HARRISON — An investment representative who handles a scholarship fund for the town had some good news for selectmen on Tuesday night.

“I’m pleased to say the portfolio has fully recovered from the decline of 2008,” Brian Noyes told the five selectmen. Although the investment rate of return on the portfolio dropped by 21 percent in 2008 when the national economy took a severe downturn, the rate of return in subsequent years has made up for that loss.

Noyes, vice president of R.M. Davis in Portland, presented an overview of the Murray Scholarship Fund investments since its creation in 1994 when the value was $360,970. It is now valued at $530,462.

Distributions ranging from $14,000 to $25,000 have been made on an annual basis. The amount distributed each year is determined by taking an average of the last three years, multiplied by 4.2 percent.

A breakdown of the portfolio shows the investments are 37 percent in large cap funds; 28 percent, fixed income; 17 percent, mid- and small-cap funds; 9 percent international; and 9 percent cash.

Selectmen dealt with only a handful of minor agenda items, ending their regular meeting in about 25 minutes. They then moved into an assessor’s meeting to discuss property valuations with Code Enforcement Officer John Wentworth.