X0202 4 2007-05-22 0 0000059478 LILLY ELI & CO LLY 0000316011 LILLY ENDOWMENT INC 2801 NORTH MERIDIAN STREET INDIANAPOLIS IN 46208-0068 0 0 1 0 1-Common Stock 2007-05-22 4 S 0 900 59.42 D 138364904 D 2-Common Stock 2007-05-22 4 S 0 2900 59.43 D 138362004 D 3-Common Stock 2007-05-22 4 S 0 2400 59.44 D 138359604 D 4-Common Stock 2007-05-22 4 S 0 3300 59.45 D 138356304 D 5-Common Stock 2007-05-22 4 S 0 200 59.46 D 138356104 D 6-Common Stock 2007-05-22 4 S 0 600 59.47 D 138355504 D 7-Common Stock 2007-05-22 4 S 0 4000 59.48 D 138351504 D 8-Common Stock 2007-05-22 4 S 0 5100 59.49 D 138346404 D 9-Common Stock 2007-05-22 4 S 0 7000 59.50 D 138339404 D 10-Common Stock 2007-05-22 4 S 0 5400 59.51 D 138334004 D 11-Common Stock 2007-05-22 4 S 0 7100 59.52 D 138326904 D 12-Common Stock 2007-05-22 4 S 0 23200 59.53 D 138303704 D 13-Common Stock 2007-05-22 4 S 0 6700 59.54 D 138297004 D 14-Common Stock 2007-05-22 4 S 0 20200 59.55 D 138276804 D 15-Common Stock 2007-05-22 4 S 0 11210 59.56 D 138265594 D 16-Common Stock 2007-05-22 4 S 0 9850 59.57 D 138255744 D 17-Common Stock 2007-05-22 4 S 0 9140 59.58 D 138246604 D 18-Common Stock 2007-05-22 4 S 0 11200 59.59 D 138235404 D 19-Common Stock 2007-05-22 4 S 0 11700 59.60 D 138223704 D 20-Common Stock 2007-05-22 4 S 0 13300 59.61 D 138210404 D 21-Common Stock 2007-05-22 4 S 0 6358 59.62 D 138204046 D 22-Common Stock 2007-05-22 4 S 0 7742 59.63 D 138196304 D 23-Common Stock 2007-05-22 4 S 0 6100 59.64 D 138190204 D 24-Common Stock 2007-05-22 4 S 0 3990 59.65 D 138186214 D 25-Common Stock 2007-05-22 4 S 0 4300 59.66 D 138181914 D 26-Common Stock 2007-05-22 4 S 0 3510 59.67 D 138178404 D 27-Common Stock 2007-05-22 4 S 0 1700 59.68 D 138176704 D 28-Common Stock 2007-05-22 4 S 0 2200 59.69 D 138174504 D 29-Common Stock 2007-05-22 4 S 0 7100 59.70 D 138167404 D 30-Common Stock 2007-05-22 4 S 0 600 59.71 D 138166804 D This is the first of two Forms 4 filed by the Reporting Person on same date, May 23, 2007, representing transactions #1 through #30 of 32 total transactions. by:/s/Diane M. Stenson, Treasurer, on behalf of Lilly Endowment, Inc. 2007-05-23