Harvard's endowment was valued at $30.7 billion as of June 30, the end of fiscal year 2012—down 4.1 percent from $32 billion at the end of fiscal 2011— according to the annual report released today by Harvard Management Company (HMC). During the fiscal year just ended, HMC recorded an investment return (after expenses) of -0.05 percent on endowment and related assets. This followed the positive 21.4 percent investment return earned in fiscal 2011 and the 11.0 percent return in the prior year —a period of strong recovery in the investment markets following the financial upheavals and severe recession in 2008-2009.