ELI LILLY & Co — Director's Dealing 2004

Jul 30, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-07-29

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-07-29	1-Common Stock	S	400	$64.12	Disposed	151900404	Direct
2004-07-29	2-Common Stock	S	300	$64.09	Disposed	151900104	Direct
2004-07-29	3-Common Stock	S	1400	$64.07	Disposed	151898704	Direct
2004-07-29	4-Common Stock	S	2800	$64.05	Disposed	151895904	Direct
2004-07-29	5-Common Stock	S	1500	$64.04	Disposed	151894404	Direct
2004-07-29	6-Common Stock	S	1500	$64.02	Disposed	151892904	Direct
2004-07-29	7-Common Stock	S	1600	$64.01	Disposed	151891304	Direct
2004-07-29	8-Common Stock	S	3400	$64.00	Disposed	151887904	Direct
2004-07-29	9-Common Stock	S	400	$63.99	Disposed	151887504	Direct
2004-07-29	10-Common Stock	S	1600	$63.98	Disposed	151885904	Direct
2004-07-29	11-Common Stock	S	600	$63.95	Disposed	151885304	Direct
2004-07-29	12-Common Stock	S	1200	$63.92	Disposed	151884104	Direct
2004-07-29	13-Common Stock	S	1300	$63.91	Disposed	151882804	Direct
2004-07-29	14-Common Stock	S	3200	$63.90	Disposed	151879604	Direct
2004-07-29	15-Common Stock	S	900	$63.89	Disposed	151878704	Direct
2004-07-29	16-Common Stock	S	1400	$63.86	Disposed	151877304	Direct
2004-07-29	17-Common Stock	S	2600	$63.85	Disposed	151874704	Direct
2004-07-29	18-Common Stock	S	800	$63.84	Disposed	151873904	Direct
2004-07-29	19-Common Stock	S	1900	$63.82	Disposed	151872004	Direct
2004-07-29	20-Common Stock	S	1200	$63.81	Disposed	151870804	Direct
2004-07-29	21-Common Stock	S	5900	$63.80	Disposed	151864904	Direct
2004-07-29	22-Common Stock	S	2300	$63.79	Disposed	151862604	Direct
2004-07-29	23-Common Stock	S	2500	$63.78	Disposed	151860104	Direct
2004-07-29	24-Common Stock	S	3000	$63.77	Disposed	151857104	Direct
2004-07-29	25-Common Stock	S	5500	$63.76	Disposed	151851604	Direct
2004-07-29	26-Common Stock	S	2300	$63.75	Disposed	151849304	Direct
2004-07-29	27-Common Stock	S	2500	$63.74	Disposed	151846804	Direct
2004-07-29	28-Common Stock	S	2900	$63.73	Disposed	151843904	Direct
2004-07-29	29-Common Stock	S	4100	$63.72	Disposed	151839804	Direct
2004-07-29	30-Common Stock	S	1000	$63.71	Disposed	151838804	Direct