UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13G
(Amendment No. )*
(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c) AND
(d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Tower Semiconductor Ltd.
(Name of Issuer)
 
Ordinary Shares, par value NIS 15.00 per share
(Title of Class of Securities)
 
 
M87915274
  
(CUSIP Number)
 
August 3, 2023
(Date of Event Which Requires Filing of this Statement)

Check the following box to designate the rule pursuant to which the Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

*
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 disclosures provided in a prior cover page.

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).

 
CUSIP NO. M87915274
 
1.
Name of Reporting Persons
 
Harel Insurance Investments & Financial Services Ltd.
2.
Check the Appropriate Box if a Member of a Group
(a)  ☒
(b)  ☐
3.
SEC Use only
 
 
4.
Place of Organization
 
Israel
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:
 5.
Sole Voting Power
 
0
6.
Shared Voting Power
 
5,813,543 Ordinary Shares*
7.
Sole Dispositive Power
 
0
8.
Shared Dispositive Power
 
5,813,543 Ordinary Shares*
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
 
5,813,543 Ordinary Shares*
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares
 
☐
11.
Percent of Class Represented by Amount in Row (9)
 
5.3%**
12.
Type of Reporting Person:
 
CO
 
*See Item 4.
** Based on information received from the Issuer, there were 110,286,837 Ordinary Shares issued and outstanding as of August 6, 2023.

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Item 1.

(a)
Name of Issuer:

Tower Semiconductor Ltd. (the “Issuer”).

(b)
Address of Issuer’s Principal Executive Offices:

Ramat Gavriel Industrial Park, P.O. Box 619, Migdal Haemek, 23105 Israel.

Item 2.

(a)-(c)
Name of Person Filing, address and citizenship:

The following entity is referred to as the “Reporting Person” in this Statement:

Harel Insurance Investments & Financial Services Ltd., an Israeli public company, with a principal business address at Harel House; 3 Aba Hillel Street; Ramat Gan 52118, Israel.
 
(d)
Title of Class of Securities:

Ordinary Shares, par value NIS 15.00 per share (the “Ordinary Shares”).

(e)
CUSIP Number:

M87915274

Item 3.
If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

Not Applicable.

Item 4.
Ownership
 
All of the 5,813,543 Ordinary Shares reported in this Statement as beneficially owned by the Reporting Person are held for members of the public through, among others, provident funds and/or mutual funds and/or pension funds and/or insurance policies and/or exchange traded funds, which are managed by subsidiaries of the Reporting Person, each of which subsidiaries operates under independent management and makes independent voting and investment decisions. Consequently, this Statement shall not be construed as an admission by the Reporting Person that it is the beneficial owner of any of the Ordinary Shares covered by this Statement or that it has any pecuniary interest in such Ordinary Shares for purposes of Section 16 of the U.S. Securities Exchange Act of 1934, as amended.
 
Except as set forth above, see items 5-11 of the cover pages hereto for beneficial ownership, percentage of class and dispositive power of the Reporting Person, which are incorporated herein.

Item 5.
Ownership of Five Percent or Less of a Class

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 ☐.
 
Item 6.
Ownership of More than Five Percent on Behalf of Another Person

Not Applicable.
 
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Item 7.
Identification and Classification of the Subsidiary, Which Acquired the Security Being Reported on by the Parent Holding Company

Not Applicable.

Item 8.
Identification and Classification of Members of the Group

Not Applicable.

Item 9.
Notice of Dissolution of Group

Not Applicable.

Item 10.
Certification

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, other than activities solely in connection with a nomination under §240.14a-11.
 
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SIGNATURES

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.

August 9, 2023
  
   
 
HAREL INSURANCE INVESTMENTS AND FINANCIAL SERVICES LTD.
   
 
BY: /s/ Uri Rabinovitz
 
Name, Title: Uri Rabinovitz, Vice President
 
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