13F-HR 1 fwsm13ffinal2.txt 13F United States Securities and Exchange Commission Form 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: June 30, 2006 Check here if Amendment [ ] ; Amendment Number: This Amendment (Check only one): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: First Wilshire Securities Management, Inc. Address: 1224 East Green Street, Suite 200 Pasadena, CA 91106 13F File Number: 028-00983 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Mitchell W. Howard Title: V.P., Chief Compliance Officer Phone: (800) 858-0679 Signature, Place, and Date of Signing: /s/ Mitchell W. Howard Pasadena, CA August 14, 2006 Report Type (Check only one) : [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT List of Other Managers Reporting for this Manager: ------------------------------------------------------------------------ I am signing this report as required by the Securities Exchange Act of 1934. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None Form 13F Information Table Entry Totals: 164 Form 13F Information Table Value Total: $402,170,000 List of Other Included Managers: No. 13F File Number Name None VALUE SHRS OR SH/ PUT/ NAME OF ISSUER TITLE CUSIP (X$1000PRN AMT PRN CALL 21st Century Hldg Com 90136Q100 12451 951875 SH 21st Century Hldg Warran Com 90136Q118 188 189575 SH 21st Century Hldg Warran Com 90136Q134 219 157900 SH Abx Air Inc Com 00080S101 343 56810 SH Ace Cash Express Com 004403101 10476 357920 SH Agco Corp Com 001084102 1340 50900 SH Allied Capital Corp New Com 01903Q108 5277 183424 SH Amcomp Inc Com 02342J101 586 55556 SH American Physicians Com 028882108 3254 224418 SH American Water Star Inc Com 030409106 1 100000 SH Amerisafe Inc Com 03071H100 1866 150000 SH Andersons Inc Com 034164103 7902 189918 SH Aquila Inc Com 03840P102 42 10000 SH Archer Daniels Midland Com 039483102 256 6200 SH Asconi Corp New Com 04363Q204 17 124100 SH Asta Funding Inc Com 046220109 17530 468855 SH AT & T Inc. Com 00206R102 412 14769 SH Atlantic Tele Network Com 049079205 10028 481431 SH Axesstel Inc Com 05459T101 78 53500 SH Axis Capital Holdings Lt Com G0692U109 3474 121415 SH BB Holdings Limited Com P1622X106 4470 1354671 SH BeniHana Com 082047101 278 10200 SH Bradley Pharmaceuticals Com 104576103 112 11000 SH Bridgetech Holdings Intl Com 10845P102 49 25000 SH Candente Resource Group Com 13739Y106 21 25000 SH Carlisle Group Ltd Ord Com P21241107 762 491733 SH Carriage Services Inc Com 143905107 6338 1380740 SH Cash America Intl Inc Com 14754D100 7680 240000 SH Center Finl Corp Calif Com 15146E102 290 12282 SH Champion Technology Hldg Com G2033C194 49 300000 SH China Bak Battery, Inc Com 16936Y100 1704 200229 SH China Expert Technology Com 16938D104 287 104020 SH China Fund Inc. Com 169373107 2174 75353 SH China Security & Surveil Com G21161107 405 75000 SH China Yuchai Internation Com G21082105 2429 332300 SH Chindex Intl Inc Com 169467107 2841 359168 SH Cleco Corp New Com 12561W105 256 11000 SH Comtech Group Inc Com 205821200 167 15000 SH Conocophillips Com 20825C104 2413 36820 SH Consumer Port Svcs Inc Com 210502100 191 28400 SH Deli Solar USA Inc Com 24688L102 2503 385146 SH Delta Air Lines Inc PV $ Com 247361108 8 10000 SH Direct General Corp Com 25456W204 23145 1367923 SH Discovery Bancorp Com 25470B103 380 21242 SH Dorman Products Inc Com 258278100 818 69400 SH DTE Energy Co Hldgs. Com 233331107 6700 164453 SH Duke Energy Corp Com 26441C105 2414 82200 SH East West Bancorp Inc Com 27579R104 3544 93495 SH EFJ Inc Com 26843B101 358 59500 SH Endurance Speciality Hol Com G30397106 10302 321950 SH Enterprise Products Part Com 293792107 401 16109 SH Eplus Inc Com 294268107 613 54075 SH Excelligence Learning Com 300684107 612 75599 SH Express 1 Expedited in S Com 30217Q108 111 90500 SH Ezcorp Inc Com 302301106 2675 70984 SH First Cash Financial Ser Com 31942D107 1610 81500 SH First Vietnamese America Com 337468102 160 22000 SH Fresh Delmonte Com G36738105 415 24003 SH Friedman Billings Ramsey Com 358434108 838 76400 SH Fushi International Com 36113C101 2787 371592 SH Gander Mountain Company Com 36471P108 735 127090 SH Geo Group Inc Com 36159R103 347 10000 SH Global Aircraft Solution Com 378964100 14 11000 SH Great American Finl Res Com 389915109 869 41500 SH Greater Bay Bancorp Com 391648102 273 9500 SH Greater China Fund Inc. Com 39167B102 5936 332018 SH Hanmi Bank Com 410495105 2438 125410 SH Hanover Foods Cl A Com 41078W100 464 4465 SH Harbin Electric Inc Com 41145W109 21746 1976933 SH Healthcare Svcs Group Com 421906108 273 13049 SH Hemacare Corp Com 423498104 167 76000 SH Heng Tai Consumables Gro Com G44035106 479 4354000 SH Host America Corp Com 44106W100 165 160000 SH Humana Inc Com 444859102 930 17325 SH Hungarian Tel & Cable Co Com 445542103 7421 494093 SH Imagenetix Inc Com 45247F104 110 129800 SH Imax Corp. Com 45245E109 13639 1489017 SH Innospec Inc Com 45768S105 3950 155400 SH Intl Absorbents Inc New Com 45885E203 1473 553800 SH Intl Displayworks Inc Com 459412102 423 81317 SH Inventure Group Inc. Com 461214108 32 11000 SH ITLA Capital Corp Com 450565106 940 17885 SH Itron Corp. Com 465741106 4396 74187 SH Jakks Pacific Com 47012E106 599 29798 SH Japan Equity Fund Inc Com 471057109 219 26500 SH Japan Smaller Capitaliza Com 47109U104 271 19331 SH Jinpan Intl Ltd Com G5138L100 3768 479956 SH Korean Equity Fd Com 50063B104 319 31000 SH Landec Corp Com 514766104 1248 134873 SH Landry's Restaurant Inc Com 51508L103 451 13900 SH Lannett Company Com 516012101 63 11000 SH Lenox Group Inc Com 526262100 74 10500 SH Livent Inc Com 537902108 0 140000 SH Lo Jack Corp. Com 539451104 748 39638 SH Lone Star Tech Com 542312103 3725 68950 SH Lyondell Chemical Corp Com 552078107 6334 279539 SH Malaysia Fund Inc Com 560905101 156 27600 SH Management Network Grp Com 561693102 22 10000 SH MDU Resources Group Inc Com 552690109 7264 198413 SH Merisel Inc. Com 589849306 1354 216597 SH Methanex Corp Com 59151K108 4517 213285 SH MetLife Inc Com 59156R108 1014 19800 SH MFRI Inc Com 552721102 357 34642 SH Michael Baker Corp Com 057149106 271 12500 SH Mirant Corp. Com 60467R100 17 12000 SH Mitcham Inds. Inc. Com 606501104 9243 723776 SH Mobile Mini Inc. Com 60740F105 1957 66880 SH Monsanto Com 61166W101 631 7500 SH Montpelier Re Holdings L Com G62185106 2542 147000 SH Motorcar Parts & Accesso Com 620071100 3160 254800 SH National Atlantic Holdin Com 63253Y107 319 33900 SH Natl Western Life Ins Com 638522102 761 3175 SH Natures Sunshine Product Com 639027101 10099 1082418 SH New Market Corp. Com 651587107 917 18700 SH Nicholas Finl Com 65373J209 346 24225 SH Nokia Corp Spons Com 654902204 355 17500 SH Northern Technologies In Com 665809109 80 10000 SH Northwest Airlines Inc. Com 667280101 6 10000 SH Oriental Financial Group Com 68618W100 234 18300 SH Overhill Farms Com 690212105 1084 348661 SH Owens Ill Inc Conv Pfd Com 690768502 515 14700 SH Owens Illinois Inc Com 690768403 3182 189850 SH Pain Care Holdings Inc Com 69562E104 259 127000 SH Paula Financial Del Com 703588103 1066 480318 SH Perma Fix Environmental Com 714157104 88 41250 SH Pfizer Inc Com 717081103 2978 126900 SH PHC Inc Mass Cl A Com 693315103 732 332737 SH PMA Cap Corp Cl A Com 693419202 344 33400 SH Pro-Dex Inc Colo Com 74265M106 2410 1377072 SH Proliance Intl Inc Com 74340R104 436 94300 SH Q.E.P. CO INC Com 74727K102 2482 316131 SH QC Holdings Inc Com 74729T101 486 36000 SH Radio Logics Com 75040K109 95 41400 SH Renaissance Re Holdings Com G7496G103 2084 43000 SH Rent A Center Inc Com 76009N100 17540 705543 SH River City Bank Mechanic Com 768037103 186 15000 SH RTWI Inc Com 74974R206 5038 472145 SH Safety Components New In Com 786474205 212 15400 SH San Diego Community Bank Com 797419207 431 49552 SH Sand Technologies Inc CL Com 799774302 13 25000 SH Scientific Learning Corp Com 808760102 92 20000 SH Seabright Insurance Hold Com 811656107 3636 225700 SH Seagate Technologies Com G7945J104 9694 428167 SH Seitel Inc Com 816074405 313 87900 SH Service Corp Intl. Com 817565104 9916 1218174 SH Sherwood Brands Inc Com 82437L104 510 505400 SH Singapore Fd Com 82929L109 796 68100 SH St. Paul's Travelers Co. Com 792860108 10116 226923 SH Stonemor Partners Ltd Pa Com 86183Q100 797 41100 SH Sunwin Intl Neutraceutic Com 867877102 213 229137 SH Superconductive Componen Com 868048307 963 250000 SH Sweet Success Enterprise Com 87042Q109 117 149600 SH Tag-it Pac Inc Com 873774103 159 237000 SH T-Bay Holdings Inc Com 872237201 729 256340 SH Thai Capital Fund Com 882905201 2534 264612 SH Tupperware Corp. Com 899896104 15209 772400 SH UCBH Holdings Inc Com 90262T308 1340 80997 SH US Liquid Inc. Com 902974104 0 60000 SH Visiphor Corporation Com 92833P104 2 10000 SH Vita Foods Products Inc Com 928450105 91 25000 SH Warrantech Corp. Com 934648304 18 24800 SH Waste Industries USA, In Com 941057101 227 10000 SH Wilshire Bancorp Com 97186T108 3258 180785 SH YP. Net Inc Com 987824109 72 71000 SH INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER DSCRETN MGRS SOLE SHARED NONE 21st Century Hldg SOLE 61337 890538 21st Century Hldg Warran SOLE 68912 120663 21st Century Hldg Warran SOLE 119900 38000 Abx Air Inc SOLE 19810 37000 Ace Cash Express SOLE 67201 290719 Agco Corp SOLE 0 50900 Allied Capital Corp New SOLE 27600 155824 Amcomp Inc SOLE 55556 0 American Physicians SOLE 0 224418 American Water Star Inc SOLE 100000 0 Amerisafe Inc SOLE 95000 55000 Andersons Inc SOLE 11400 178518 Aquila Inc SOLE 0 10000 Archer Daniels Midland SOLE 6200 0 Asconi Corp New SOLE 50900 73200 Asta Funding Inc SOLE 15500 453355 AT & T Inc. SOLE 0 14769 Atlantic Tele Network SOLE 44750 436681 Axesstel Inc SOLE 53500 0 Axis Capital Holdings Lt SOLE 0 121415 BB Holdings Limited SOLE 60000 1294671 BeniHana SOLE 0 10200 Bradley Pharmaceuticals SOLE 11000 0 Bridgetech Holdings Intl SOLE 25000 0 Candente Resource Group SOLE 25000 0 Carlisle Group Ltd Ord SOLE 23120 468613 Carriage Services Inc SOLE 102000 1278740 Cash America Intl Inc SOLE 25000 215000 Center Finl Corp Calif SOLE 0 12282 Champion Technology Hldg SOLE 300000 0 China Bak Battery, Inc SOLE 200229 0 China Expert Technology SOLE 36620 67400 China Fund Inc. SOLE 0 75353 China Security & Surveil SOLE 75000 0 China Yuchai Internation SOLE 0 332300 Chindex Intl Inc SOLE 278165 81003 Cleco Corp New SOLE 0 11000 Comtech Group Inc SOLE 15000 0 Conocophillips SOLE 22420 14400 Consumer Port Svcs Inc SOLE 0 28400 Deli Solar USA Inc SOLE 385146 0 Delta Air Lines Inc PV $ SOLE 10000 0 Direct General Corp SOLE 130225 1237698 Discovery Bancorp SOLE 21242 0 Dorman Products Inc SOLE 0 69400 DTE Energy Co Hldgs. SOLE 14400 150053 Duke Energy Corp SOLE 19500 62700 East West Bancorp Inc SOLE 0 93495 EFJ Inc SOLE 0 59500 Endurance Speciality Hol SOLE 16800 305150 Enterprise Products Part SOLE 10498 5611 Eplus Inc SOLE 0 54075 Excelligence Learning SOLE 0 75599 Express 1 Expedited in S SOLE 90500 0 Ezcorp Inc SOLE 0 70984 First Cash Financial Ser SOLE 0 81500 First Vietnamese America SOLE 22000 0 Fresh Delmonte SOLE 0 24003 Friedman Billings Ramsey SOLE 0 76400 Fushi International SOLE 371592 0 Gander Mountain Company SOLE 0 127090 Geo Group Inc SOLE 0 10000 Global Aircraft Solution SOLE 11000 0 Great American Finl Res SOLE 0 41500 Greater Bay Bancorp SOLE 0 9500 Greater China Fund Inc. SOLE 12699 319319 Hanmi Bank SOLE 0 125410 Hanover Foods Cl A SOLE 3912 553 Harbin Electric Inc SOLE 849326 1127607 Healthcare Svcs Group SOLE 0 13049 Hemacare Corp SOLE 76000 0 Heng Tai Consumables Gro SOLE 4354000 0 Host America Corp SOLE 160000 0 Humana Inc SOLE 0 17325 Hungarian Tel & Cable Co SOLE 37458 456635 Imagenetix Inc SOLE 0 129800 Imax Corp. SOLE 83054 1405963 Innospec Inc SOLE 9500 145900 Intl Absorbents Inc New SOLE 16300 537500 Intl Displayworks Inc SOLE 81317 0 Inventure Group Inc. SOLE 11000 0 ITLA Capital Corp SOLE 0 17885 Itron Corp. SOLE 0 74187 Jakks Pacific SOLE 20075 9723 Japan Equity Fund Inc SOLE 0 26500 Japan Smaller Capitaliza SOLE 0 19331 Jinpan Intl Ltd SOLE 0 479956 Korean Equity Fd SOLE 0 31000 Landec Corp SOLE 12000 122873 Landry's Restaurant Inc SOLE 0 13900 Lannett Company SOLE 11000 0 Lenox Group Inc SOLE 0 10500 Livent Inc SOLE 140000 0 Lo Jack Corp. SOLE 0 39638 Lone Star Tech SOLE 0 68950 Lyondell Chemical Corp SOLE 20500 259039 Malaysia Fund Inc SOLE 0 27600 Management Network Grp SOLE 10000 0 MDU Resources Group Inc SOLE 24400 174013 Merisel Inc. SOLE 39978 176619 Methanex Corp SOLE 24000 189285 MetLife Inc SOLE 13800 6000 MFRI Inc SOLE 0 34642 Michael Baker Corp SOLE 0 12500 Mirant Corp. SOLE 0 12000 Mitcham Inds. Inc. SOLE 54839 668937 Mobile Mini Inc. SOLE 11280 55600 Monsanto SOLE 0 7500 Montpelier Re Holdings L SOLE 0 147000 Motorcar Parts & Accesso SOLE 32000 222800 National Atlantic Holdin SOLE 0 33900 Natl Western Life Ins SOLE 1300 1875 Natures Sunshine Product SOLE 152677 929741 New Market Corp. SOLE 0 18700 Nicholas Finl SOLE 24225 0 Nokia Corp Spons SOLE 17500 0 Northern Technologies In SOLE 10000 0 Northwest Airlines Inc. SOLE 10000 0 Oriental Financial Group SOLE 0 18300 Overhill Farms SOLE 348661 0 Owens Ill Inc Conv Pfd SOLE 0 14700 Owens Illinois Inc SOLE 17750 172100 Pain Care Holdings Inc SOLE 0 127000 Paula Financial Del SOLE 14950 465368 Perma Fix Environmental SOLE 41250 0 Pfizer Inc SOLE 0 126900 PHC Inc Mass Cl A SOLE 0 332737 PMA Cap Corp Cl A SOLE 10000 23400 Pro-Dex Inc Colo SOLE 74245 1302827 Proliance Intl Inc SOLE 13200 81100 Q.E.P. CO INC SOLE 0 316131 QC Holdings Inc SOLE 25000 11000 Radio Logics SOLE 0 41400 Renaissance Re Holdings SOLE 0 43000 Rent A Center Inc SOLE 79091 626452 River City Bank Mechanic SOLE 15000 0 RTWI Inc SOLE 39000 433145 Safety Components New In SOLE 0 15400 San Diego Community Bank SOLE 49552 0 Sand Technologies Inc CL SOLE 25000 0 Scientific Learning Corp SOLE 20000 0 Seabright Insurance Hold SOLE 77900 147800 Seagate Technologies SOLE 58050 370117 Seitel Inc SOLE 60000 27900 Service Corp Intl. SOLE 65626 1152548 Sherwood Brands Inc SOLE 67000 438400 Singapore Fd SOLE 0 68100 St. Paul's Travelers Co. SOLE 39553 187370 Stonemor Partners Ltd Pa SOLE 0 41100 Sunwin Intl Neutraceutic SOLE 229137 0 Superconductive Componen SOLE 250000 0 Sweet Success Enterprise SOLE 149600 0 Tag-it Pac Inc SOLE 25800 211200 T-Bay Holdings Inc SOLE 12100 244240 Thai Capital Fund SOLE 0 264612 Tupperware Corp. SOLE 53700 718700 UCBH Holdings Inc SOLE 0 80997 US Liquid Inc. SOLE 0 60000 Visiphor Corporation SOLE 10000 0 Vita Foods Products Inc SOLE 0 25000 Warrantech Corp. SOLE 15000 9800 Waste Industries USA, In SOLE 0 10000 Wilshire Bancorp SOLE 0 180785 YP. Net Inc SOLE 22000 49000