X0202 4 2007-05-16 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 2007-05-16 4 S 0 6000 59.25 D 138495904 D 32-Common Stock 2007-05-16 4 S 0 5400 59.26 D 138490504 D 33-Common Stock 2007-05-16 4 S 0 4500 59.27 D 138486004 D 34-Common Stock 2007-05-16 4 S 0 3600 59.28 D 138482404 D 35-Common Stock 2007-05-16 4 S 0 2000 59.29 D 138480404 D 36-Common Stock 2007-05-16 4 S 0 2200 59.30 D 138478204 D 37-Common Stock 2007-05-16 4 S 0 1000 59.31 D 138477204 D 38-Common Stock 2007-05-16 4 S 0 1400 59.32 D 138475804 D 39-Common Stock 2007-05-16 4 S 0 1400 59.33 D 138474404 D 40-Common Stock 2007-05-16 4 S 0 900 59.34 D 138473504 D 41-Common Stock 2007-05-16 4 S 0 4700 59.35 D 138468804 D 42-Common Stock 2007-05-16 4 S 0 4500 59.36 D 138464304 D 43-Common Stock 2007-05-16 4 S 0 2900 59.37 D 138461404 D 44-Common Stock 2007-05-16 4 S 0 1400 59.38 D 138460004 D 45-Common Stock 2007-05-16 4 S 0 1400 59.39 D 138458604 D 46-Common Stock 2007-05-16 4 S 0 1600 59.40 D 138457004 D 47-Common Stock 2007-05-16 4 S 0 300 59.42 D 138456704 D 48-Common Stock 2007-05-16 4 S 0 800 59.43 D 138455904 D 49-Common Stock 2007-05-16 4 S 0 100 59.44 D 138455804 D This is the second of two Forms 4 filed by the Reporting Person on same date, May 17, 2007, representing transactions #31 through #49 of 49 total transactions. by:/s/Diane M. Stenson, Treasurer, on behalf of Lilly Endowment, Inc. 2007-05-17