The total value of Harvard's U.S.-traded equities dropped 13 percent to $1.2 billion last quarter, as Harvard Management Company continued to invest in emerging markets.

In the previous quarter, the University held $1.4 billion in U.S.-traded stocks. Both values are on par with post-financial crisis total investment value. In the quarters ending on June 30 in both 2010 and 2009, the total value rested at about $1.4 billion.

The University is required to report its direct holdings of U.S.-listed securities to the Securities and Exchange Commission each quarter. The filing for Harvard’s fiscal fourth quarter, released Friday, represents only the stocks managed directly by the HMC. HMC also contracts with outside money managers to invest a large portion of the endowment.

This snapshot of Harvard's holdings reflects a period before the turmoil that has rocked markets in recent weeks.

The report from the most recent quarter shows that the University is continuing the trend of investing in exchange-trade funds that track the performance of emerging economies, including Chile, Indonesia, Malaysia, Russia, South Africa, Taiwan, and Turkey.

The University has also invested directly in a Korean corporation called Korean Electric Power, and in Indian companies WisdomTree Trust and Tata Motors. Last year the Tata foundation gave Harvard Business School $50 million--the largest international donation in over 100 years.

The most recent filing reveals that Harvard sold a stake in Halliburton, the oilfield services company that has been caught up in controversy surrounding the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. One of last year's filings showed that Harvard owned a $4.8 million stake in Halliburton.

The University continues to hold onto its stock in the real estate market. The University has $52.4 million invested in Pebblebook Hotel Trust, a hotel development company.

Harvard came under fire last year for its supposed investments in HEI Hotels & Resorts, a hotel company that has been accused of violating workers’ rights. The SEC filing indicates that Harvard does not have a direct investment in HEI, although it is possible that they own stock through an outside money manager.

The University’s endowment suffered heavy blows during the financial crisis, resulting in a nearly 30 percent plunge in value. The endowment has begun to recover since, although results for fiscal year 2011, which ended June 30, have not yet been released.

Prior to the financial crisis, the total value of stocks held was much higher--$3.3 billion in 2008 and $4.12 billion in 2007. Changing investment strategy at HMC, in addition to market declines, contributed to the sharp decrease in directly held stocks in the years after 2008.