ELI LILLY & Co - Director's Dealing 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2003-07-31

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-07-31	Common Stock	S	600	$66.01	Disposed	156725604	Direct
2003-07-31	Common Stock	S	600	$66.00	Disposed	156725004	Direct
2003-07-31	Common Stock	S	1300	$65.97	Disposed	156723704	Direct
2003-07-31	Common Stock	S	3300	$65.95	Disposed	156720404	Direct
2003-07-31	Common Stock	S	1300	$65.94	Disposed	156719104	Direct
2003-07-31	Common Stock	S	700	$65.93	Disposed	156718404	Direct
2003-07-31	Common Stock	S	2800	$65.91	Disposed	156715604	Direct
2003-07-31	Common Stock	S	3400	$65.90	Disposed	156712204	Direct
2003-07-31	Common Stock	S	1900	$65.87	Disposed	156710304	Direct
2003-07-31	Common Stock	S	2500	$65.86	Disposed	156707804	Direct
2003-07-31	Common Stock	S	1800	$65.85	Disposed	156706004	Direct
2003-07-31	Common Stock	S	4600	$65.84	Disposed	156701404	Direct
2003-07-31	Common Stock	S	600	$65.81	Disposed	156700804	Direct
2003-07-31	Common Stock	S	600	$65.80	Disposed	156700204	Direct
2003-07-31	Common Stock	S	600	$65.79	Disposed	156699604	Direct
2003-07-31	Common Stock	S	600	$65.71	Disposed	156699004	Direct
2003-07-31	Common Stock	S	600	$65.63	Disposed	156698404	Direct
2003-07-31	Common Stock	S	1300	$65.55	Disposed	156697104	Direct
2003-07-31	Common Stock	S	700	$65.49	Disposed	156696404	Direct
2003-07-31	Common Stock	S	600	$65.44	Disposed	156695804	Direct