<SEC-DOCUMENT>0001178913-19-000565.txt : 20190214
<SEC-HEADER>0001178913-19-000565.hdr.sgml : 20190214
<ACCEPTANCE-DATETIME>20190214162612
ACCESSION NUMBER:		0001178913-19-000565
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190214
DATE AS OF CHANGE:		20190214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FORMULA SYSTEMS (1985) LTD
		CENTRAL INDEX KEY:			0001045986
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		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:	005-56313
		FILM NUMBER:		19606901

	BUSINESS ADDRESS:	
		STREET 1:		5 HAPLADA ST.
		CITY:			OR YEHUDA
		STATE:			L3
		ZIP:			6021805
		BUSINESS PHONE:		011-972-3-538-9487

	MAIL ADDRESS:	
		STREET 1:		5 HAPLADA ST.
		CITY:			OR YEHUDA
		STATE:			L3
		ZIP:			6021805

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FORMULA SYSTEMS \1985\ LTD
		DATE OF NAME CHANGE:	19970911

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clal Insurance Enterprises Holdings Ltd
		CENTRAL INDEX KEY:			0001376192
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		36 RAUL WALENBERG ST
		CITY:			TEL-AVIV
		STATE:			L3
		ZIP:			6136902
		BUSINESS PHONE:		972-3-638-7575

	MAIL ADDRESS:	
		STREET 1:		36 RAUL WALENBERG ST
		CITY:			TEL-AVIV
		STATE:			L3
		ZIP:			6136902
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>zk1922688.htm
<DESCRIPTION>SC 13G/A
<TEXT>
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            <div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25">&#160;</div>
            <div style="TEXT-ALIGN: center; FONT: bold 14pt/1.25 'Times New Roman', Times, serif">SECURITIES AND EXCHANGE COMMISSION</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Washington, D.C. 20549</div>
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    <div style="TEXT-ALIGN: center; FONT: bold 14pt/1.25 'Times New Roman', Times, serif">SCHEDULE 13G/A</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Under the Securities Exchange Act of 1934<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
      </font>(Amendment No. 2)</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Rule 13d-102)</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c) AND (d) </div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Under the Securities Exchange Act of 1934</div>
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            <div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25">FORMULA SYSTEMS (1985) LTD.</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Name of Issuer)</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Ordinary Shares, NIS 1.00 par value</div>
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          <td style="VERTICAL-ALIGN: top; WIDTH: 100%" colspan="3">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Title of Class of Securities)</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">346414105</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(CUSIP Number)</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">December 31</font>, 2018</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Date of Event Which Requires Filing of this Statement)</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -36pt">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#9744;&#160;Rule 13d-1(b)</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#9746;&#160;Rule 13d-1(c)</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25">&#9744;&#160;Rule 13d-1(d)</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">*</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The remainder of this cover page shall be filled out for a reporting person&#8217;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.</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">The information required in 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).</div>
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    &#160;
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">CUSIP NO.&#160;346414105</div>
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            <td style="BORDER-TOP: black 2px solid; BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; WIDTH: 7%" colspan="3">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name of Reporting Persons/</div>
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                <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(a) &#9744;</div>
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              <div style="FONT-SIZE: 80%; FONT-FAMILY: times new roman, times, serif; FONT-WEIGHT: normal">SEC Use Only</div>
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                &#160;</div>
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            <td style="FONT-SIZE: 80%; FONT-FAMILY: times new roman, times, serif; BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: normal; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 7%" valign="top">4.</td>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Place of Organization</div>
              <div style="FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Israel</div>
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            <td style="BORDER-BOTTOM: black 2px solid; BORDER-LEFT: black 2px solid; WIDTH: 7%" rowspan="4" colspan="2" valign="middle"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal">Number of </font>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Each </div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Reporting </div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Person With:</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Sole Voting Power</div>
              <div style="FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">0</div>
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              <div style="FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
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                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,273,784</font> Ordinary Shares*</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Sole Dispositive Power</div>
              <div style="FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
              <div style="FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">0</div>
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            <td style="FONT-SIZE: 80%; FONT-FAMILY: times new roman, times, serif; BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: normal; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 7%" valign="top">8.</td>
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              <div style="FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
                    <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,273,784</font> Ordinary Shares*</div>
                  </div>
                </div>
              </div>
            </td>
          </tr>
          <tr valign="top">
            <td style="FONT-SIZE: 80%; FONT-FAMILY: times new roman, times, serif; BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: normal; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 7%" valign="top">9.</td>
            <td style="BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; WIDTH: 7%" colspan="3">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Aggregate Amount Beneficially Owned by Each Reporting Person</div>
              <div style="FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,273,784</font> Ordinary Shares*</div>
                </div>
              </div>
            </td>
          </tr>
          <tr valign="top">
            <td style="FONT-SIZE: 80%; FONT-FAMILY: times new roman, times, serif; BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: normal; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 7%" valign="top">10.</td>
            <td style="BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; WIDTH: 7%" colspan="3">
              <div>
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt">Check if the Aggregate Amount in Row (9) Excludes Certain Shares</div>
                <div style="FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -5.4pt; TEXT-INDENT: 0pt">&#160;</div>
              </div>
              <div>&#9744; </div>
            </td>
          </tr>
          <tr valign="top">
            <td style="FONT-SIZE: 80%; FONT-FAMILY: times new roman, times, serif; BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: normal; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 7%" valign="top">11.</td>
            <td style="BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; WIDTH: 7%" colspan="3">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Percent of Class Represented by Amount in Row (9)</div>
              <div style="FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.3</font>%**</div>
                </div>
              </div>
            </td>
          </tr>
          <tr valign="top">
            <td style="FONT-SIZE: 80%; FONT-FAMILY: times new roman, times, serif; BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; FONT-WEIGHT: normal; TEXT-ALIGN: center; BORDER-LEFT: black 2px solid; WIDTH: 7%" valign="top">12.</td>
            <td style="BORDER-RIGHT: black 2px solid; BORDER-BOTTOM: black 2px solid; WIDTH: 7%" colspan="3">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Type of Reporting Person
                :&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
              <div style="FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: normal; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">CO</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="TEXT-ALIGN: left; DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div>
      <div id="DSPFPageHeader">
        <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">* </font>See Item 4. </div>
        <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#160;</div>
        <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">
          <div style="text-align: justify; line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">** Based on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15,308,958</font> Ordinary Shares
              outstanding as of <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">November 15, 2018</font> (as reported by the Issuer <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on</font> its
              Form <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6-K</font> filed with the Securities and Exchange Commission </div>
          </div>
          <div style="line-height: 1.25; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
    </div>
    <br>
    <div style="TEXT-ALIGN: left; DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Item 1.</div>
        <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"> <br>
        </div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z253f32f072be4128b0535c4a084b1c6b" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 21.3pt;"><br>
                  </td>
                  <td style="width: 21.25pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name of Issuer: </font>FORMULA SYSTEMS (1985) LTD.<font style="font-size:
                          10pt; font-family: 'Times New Roman', Times, serif;"> (the &#8220;Issuer&#8221;).</font></font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2be1b96771ed4e9abe0af4f9e54fae7a" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 21.3pt;"><br>
                  </td>
                  <td style="width: 21.25pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address of Issuer&#8217;s Principal Executive Offices:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                        </font>5 Haplada Street, Or Yehuda 60218, Israel</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160; <br>
        </div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 2.</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size:
              10pt; font-family: 'Times New Roman', Times, serif;">Name of Person Filing:</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
            </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clal Insurance Enterprises Holdings Ltd. (&#8220;Clal&#8221; or the &#8220;Reporting Person&#8221;). </font>Clal,<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
              serif;"> an Israeli public corporation</font>,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> may be deemed to beneficially own the Ordinary Shares reported in this Statement</font>.<font style="font-size: 10pt;
              font-family: 'Times New Roman', Times, serif;">&#160; See Item 4.</font></font></div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z740effe5b47c451c82071383f22e3d9e" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address of Principal Business Offices or, if none, Residence:<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                        </font></font></div>
                  </td>
                </tr>

            </table>
          </div>
          <br style="line-height: 1.25;">
        </div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd6649892a19496e9550370d063e1ee7" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 504pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clal Insurance Enterprises Holdings Ltd.&#160; &#8211; 36 Raul Walenberg St., Tel Aviv 66180, Israel(c)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><br>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="line-height: 1.25">
          <div>
            <table class="DSPFListTable" id="z854758a33f664d68901e04a2113be46f" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;" cellpadding="0" cellspacing="0">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 36pt;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Place of Organization:</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25"> <br>
        </div>
        <div style="text-align: left; text-indent: -36.55pt; margin-left: 72pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Place of organization of all Reporting Persons, as the case may be, is Israel.</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z85d4ac9371eb46a08610723a00238dd8" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 35.45pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title of Class of Securities:</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; text-indent: -36.55pt; margin-left: 72pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ordinary Shares, NIS 1.00 par value (the &#8220;Ordinary Shares&#8221;).</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd6f2d124c364a4db14b4aa5041f1f41" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 35.45pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CUSIP Number:</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; text-indent: -36.55pt; margin-left: 72pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">346414105</font></div>
        <div style="line-height: 1.25">&#160; <br>
        </div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze8d2c7c1b2744f11ac0d80e8a2498e0c" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 3.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">If this statement is filed pursuant to Rules 13d-1(b), or
                          13d-2(b) or (c), check whether the person filing is a:</font></font></div>
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"></font><font style="font-size: 10pt; font-family: 'Times
                          New Roman', Times, serif;"><br>
                        </font>Not applicable.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc2ee363eea64ac29231da4ffaf503ab" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 4.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ownership</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All of the 1,273,784 Ordinary Shares reported in this Statement as beneficially owned by Clal are
            held for members of the public through, among others, provident funds and/or pension funds and/or insurance policies, which are managed by subsidiaries of Clal, which subsidiaries operate under independent management and make independent voting
            and investment decisions. Consequently, this Statement shall not be construed as an admission by the Reporting Persons that they are the beneficial owners of any of the Ordinary Shares covered by this Statement.&#160;</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as set forth above, see items 5-11 of the cover page hereto for beneficial ownership,
            percentage of class and dispositive power of the Reporting Person, which are incorporated herein.</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb3a26bc7b3194503a2d22747789520b5" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 5.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ownership of 5 Percent or Less of a Class</font></font></div>
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"></font><font style="font-size: 10pt; font-family: 'Times
                          New Roman', Times, serif;"><br>
                        </font>If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following &#9744;.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za41f3a4f8dac4e8a802a969bc2c4a92b" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 6.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ownership of More than 5 Percent on Behalf of Another
                          Person</font></font></div>
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"></font><font style="font-size: 10pt; font-family: 'Times
                          New Roman', Times, serif;"><br>
                        </font>Not applicable.</font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; line-height: 1.25;">
          <div>
            <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z24fb37435a014860b0dc5f3095879862" cellpadding="0" cellspacing="0">

                <tr>
                  <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 7.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Identification and Classification of the Subsidiary Which
                          Acquired the Security Being Reported on by the Parent Holding Company or Control Person</font></font></div>
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"></font><font style="font-size: 10pt; font-family: 'Times
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                        </font>Not applicable.</font></div>
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        <div style="line-height: 1.25">&#160;</div>
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                  <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 8.</font></td>
                  <td style="width: auto; vertical-align: top; text-align: left;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Identification and Classification of Members of the Group</font></font></div>
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"></font><font style="font-size: 10pt; font-family: 'Times
                          New Roman', Times, serif;"><br>
                        </font>Not applicable.</font></div>
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        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
              font-weight: bold;">Item 9.&#160; Notice of Dissolution of Group</font></font></div>
        <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
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            </font>Not applicable.</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 10.&#160; Certifications</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: left; margin-left: 36pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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></div>
        <div style="line-height: 1.25">&#160;</div>
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        <div style="line-height: 1.25">&#160; <br>
        </div>
        <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURES</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: justify; text-indent: 18pt; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information
            set forth in this statement is true, complete and correct.</font></div>
        <div style="line-height: 1.25">&#160;</div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z5dffae1eb93746dbb13e91d7ad4f428c" cellpadding="0" cellspacing="0">

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              <td style="width: 100%; vertical-align: top;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;February 14, 2019</font></div>
              </td>
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        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="za13e3f4b207042dfa2b3e58e8b9dfcc1" border="0" cellpadding="0" cellspacing="0">

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              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td colspan="2" rowspan="1" style="width: 3%; vertical-align: top;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CLAL INSURANCE ENTERPRISES HOLDINGS LTD.</font></div>
              </td>
              <td style="width: 17%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">&#160;</td>
              <td style="width: 30%; vertical-align: top;">&#160;</td>
              <td style="width: 17%; vertical-align: top;">&#160;</td>
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              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">BY:</font></div>
              </td>
              <td style="width: 30%; vertical-align: top; border-bottom: 2px solid black;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Eran Czerninski</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160; &#160; /s/ Yossi Dory</font></font></div>
              </td>
              <td style="width: 17%; vertical-align: top;">&#160;</td>
            </tr>
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              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">&#160;</td>
              <td style="width: 30%; vertical-align: top;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Eran Czerninski and </font>Yossi
                    Dory, authorized signatories of</font></div>
              </td>
              <td style="width: 17%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">&#160;</td>
              <td style="width: 30%; vertical-align: top;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CLAL INSURANCE ENTERPRISES HOLDINGS LTD<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif;">.</font></font></div>
              </td>
              <td style="width: 17%; vertical-align: top;">&#160;</td>
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        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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        <div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
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    &#160; </div>
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