Elron Ventures Ltd. — Major Shareholding Notification 2005

Mar 6, 2005

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1	Names of Reporting Persons/I.R.S. Identification Nos. of	Names of Reporting Persons/I.R.S. Identification Nos. of	Above
	Persons (Entities	Only)
	Bank Hapoalim B.M. (on behalf of its mutual funds and provident
	funds)
2	Check the Appropriate Box if a Member of a Group		( a) 0
	(See Instructions)		(b) 0
3	SEC Use Only
4	Citizenship or Place of Organization
	Israel
Number of	5	Sole Voting Power
		N/A
Shares	6	Shared Voting Power
		N/A
Beneficially	7	Sole Dispositive Power
		1,667,320.83
Owned by	8	Shared Dispositive Power
Each		N/A
Reporting
Person With
9	Aggregate Amount Beneficially Owned by Each Reporting Person
	1,667,320.83
10	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See
	Instructions)
11	Percent of Class Represented by Amount in Row (9)
	5.7%
12	Type of Reporting Person (See Instructions)
	00