The y (Ni0.5Cu0.2Zn0.3Fe2O4) + (1-y) (50% BaTiO3 + 50% PZT) magnetoelectric composites were prepared by using standard ceramic method. The presence of component phases in the composites was confirmed by XRD. The dc resistivity was studied as a function of temperature. The decrease in dc resistivity with increase in temperature shows semiconducting behavior of samples. The variation of ac conductivity with frequency shows that the conduction in composites is of small polarons type. The variation of dielectric constant (Î) and tan d with frequency in the range 20 Hz - 1 MHz was studied. The magnetoelectric effect (dE/dH)H was measured as a function of intensity of dc magnetic field. The maximum value of ME coefficient was measured to be 975 μV Oe-1Cm-1.