13F-HR

1
kenneth.miller@yale.edu
NONE

KENNETH R. MILLER
(203) 432-5761


0000938582
eqed9jp@

3/31/2004

13F-HR

                      UNITED STATES
             SECURITIES AND EXCHANGE COMMISSION
                  Washington, D.C. 20549

                         FORM 13F

                    FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: 3/31/2004

Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.):[ ] is a restatement
				 [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:     Yale University
Address:  230 Prospect Street
          New Haven, CT 06511-2107

13F File Number:	28-4780

The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person filing
the report is authoritzed to submit it, that all information
contained herein is true, correct and complete, and that it is
understood that all required items, statements, schedules, lists,
and table are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Person:

Name:	David F. Swensen
Title:	Chief Investment Officer
Phone:	(203) 432-0119
Signature, Place and Date of Signing:

David F. Swensen	  New Haven, CT 	May 14, 2004

Report Type [check only one.]:

[X]	13F HOLDINGS REPORT.

[ ]	13F NOTICE.

[ ]	13F COMBINATION REPORT.

List of Other Manager Reporting for this Manager:

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT
OF 1934.


		                	FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:		0

Form 13F Information Table Entry Total:		13

Form 13F Information Table Value Total:	$277,351 (X$1,000)

List of Other Included Managers:

	None


FORM 13F INFORMATION TABLE

ITEM 1:                       ITEM 2:     ITEM 3:      ITEM 4      ITEM 5:              ITEM 6:   ITEM 7:   ITEM 8:
NAME OF                       CLASS       CUSIP        VALUE       SHARES/        PUT/  INVEST    OTHER     VOTING
ISSUER                        TITLE       NUMBER       (X$1,000)   PRN AMT        CALL  DSCRET'N  MANAG'S   AUTHORITY
                                                                                    
ACADIA REALTY TRUST           COMSHBENINT 004239-10-9  65,435      4,634,367.000        SOLE                SOLE
BP PLC                        SPONS ADR   055622-10-4  218         4,266.000            SOLE                SOLE
CORIXA CORP                   COM         21887F-10-0  276         43,155.000           SOLE                SOLE
DIGITAS INC                   COM         25388K-10-4  109         10,545.000           SOLE                SOLE
FELCOR LODGING TRUST INC      COM         31430F-10-1  15,056      1,444,878.000        SOLE                SOLE
FIRST DATA CORP               COM         319963-10-4  42,160      1,000,000.000        SOLE                SOLE
IPASS INC                     COM         46261V-10-8  933         85,406.000           SOLE                SOLE
I SHARES TR                   MSCI EAFE   464287-46-5  50,169      354,300.000          SOLE                SOLE
MORGAN STANLEY                GOVT INC TR 61745P-10-6  68,559      7,517,400.000        SOLE                SOLE
SPDR TR                       UNIT SER 1  78462F-10-3  22,858      202,100.000          SOLE                SOLE
SCUDDER INTER GOVT TR         SH BEN INT  811163-10-4  10,489      1,520,200.000        SOLE                SOLE
WOLVERINE WORLD WIDE INC      COM         978097-10-3  332         13,743.000           SOLE                SOLE
WYETH                         COM         983024-10-0  758         20,176.000           SOLE                SOLE

TOTAL                                                  277,351     16,850,536.000