13F-HR 1 fw13f.txt FWSM 13 F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 3/31/07 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, California 91106 13F File Number: 28-00983 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: (626) 796-6622 x 119 Signature, Place, and Date of Signing: Mitchell W. Howard Pasadena, California May 14, 2007 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form13F Information Table Entry Total: 136 Form13F Information Table Value Total: $476,058 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 21ST CENTY HLDG CO COM 90136Q100 12257 685525 SH SOLE 31826 653699 21ST CENTY HLDG CO *W EXP 09/30/200 90136Q134 226 34450 SH SOLE 34450 0 ABX AIR INC COM 00080S101 418 60990 SH SOLE 24990 36000 AGCO CORP COM 001084102 1675 45300 SH SOLE 0 45300 ALCOA INC COM 013817101 912 26900 SH SOLE 5000 21900 ALLIED CAP CORP NEW COM 01903Q108 4978 172782 SH SOLE 27600 145182 AMCOMP INC COM 02342J101 537 55556 SH SOLE 55556 0 AMERICAN CAPITAL STRATEGIES COM 024937104 6181 139500 SH SOLE 52100 87400 AMERICAN INTL GROUP INC COM 026874107 551 8200 SH SOLE 8200 0 AMERICAN PHYSICIANS SVC GROU COM 028882108 2078 117795 SH SOLE 0 117795 AMERISAFE INC COM 03071H100 2828 150000 SH SOLE 95000 55000 ANDERSONS INC COM 034164103 8216 185056 SH SOLE 11400 173656 APOLLO GROUP INC CL A 037604105 1250 28469 SH SOLE 0 28469 AQUILA INC COM 03840P102 42 10000 SH SOLE 0 10000 ARCHER DANIELS MIDLAND CO COM 039483102 228 6200 SH SOLE 6200 0 ASPREVA PHARMACEUTICALS CORP COM 04538T109 14401 667971 SH SOLE 84637 583334 ASTA FDG INC COM 046220109 22700 525715 SH SOLE 15542 510173 AT&T INC COM 00206R102 582 14769 SH SOLE 3621 11148 ATLANTIC TELE NETWORK INC COM NEW 049079205 17788 680768 SH SOLE 94636 586132 AXESSTEL INC COM 05459T101 145 78500 SH SOLE 78500 0 AXIS CAPITAL HOLDINGS SHS G0692U109 8811 260225 SH SOLE 20150 240075 BAKER MICHAEL CORP COM 057149106 279 11500 SH SOLE 1000 10500 BANK OF AMERICA CORPORATION COM 060505104 1250 24500 SH SOLE 900 23600 BENIHANA INC COM 082047101 260 9200 SH SOLE 0 9200 CARRIAGE SVCS INC COM 143905107 10630 1313940 SH SOLE 100000 1213940 CASH AMER INTL INC COM 14754D100 8229 200700 SH SOLE 25000 175700 CENTER FINL CORP CALIF COM 15146E102 241 12186 SH SOLE 0 12186 CHINA BAK BATTERY INC COM 16936Y100 470 144549 SH SOLE 144549 0 CHINA FD INC COM 169373107 2378 73953 SH SOLE 500 73453 CHINA YUCHAI INTL LTD COM G21082105 2987 374750 SH SOLE 0 374750 CHINDEX INTERNATIONAL INC COM 169467107 2075 119143 SH SOLE 57363 61780 CLECO CORP NEW COM 12561W105 284 11000 SH SOLE 0 11000 CONOCOPHILLIPS COM 20825C104 2517 36820 SH SOLE 22420 14400 CONSUMER PORTFOLIO SVCS INC COM 210502100 162 26400 SH SOLE 1700 24700 CORINTHIAN COLLEGES INC COM 218868107 617 44850 SH SOLE 0 44850 CRAWFORD & CO CL A 224633206 330 59399 SH SOLE 51999 7400 DIRECT GEN CORP COM 25456W204 11473 539637 SH SOLE 15425 524212 DORMAN PRODUCTS INC COM 258278100 733 63400 SH SOLE 8400 55000 DOW CHEM CO COM 260543103 9877 215379 SH SOLE 9600 205779 DTE ENERGY CO COM 233331107 7542 157453 SH SOLE 14400 143053 DUKE ENERGY CORP NEW COM 26441C105 1613 79500 SH SOLE 19500 60000 EAST WEST BANCORP INC COM 27579R104 3419 92995 SH SOLE 0 92995 EDISON INTL COM 281020107 246 5000 SH SOLE 5000 0 EFJ INC COM 26843B101 307 57500 SH SOLE 4000 53500 EMBARQ CORP COM 29078E105 1389 24650 SH SOLE 0 24650 ENDURANCE SPECIALTY HLDGS LT SHS G30397106 19940 557919 SH SOLE 89475 468444 ENTERPRISE PRODS PARTNERS L COM 293792107 334 10498 SH SOLE 10498 0 EPLUS INC COM 294268107 532 50250 SH SOLE 0 50250 EXPRESS 1 EXPEDITED SOLUTION COM 30217Q108 119 90500 SH SOLE 90500 0 EZCORP INC CL A NON VTG 302301106 2423 164502 SH SOLE 600 163902 FIRST CASH FINL SVCS INC COM 31942D107 1796 80600 SH SOLE 400 80200 FRIEDMAN BILLINGS RAMSEY GRO CL A 358434108 5706 1033633 SH SOLE 197200 836433 GANDER MOUNTAIN CO COM 36471P108 643 57655 SH SOLE 4690 52965 GATX CORP COM 361448103 1830 38275 SH SOLE 0 38275 GREAT AMERN FINL RES INC COM 389915109 965 39400 SH SOLE 0 39400 GREATER BAY BANCORP COM 391648102 255 9500 SH SOLE 1000 8500 GREATER CHINA FD INC COM 39167B102 7230 315393 SH SOLE 12699 302694 HALIFAX CORP COM 405752106 124 40600 SH SOLE 10600 30000 HANMI FINL CORP COM 410495105 2309 121128 SH SOLE 0 121128 HARBIN ELECTRIC INC COM 41145W109 21220 1690800 SH SOLE 653334 1037466 HEALTHCARE SVCS GRP INC COM 421906108 337 11749 SH SOLE 337 11412 HELEN OF TROY CORP LTD COM G4388N106 890 39187 SH SOLE 0 39187 HUMANA INC COM 444859102 1005 17325 SH SOLE 500 16825 HUNGARIAN TEL & CABLE CORP COM 445542103 8815 415193 SH SOLE 37258 377935 IMAX CORP COM 45245E109 11268 2235653 SH SOLE 246804 1988849 INNOSPEC INC COM 45768S105 7819 135650 SH SOLE 9500 126150 INTERNATIONAL ABSORBENTS INC COM NO PAR 45885E203 2022 539200 SH SOLE 16300 522900 ITLA CAP CORP COM 450565106 869 16700 SH SOLE 0 16700 ITRON INC COM 465741106 4614 70940 SH SOLE 3121 67819 JAKKS PAC INC COM 47012E106 712 29798 SH SOLE 20075 9723 JAPAN EQUITY FD INC COM 471057109 230 27000 SH SOLE 0 27000 JAPAN SMALLER CAPTLZTN FD IN COM 47109U104 231 18498 SH SOLE 7333 11165 JINPAN INTL LTD ORD G5138L100 6379 408129 SH SOLE 3300 404829 KOREA EQUITY FD INC COM 50063B104 412 39726 SH SOLE 2666 37060 KOREA FD COM 500634100 454 13700 SH SOLE 0 13700 LANDEC CORP COM 514766104 1490 105073 SH SOLE 12000 93073 LANDRYS RESTAURANTS INC COM 51508L103 411 13900 SH SOLE 0 13900 LANNET INC COM 516012101 57 11000 SH SOLE 11000 0 LO-JACK CORP COM 539451104 741 39032 SH SOLE 3000 36032 LONE STAR TECHNOLOGIES INC COM 542312103 238 3600 SH SOLE 0 3600 LYONDELL CHEMICAL CO COM 552078107 7926 264463 SH SOLE 18500 245963 MALAYSIA FD INC COM 560905101 238 27600 SH SOLE 2000 25600 MANAGEMENT NETWORK GROUP INC COM 561693102 18 10000 SH SOLE 10000 0 MCG CAPITAL CORP COM 58047P107 7302 389216 SH SOLE 86910 302306 MDU RES GROUP INC COM 552690109 8387 291831 SH SOLE 36600 255231 METHANEX CORP COM 59151K108 3065 137245 SH SOLE 20460 116785 METLIFE INC COM 59156R108 1250 19800 SH SOLE 13800 6000 MFRI INC COM 552721102 642 34642 SH SOLE 0 34642 MICROFINANCIAL INC COM 595072109 1518 293100 SH SOLE 0 293100 MITCHAM INDS INC COM 606501104 8161 557090 SH SOLE 41845 515245 MOBILE MINI INC COM 60740F105 1758 65630 SH SOLE 10030 55600 MONSANTO CO NEW COM 61166W101 780 14200 SH SOLE 0 14200 MONTPELIER RE HOLDINGS LTD SHS G62185106 2378 137150 SH SOLE 300 136850 NATIONAL ATLANTIC HLDGS CORP COM 63253Y107 440 33900 SH SOLE 0 33900 NATIONAL WESTN LIFE INS CO CL A 638522102 777 3175 SH SOLE 1300 1875 NEW IRELAND FUND INC COM 645673104 254 7092 SH SOLE 0 7092 NEWMARKET CORP COM 651587107 476 11700 SH SOLE 500 11200 NICHOLAS FINANCIAL INC COM NEW 65373J209 270 24225 SH SOLE 24225 0 NOKIA CORP SPONSORED ADR 654902204 401 17500 SH SOLE 17500 0 NORTHERN TECH INTL CORP COM 665809109 258 30200 SH SOLE 24800 5400 ORIENTAL FINL GROUP INC COM 68618W100 216 18300 SH SOLE 0 18300 OVERHILL FARMS INC COM 690212105 2001 280661 SH SOLE 280661 0 OWENS ILL INC COM NEW 690768403 4658 180750 SH SOLE 15350 165400 OWENS ILL INC PFD CONV $.01 690768502 563 14700 SH SOLE 0 14700 PAINCARE HLDGS INC COM 69562E104 42 114000 SH SOLE 0 114000 PERMA-FIX ENVIRONMENTAL SVCS COM 714157104 98 41250 SH SOLE 41250 0 PFIZER INC COM 717081103 3832 151700 SH SOLE 4900 146800 PHC INC MASS CL A 693315103 1229 378237 SH SOLE 0 378237 PMA CAP CORP CL A 693419202 314 33400 SH SOLE 10000 23400 PRO-DEX INC COLO COM 74265M106 2176 1599831 SH SOLE 66345 1533486 PROLIANCE INTL INC COM 74340R104 353 93300 SH SOLE 13200 80100 Q E P INC COM 74727K102 1835 305756 SH SOLE 7278 298478 QC HLDGS INC COM 74729T101 478 36000 SH SOLE 25000 11000 RENAISSANCERE HOLDINGS LTD COM G7496G103 22174 442251 SH SOLE 55090 387161 RENT A CTR INC NEW COM 76009N100 20648 737943 SH SOLE 79091 658852 RIVER CITY BK COM 768037103 150 15000 SH SOLE 15000 0 RTW INC COM NEW 74974R206 3746 457895 SH SOLE 39000 418895 SEABRIGHT INSURANCE HLDGS IN COM 811656107 3698 201000 SH SOLE 60000 141000 SEAGATE TECHNOLOGY SHS G7945J104 9614 412628 SH SOLE 57350 355278 SERVICE CORP INTL COM 817565104 13538 1141451 SH SOLE 63426 1078025 SINGAPORE FD INC COM 82929L109 1109 67400 SH SOLE 0 67400 SPECTRA ENERGY CORP COM 847560109 1044 39750 SH SOLE 9750 30000 STONEMOR PARTNERS L P COM UNITS 86183Q100 972 39900 SH SOLE 4200 35700 TAG-IT PAC INC COM 873774103 314 234000 SH SOLE 25800 208200 TELESTONE TECHNOLOGIES CORP COM 87953J102 555 67635 SH SOLE 64135 3500 THAI CAP FD INC COM NEW 882905201 2674 253676 SH SOLE 2000 251676 TRAVELERS COMPANIES INC COM 89417E109 11316 218576 SH SOLE 39575 179001 TUPPERWARE BRANDS CORP COM 899896104 18586 745516 SH SOLE 53700 691816 UCBH HOLDINGS INC COM 90262T308 1432 76897 SH SOLE 0 76897 VERI TEK INTL CORP COM 92342X101 1856 280000 SH SOLE 280000 0 VITA FOOD PRODS INC NEV COM 928450105 41 25000 SH SOLE 0 25000 WAL MART STORES INC COM 931142103 258 5500 SH SOLE 5000 500 WASTE INDUSTRIES USA INC COM 941057101 220 8000 SH SOLE 0 8000 WILSHIRE BANCORP INC COM 97186T108 2853 173985 SH SOLE 4800 169185 YRC WORLDWIDE INC COM 984249102 3395 84405 SH SOLE 20000 64405 YUCHENG TECHNOLOGIES LTD COM G98777108 1239 147475 SH SOLE 8500 138975