-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IaGzpj38j7mAOKs8qXHonuxnSVvQWM7rTjcO+0HsIR6466wWsVJIFHmrFLc+q3qp
 Vi38rYQtKzeeXh7RHXjdsw==

<SEC-DOCUMENT>0001015402-04-001473.txt : 20040414
<SEC-HEADER>0001015402-04-001473.hdr.sgml : 20040414
<ACCEPTANCE-DATETIME>20040414163758
ACCESSION NUMBER:		0001015402-04-001473
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20040414

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELBIT SYSTEMS LTD
		CENTRAL INDEX KEY:			0001027664
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-50156
		FILM NUMBER:		04733461

	BUSINESS ADDRESS:	
		STREET 1:		ADVANCED TECHNOLOGY CENTER
		STREET 2:		PO BOX 539
		CITY:			HAIFA, ISRAEL
		STATE:			L3
		ZIP:			31053
		BUSINESS PHONE:		01197248316626

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANK HAPOALIM BM
		CENTRAL INDEX KEY:			0000902528
		IRS NUMBER:				132775750
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		50 ROTHCHILD BOULEVARD
		CITY:			TEL AVIV
		STATE:			L3
		BUSINESS PHONE:		9723567494

	MAIL ADDRESS:	
		STREET 1:		BANK HAPOALIM B M
		STREET 2:		50 ROTHCHILD BOULEVARD
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>body_sc13gaelbit.htm
<DESCRIPTION>BANK HAPOALIM  SC 13G/A  12-31-2003  ELBIT
<TEXT>
<HTML><HEAD><TITLE>Bank Hapoalim SC 13G/A 12-31-2003 Elbit</TITLE><!-- Licensed to: EDGARfilings, Ltd.--><!-- Document Created using EDGARIZER HTML --><!-- Copy Right 2003 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
<META content="MSHTML 6.00.2800.1400" name=GENERATOR></HEAD>
<BODY>
<DIV>
<DIV>
<DIV align=left>&nbsp;
<DIV align=left> </DIV>
<CENTER>
<TABLE cellSpacing=0 cellPadding=5 width="95%" border=0>
<TR>
<TD align=middle><FONT size=2>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549<BR><BR>SCHEDULE&nbsp;13G/A<BR><BR>Under the Securities Exchange Act of 1934<BR>(Amendment No.&nbsp;1)*</FONT></TD></TR></TABLE></CENTER>
<DIV align=left> </DIV></DIV>
<CENTER>
<TABLE cellSpacing=0 cellPadding=2 width="95%" border=0>
<TR>
<TD align=middle><FONT size=2>ELBIT SYSTEMS LTD.&nbsp;
<HR noShade SIZE=2>
(Name of Issuer)</FONT><BR><BR></TD></TR>
<TR>
<TD align=middle><FONT size=2>Ordinary Shares, NIS 1.00&nbsp;nominal value per share
<HR noShade SIZE=2>
(Title of Class of Securities)</FONT><BR><BR></TD></TR>
<TR>
<TD align=middle><FONT size=2>M3760D101&nbsp;
<HR noShade SIZE=2>

<CENTER>(CUSIP Number)</CENTER></FONT><BR></TD></TR>
<TR>
<TD align=middle width="95%"><FONT size=2>December&nbsp;31,&nbsp;2003
<HR noShade SIZE=2>
(Date of Event which Requires Filing of this Statement)</FONT></TD></TR></TABLE></CENTER>
<CENTER><BR></CENTER>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>
<TR vAlign=top>
<TD>
<P align=justify><FONT size=2>Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</FONT></P></TD></TR></TABLE></CENTER>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>
<TR vAlign=top>
<TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=top>
<TD align=right width="8%"><FONT size=2>[</FONT></TD>
<TD align=middle width="2%"><FONT size=2></FONT></TD>
<TD align=left width="90%"><FONT size=2>]&nbsp;&nbsp;Rule 13d-1(b)</FONT></TD></TR>
<TR vAlign=top>
<TD align=right width="8%"><FONT size=2>[</FONT></TD>
<TD align=middle width="2%"><FONT size=2>X </FONT></TD>
<TD align=left width="90%"><FONT size=2>]&nbsp;&nbsp;Rule 13d-1(c)</FONT></TD></TR>
<TR vAlign=top>
<TD align=right width="8%"><FONT size=2>[</FONT></TD>
<TD align=middle width="2%"><FONT size=2></FONT></TD>
<TD align=left width="90%"><FONT size=2>]&nbsp;&nbsp;Rule 13d-1(d)</FONT></TD></TR>
<TR>
<TD colSpan=3>&nbsp;</TD></TR></TABLE></CENTER>
<CENTER>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>
<TR>
<TD><FONT size=2>
<P align=justify>* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.</P></FONT></TD></TR>
<TR>
<TD>&nbsp;</TD></TR>
<TR>
<TD><FONT size=2>
<P align=justify>The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</P></FONT></TD></TR>
<TR>
<TD>&nbsp;</TD></TR></TABLE></CENTER>
<CENTER>&nbsp;</CENTER>
<CENTER>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>
<P align=center><FONT size=2></FONT>&nbsp;</P></FONT></TD>
<TD align=right width="34%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<P align=center>
<HR noShade SIZE=3>
</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR></TABLE></CENTER>
<DIV align=left> </DIV>
<CENTER>
<TABLE cellSpacing=0 cellPadding=2 width="95%" border=0>
<TR>
<TD align=middle width="95%" colSpan=5><FONT size=2><FONT size=2>SCHEDULE 13G/A</FONT></FONT></TD></TR>
<TR>
<TD align=middle colSpan=5><FONT size=2>CUSIP No. M3760D101</FONT></TD></TR>
<TR>
<TD align=left width="95%" colSpan=5>
<HR noShade SIZE=2>
</TD></TR></TABLE></CENTER>
<DIV align=left> </DIV>
<CENTER>
<TABLE cellSpacing=0 cellPadding=2 width="95%" border=0>
<TR>
<TD width="8%" colSpan=2>&nbsp;</TD>
<TD vAlign=top width="6%"><FONT size=2>1.</FONT></TD>
<TD colSpan=2>
<P><FONT size=2>Names of Reporting Persons.</FONT></P>
<P><FONT size=2>Bank of Hapoalim B.M. (on behalf of its mutual funds and provident funds)<BR>I.R.S. Identification Nos. of above persons (entities only).</P></FONT></TD></TR>
<TR>
<TD align=left width="95%" colSpan=5>
<HR noShade SIZE=2>
</TD></TR>
<TR>
<TD width="8%" colSpan=2>&nbsp;</TD>
<TD vAlign=top width="6%"><FONT size=2>2.</FONT></TD>
<TD width="86%" colSpan=2><FONT size=2>Check the Appropriate Box if a Member of a Group (See Instructions)<BR>(a)&nbsp;&nbsp;[ &nbsp;&nbsp; ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;[ &nbsp;&nbsp; ]</FONT></TD></TR>
<TR>
<TD align=left width="95%" colSpan=5>
<HR noShade SIZE=2>
</TD></TR>
<TR>
<TD width="8%" colSpan=2>&nbsp;</TD>
<TD vAlign=top width="6%"><FONT size=2>3.</FONT></TD>
<TD width="86%" colSpan=2><FONT size=2>SEC USE ONLY</FONT></TD></TR>
<TR>
<TD align=left width="95%" colSpan=5>
<HR noShade SIZE=2>
</TD></TR>
<TR>
<TD width="8%" colSpan=2>&nbsp;</TD>
<TD vAlign=top width="6%"><FONT size=2>4.</FONT></TD>
<TD width="86%" colSpan=2>
<P><FONT size=2>Citizenship or Place of Organization</FONT></P>
<P><FONT size=2>Israel</P></FONT></TD></TR>
<TR>
<TD align=left width="95%" colSpan=5>
<HR noShade SIZE=2>
</TD></TR>
<TR>
<TD colSpan=3 rowSpan=7><FONT size=2>Number of<BR>Shares<BR>Beneficially<BR>Owned by<BR>Each Reporting<BR>Person With:</FONT></TD>
<TD vAlign=top width="5%"><FONT size=2>5.</FONT></TD>
<TD width="77%"><FONT size=2>Sole Voting Power<BR>N/A</FONT></TD></TR>
<TR>
<TD width="95%" colSpan=2>
<HR noShade SIZE=2>
</TD></TR>
<TR>
<TD vAlign=top width="5%"><FONT size=2>6.</FONT></TD>
<TD width="77%"><FONT size=2>Shared Voting Power<BR>N/A</FONT></TD></TR>
<TR>
<TD width="95%" colSpan=2>
<HR noShade SIZE=2>
</TD></TR>
<TR>
<TD vAlign=top width="5%"><FONT size=2>7.</FONT></TD>
<TD width="77%"><FONT size=2>Sole Dispositive Power<BR>2,444,509.54</FONT></TD></TR>
<TR>
<TD width="95%" colSpan=2>
<HR noShade SIZE=2>
</TD></TR>
<TR>
<TD vAlign=top width="5%"><FONT size=2>8.</FONT></TD>
<TD width="77%"><FONT size=2>Shared Dispositive Power<BR>N/A</FONT></TD></TR>
<TR>
<TD width="95%" colSpan=5>
<HR noShade SIZE=2>
</TD></TR>
<TR>
<TD width="8%" colSpan=2>&nbsp;</TD>
<TD vAlign=top width="6%"><FONT size=2>9.</FONT></TD>
<TD width="86%" colSpan=2>
<P><FONT size=2>Aggregate Amount Beneficially Owned by Each Reporting Person</FONT></P>
<P><FONT size=2>2,444,509.54</FONT></P></TD></TR>
<TR>
<TD align=left width="95%" colSpan=5>
<HR noShade SIZE=2>
</TD></TR>
<TR>
<TD width="8%" colSpan=2>&nbsp;</TD>
<TD vAlign=top width="6%"><FONT size=2>10.</FONT></TD>
<TD width="86%" colSpan=2><FONT size=2>Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)&nbsp;&nbsp;[ &nbsp;&nbsp; ] </FONT></TD></TR>
<TR>
<TD align=left width="95%" colSpan=5>
<HR noShade SIZE=2>
</TD></TR>
<TR>
<TD width="8%" colSpan=2>&nbsp;</TD>
<TD vAlign=top width="6%"><FONT size=2>11.</FONT></TD>
<TD width="86%" colSpan=2>
<P><FONT size=2>Percent of Class Represented by Amount in Row (9)</FONT></P>
<P><FONT size=2>6.2%</P></FONT></TD></TR>
<TR>
<TD align=left width="95%" colSpan=5>
<HR noShade SIZE=2>
</TD></TR>
<TR>
<TD vAlign=top width="8%" colSpan=2>&nbsp;</TD>
<TD vAlign=top width="6%"><FONT size=2>12.</FONT></TD>
<TD vAlign=top width="86%" colSpan=2>
<P><FONT size=2>Type of Reporting Person</FONT></P>
<P><FONT size=2>OO</P></FONT></TD></TR></TABLE></CENTER>
<CENTER>&nbsp;</CENTER>
<CENTER>
<DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>
<P align=center><FONT size=2>2</FONT></P></FONT></TD>
<TD align=right width="34%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<P align=center>
<HR noShade SIZE=3>
</FONT>
<P></P></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV></CENTER>
<CENTER>
<TABLE cellSpacing=0 cellPadding=2 width="95%" border=0>
<TR vAlign=top>
<TD align=left width="95%" colSpan=4>
<P align=justify><FONT size=2><B>Item 1.</B></FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(a)</FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2>Name of Issuer</FONT></P>
<P align=justify><FONT size=2>Elbit Systems Ltd.</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(b)</FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2>Address of Issuer's Principal Executive Offices<BR><BR>Advanced Technology Center, P.O. Box 539, Haifa 31053, Israel</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=4>
<P>&nbsp;</P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=4>
<P align=justify><FONT size=2><B>Item 2.</B></FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(a)</FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2>Name of Person Filing<BR><BR>Bank Hapoalim B.M. (on behalf of its mutual funds and provident funds)</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(b)</FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2>Address of Principal Business Office or, if none, Residence<BR><BR>50 Rothschild Boulevard <BR>Tel Aviv, Israel</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(c)</FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2>Citizenship<BR><BR>A commercial bank organized under the laws of Israel.</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(d)</FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2>Title of Class of Securities<BR><BR>Ordinary Shares, NIS 1.00&nbsp;nominal value per share.</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(e)</FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2>CUSIP Number<BR><BR>M3760D101</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=4>
<P>&nbsp;</P></TD></TR>
<TR vAlign=top>
<TD align=left width="8%" colSpan=2>
<P align=justify><FONT size=2><B>Item 3.</B></FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2><B>If this statement is filed pursuant to &#167;&#167;240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:</B></FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="96%" colSpan=3></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="92%" colSpan=2><FONT size=2>Not applicable.</FONT></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=4>
<P><BR></P></TD></TR>
<TR vAlign=top>
<TD align=left width="8%" colSpan=2>
<P align=justify><FONT size=2><B>Item 4.</B></FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2><B>Ownership.</B></FONT></P></TD></TR>
<TR>
<TD align=left width="4%">&nbsp;</TD>
<TD align=left width="4%">&nbsp;</TD>
<TD align=left width="92%" colSpan=2>&nbsp;</TD></TR>
<TR>
<TD align=left width="4%">&nbsp;</TD>
<TD align=left width="4%">&nbsp;</TD>
<TD align=left width="92%" colSpan=2>
<DIV style="TEXT-INDENT: 18pt"><FONT size=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT size=2>
<DIV></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT size=2>The ownership percentage set forth below is based on 39,746,125 ordinary shares, NIS 1.00 nominal value per share, outstanding as of December 31, 2003, as reported in the issuer&#146;s report on Form 6-K filed with the Securities and Exchange Commission on March 10, 2004. The securities reported on herein are beneficially owned by mutual funds and provident funds managed by several fund managers and other managing entities, all subsidiaries of the reporting person. While such subsidiaries are deemed to hold investment power over the securities owned by the mutual funds and provident funds, voting power over such securities is held by independent/external members of the investment committee of each such mutual fund or provident fund. Under explicit provisions of the Israeli law, any economic interest or beneficial ownership in any of the securities covered by this report is held for th
e benefit of the unit holders of the mutual funds and the members of the provident funds respectively.</FONT></DIV></FONT></DIV></FONT></DIV></TD></TR>
<TR>
<TD align=left width="4%">&nbsp;</TD>
<TD align=left width="4%">&nbsp;</TD>
<TD align=left width="92%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(a)</FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2>Amount beneficially owned:<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT size=2>2,444,509.54</FONT></P></FONT></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(b)</FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2>Percent of class:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2%</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(c)</FONT></P></TD>
<TD align=left width="92%" colSpan=2>
<P align=justify><FONT size=2>Number of shares as to which the person has:</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(i)</FONT></P></TD>
<TD align=left width="88%" colSpan=2>
<P align=justify><FONT size=2>Sole power to vote or to direct the vote:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(ii)</FONT></P></TD>
<TD align=left width="88%" colSpan=2>
<P align=justify><FONT size=2>Shared power to vote or to direct the vote:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(iii)</FONT></P></TD>
<TD align=left width="88%" colSpan=2>
<P align=justify><FONT size=2>Sole power to dispose or to direct the disposition of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>2,444,509.54</FONT></P></FONT></TD></TR>
<TR vAlign=top>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2></FONT>&nbsp;</P></TD>
<TD align=left width="4%">
<P align=justify><FONT size=2>(iv)</FONT></P></TD>
<TD align=left width="88%" colSpan=2>
<P align=justify><FONT size=2>Shared power to dispose or to direct the disposition of:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A</FONT></P></TD></TR></TABLE></CENTER>
<CENTER>
<TABLE cellSpacing=0 cellPadding=2 width="95%" border=0></TABLE>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>
<P align=center><FONT size=2>3</FONT></P></FONT></TD>
<TD align=right width="34%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<P align=center>
<HR noShade SIZE=3>
</FONT>
<P></P></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=2 width="95%" border=0>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P>&nbsp;</P></TD></TR>
<TR vAlign=top>
<TD align=left width="8%">
<P align=justify><FONT size=2><B>Item 5.</B></FONT></P></TD>
<TD align=left width="92%">
<P align=justify><FONT size=2><B>Ownership of Five Percent or Less of a Class</B></FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P style="TEXT-INDENT: 18pt" align=justify><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P><BR></P></TD></TR>
<TR vAlign=top>
<TD align=left width="8%">
<P align=justify><FONT size=2><B>Item 6.</B></FONT></P></TD>
<TD align=left width="92%">
<P align=justify><FONT size=2><B>Ownership of More than Five Percent on Behalf of Another Person</B></FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P align=justify><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2><FONT size=2>The individual mutual and provident funds managed by the subsidiaries described in item 4 have the right to receive dividends and proceeds from the sale of the securities reported on this statement. No individual mutual or provident fund owns 5% of the class of securities reported herein.</FONT></FONT></FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P><BR></P></TD></TR>
<TR vAlign=top>
<TD align=left width="8%">
<P align=justify><FONT size=2><B>Item 7.</B></FONT></P></TD>
<TD align=left width="92%">
<P align=justify><FONT size=2><B>Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company</B></FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P align=justify><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2><FONT size=2>Poalim Mutual Funds Ltd, Lahak Mutual Funds Management Ltd., &#147;Kovetz&#148; Hevra Lenihul Kupot Gemel Ltd., &#147;Yeter&#148; Kranot Gmulim Ltd, &#147;Amir&#148; Keren Gmulim Ltd, &#147;Bar&#148; Keren Gmulim Ltd, &#147;Kineret&#148; Keren Hishtalmut Ltd, &#147;Aluma&#148; Kupat Gemel Le Atzmaim Ltd, &#147;Katzir&#148; Kupat Tagmulim Upitzuim Ltd, &#147;Teuza&#148; Kupat Gemel Le Atzmaim Ltd, &#147;Dinamit&#148; Kupat Tagmulim Ltd, &#147;Tagmulim&#148; Ltd, &#147;Gadish&#148; Kranot Gmulim Ltd, &#147;Keren Merkazit Lepitzuyei Piturim&#148; Ltd, &#147;Krern Or&#148; Kupat Tagmulim Upitzuim Ltd, &#147;Peles&#148;Kranot Gmulim Le&#146;atzmaim, &#147;Bitzaron&#148;-Provident Fund at Bank Otsar Ha-Hayal Limited, Provident Fund &#147;Habitachon&#148; at Bank Otsar Ha-Hayal Limited, &#147;Smadar&#148; Keren hishtalmoot limited, Otsarit Mutual Funds M
anagement Co. Ltd</FONT></FONT></FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P><BR></P></TD></TR>
<TR vAlign=top>
<TD align=left width="8%">
<P align=justify><FONT size=2><B>Item 8.</B></FONT></P></TD>
<TD align=left width="92%">
<P align=justify><FONT size=2><B>Identification and Classification of Members of the Group</B></FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P align=justify><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P><BR></P></TD></TR>
<TR vAlign=top>
<TD align=left width="8%">
<P align=justify><FONT size=2><B>Item 9.</B></FONT></P></TD>
<TD align=left width="92%">
<P align=justify><FONT size=2><B>Notice of Dissolution of Group</B></FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P align=justify><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P><BR></P></TD></TR>
<TR vAlign=top>
<TD align=left width="8%">
<P align=justify><FONT size=2><B>Item 10.</B></FONT></P></TD>
<TD align=left width="92%">
<P align=justify><FONT size=2><B>Certification</B></FONT></P></TD></TR>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P align=justify><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. </FONT></P><FONT size=2>
<P style="TEXT-INDENT: 45pt"><FONT size=2>This report shall not be construed as an admission by the person filing the report that it is the beneficial owner of any securities covered by the report.</FONT></P></FONT></TD></TR></TABLE>
<DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>
<P align=center><FONT size=2>4</FONT></P></FONT></TD>
<TD align=right width="34%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<P align=center>
<HR noShade SIZE=3>
</FONT>
<P></P></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=2 width="95%" border=0>
<TR vAlign=top>
<TD align=left width="95%" colSpan=2>
<P style="TEXT-INDENT: 45pt">&nbsp;</P></TD></TR>
<TR vAlign=top>
<TD align=middle width="95%" colSpan=2><FONT size=2><B>SIGNATURE</B></FONT></TD></TR></TABLE></DIV></DIV></CENTER>
<DIV align=left>&nbsp;</DIV>
<DIV align=left><FONT size=2> </FONT>
<CENTER>
<TABLE cellSpacing=2 cellPadding=0 width="95%" border=0>
<TR>
<TD width="95%" colSpan=5>
<P align=justify><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;After reasonable inquiry and to the best of&nbsp;our knowledge and belief,&nbsp;we certify that the information set forth in this statement is true, complete and correct.</FONT></P></TD></TR>
<TR>
<TD width="95%" colSpan=5>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width="95%" colSpan=5><FONT size=2><FONT size=2>Date:&nbsp;&nbsp; April 13,&nbsp;2004</FONT></FONT></TD></TR>
<TR>
<TD width="50%"><FONT size=2>&nbsp;</FONT></TD>
<TD width="50%" colSpan=4><FONT size=2>BANK HAPOALIM B.M.<BR><BR></FONT></TD></TR>
<TR>
<TD vAlign=top align=right width="50%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=top align=right width="5%"><FONT size=2></FONT></TD>
<TD vAlign=top align=left width="45%" colSpan=3><FONT size=2>/s/&nbsp;Shalom Bitton
<HR align=left SIZE=1>
By:&nbsp;&nbsp;&nbsp;&nbsp;Shalom Bitton</FONT></TD></TR>
<TR>
<TD vAlign=top align=right width="50%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=top align=right width="6%" colSpan=2><FONT size=2>Title:</FONT></TD>
<TD vAlign=top align=left width="43%" colSpan=2><FONT size=2>&nbsp;&nbsp;&nbsp;Manager of the Securities Operation Department&nbsp;</FONT></TD></TR>
<TR>
<TD width="95%" colSpan=5>&nbsp;</TD></TR></TABLE></CENTER>
<CENTER>
<TABLE cellSpacing=2 cellPadding=0 width="95%" border=0>
<TR>
<TD vAlign=top align=right width="50%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=top align=right width="5%"><FONT size=2></FONT></TD>
<TD vAlign=top align=left width="45%" colSpan=3><FONT size=2>/s/&nbsp;Edgar Lemel<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;
<HR align=left SIZE=1>
By:&nbsp;&nbsp;&nbsp;&nbsp;Edgar Lemel</FONT></TD></TR>
<TR>
<TD vAlign=top align=right width="50%"><FONT size=2>&nbsp;</FONT></TD>
<TD vAlign=top align=right width="6%" colSpan=2><FONT size=2>Title:</FONT></TD>
<TD vAlign=top align=left width="43%" colSpan=2><FONT size=2>&nbsp;&nbsp;&nbsp;Manager - Custody Section Operation Department&nbsp;</FONT></TD></TR></TABLE></CENTER>
<DIV align=left><FONT size=2> </FONT><BR>
<DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="33%"><FONT size=1>
<P align=center><FONT size=2>5</FONT></P></FONT></TD>
<TD align=right width="34%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3><FONT size=1>
<P align=center>
<HR noShade SIZE=3>
</FONT>
<P></P></TD></TR>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV></DIV></DIV></DIV></DIV></DIV></BODY></HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
