X0202 4 2007-05-01 0 0000059478 LILLY ELI & CO LLY 0000316011 LILLY ENDOWMENT INC 2801 NORTH MERIDIAN STREET INDIANAPOLIS IN 46208-0068 0 0 1 0 31-Common Stock 2007-05-01 4 S 0 1500 59.12 D 139364304 D 32-Common Stock 2007-05-01 4 S 0 1500 59.13 D 139362804 D 33-Common Stock 2007-05-01 4 S 0 1400 59.14 D 139361404 D 34-Common Stock 2007-05-01 4 S 0 200 59.15 D 139361204 D 35-Common Stock 2007-05-01 4 S 0 200 59.16 D 139361004 D 36-Common Stock 2007-05-01 4 S 0 900 59.19 D 139360104 D 37-Common Stock 2007-05-01 4 S 0 700 59.20 D 139359404 D 38-Common Stock 2007-05-01 4 S 0 2100 59.21 D 139357304 D 39-Common Stock 2007-05-01 4 S 0 800 59.25 D 139356504 D 40-Common Stock 2007-05-01 4 S 0 700 59.31 D 139355804 D This is the second of two Forms 4 filed by the Reporting Person on same date, May 2, 2007, representing transactions #31 through #40 of 40 total transactions. by:/s/Diane M. Stenson, Treasurer, on behalf of Lilly Endowment, Inc. 2007-05-02