolio is good quality, investors can expect a stable return over the long-term.