The University’s Nov. 13 filing with the Securities and Exchange Commission shows that Yale held 25 securities in its own name on Sept. 30, worth a combined $326.5 million.

The total value of Yale’s investments in the most recent filing is less than half the value of these investments listed in the September 2000 SEC filing. That year, Yale’s investments in its own name valued $670.2 million. Last September, the total value of these investments was $436.7 million.

In its previous 13-F form — filed for the quarter ending June 30, 2002 — the University held 31 securities with a combined worth of $388.2 million. Since June 30, the University has sold its shares in nine securities and acquired three new holdings — Omnicell, Inc., Synaptics, Inc. and Tractor Supply Company.

The 13-F form reveals only limited information about Yale’s investment portfolio. The University must file a 13-F form each quarter because it holds over $100 million in securities in its own name, but it is not required to disclose information about securities maintained by an outside manager.

In addition, the form only reflects information at the end of the day on Sept. 30, which may not reflect the University’s most recent stock dealings.

But because Yale Chief Investment Officer David Swensen does not comment publicly on the status of Yale’s investments, the quarterly report provides a rare — though limited — understanding of Yale’s investment patterns.

The University sold nine securities since June 30, 2002, only three of which it held in the previous quarter, which ended March 31. The University often holds stock only temporarily, such as in cases when the stock is a gift, a temporary holding from venture capital or when the University takes over the stocks of a former external manager.

But Yale holds other securities as long-term, internal investments. One such investment is Morgan Stanley Dean Witter funds, in which Yale currently holds $101.3 million. Since June 30, Yale has decreased its investment in Morgan Stanley’s emerging markets fund, but has maintained its investment in the firm’s other funds.

The vast majority of holdings in other investments remained stable. The University has maintained the number of shares in 17 of the 22 securities that appear on the 13-F form for this quarter and the quarter ending June 30.

One long-held security not appearing on this month’s form is Host Marriott Corporation, in which the University held 369,300 shares in June. The stock’s value has decreased fairly steadily over the last six months. The stock hit a peak just above $12 per share earlier this year, closing at $11.30 June 28. On Wednesday the stock’s closing value was $9.08.

Yale also dropped its investment in Curis, Inc., a company specializing in developing therapeutics. The value of the company’s stock has decreased steadily since January.

Yale also significantly decreased its holding in Royce funds. In September 2000, Yale’s largest holding was in Royce Value Trust Inc., a closed-end investment trust that buys stock in small, undervalued companies. Yale no longer holds RVT, but invests in two other Royce funds, Royce Focus Trust and Royce Micro Capital Trust, Inc.

On Sept. 30 the University held a total of 3,780,137 shares in the two securities with a total worth of $29.9 million. But in the quarter ending June 30, Yale held 5,159,927 shares in the Royce funds with a total worth of $49.5 million. Both Royce funds peaked in May of this year but their value has decreased consistently since then.

Yale also decreased its holdings in Marriott International, Inc. by 51.2 percent, from 473,000 shares to 231,000. Marriott first appeared on Yale’s 13-F form last September. Marriott’s stock, which peaked April 24 at $46.34, dipped to $28.99 Sept. 30. Last Sept. 30 Marriott’s stock was valued at $28.16.