Presented herein are oleaginous strains of yeast such as Saccharomyces cerevisiae that have been modified to allow for xylose utilization. Such strains are also modified to allow for higher lipid accumulation utilizing a broad range of sugar monomers such as those released during pretreatment and enzymatic saccharification of lignocellulosic biomass. Methods of producing lipids and ethanol using these yeast strains are also disclosed.