Putnam Investments has opened the Putnam Research Fund, which uses stocks picked by growth- and value- oriented analysts and tracks the industry representation in the Standard & Poor's 500 index.

The fund has been open since October 1995 to Putnam employees and trustees who live in Massachusetts. It has returned 32.79% since its inception and has $14.6 million under management.

Using a combination of growth and value investing styles, the fund's managers select 70 to 90 stocks for the fund from the 755 companies they follow.

The Putnam Research Fund will be sold through banks and other intermediaries with an up-front sales charge, a back-end sales charge, or a combination of the two.

Putnam is the biggest distributor of mutual funds through banks, with sales of $10 billion last year.

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