13F-HR 1 fw0608.txt FWQ20813F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 06/30/2008 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: /s/ Mitchell W. Howard Pasadena, California August 13, 2008 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: 140 Form13F Information Table Value Total: $456,739 (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 1631 199627 SH SOLE 31776 167851 AIR TRANSPORT SERVICES GRP I COM 00922R105 113 113290 SH SOLE 29990 83300 ALCOA INC COM 013817101 837 23500 SH SOLE 5000 18500 ALLIED CAP CORP NEW COM 01903Q108 2201 158487 SH SOLE 27600 130887 ALPHA PRO TECH LTD COM 020772109 10 10000 SH SOLE 8000 2000 AMCOMP INC COM 02342J101 540 55556 SH SOLE 55556 0 AMERICAN INTL GROUP INC COM 026874107 325 12300 SH SOLE 8200 4100 AMERICAN PHYSICIANS SVC GROU COM 028882108 1217 55315 SH SOLE 0 55315 AMERICAN WTR WKS CO INC NEW COM 030420103 23391 1054588 SH SOLE 272667 781921 AMERISAFE INC COM 03071H100 2391 150000 SH SOLE 140000 10000 ANDERSONS INC COM 034164103 7061 173436 SH SOLE 16200 157236 APOLLO GROUP INC CL A 037604105 1051 23750 SH SOLE 0 23750 ASTA FDG INC COM 046220109 7509 828820 SH SOLE 134511 694309 AT&T INC COM 00206R102 358 10627 SH SOLE 3565 7062 ATLANTIC TELE NETWORK INC COM NEW 049079205 23792 864842 SH SOLE 157875 706967 AXIS CAPITAL HOLDINGS SHS G0692U109 7158 240125 SH SOLE 31450 208675 BANK OF AMERICA CORPORATION COM 060505104 1060 44400 SH SOLE 1800 42600 BENIHANA INC COM 082047101 390 61894 SH SOLE 0 61894 CARRIAGE SVCS INC COM 143905107 7932 1201766 SH SOLE 101000 1100766 CASH AMER INTL INC COM 14754D100 6220 200638 SH SOLE 25000 175638 CCA INDS INC COM 124867102 1278 152995 SH SOLE 5500 147495 CENTER FINL CORP CALIF COM 15146E102 2492 294240 SH SOLE 34800 259440 CENTRAL GARDEN & PET CO COM 153527106 1144 251336 SH SOLE 0 251336 CHINA BAK BATTERY INC COM 16936Y100 795 168895 SH SOLE 168895 0 CHINA FD INC COM 169373107 2584 84655 SH SOLE 19270 65385 CHINA FIRE & SEC GROUP INC COM 16938R103 2548 316490 SH SOLE 6300 310190 CHINA 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4182 592388 SH SOLE 113100 479288 EDISON INTL COM 281020107 257 5000 SH SOLE 5000 0 EF JOHNSON TECHNOLOGIES INC COM 26843B101 3032 1732678 SH SOLE 39101 1693577 EMBARQ CORP COM 29078E105 1019 21550 SH SOLE 0 21550 ENDURANCE SPECIALTY HLDGS LT SHS G30397106 15509 503701 SH SOLE 96375 407326 ENTERPRISE PRODS PARTNERS L COM 293792107 310 10498 SH SOLE 10498 0 EXPRESS 1 EXPEDITED SOLUTION COM 30217Q108 105 90500 SH SOLE 90500 0 EZCORP INC CL A NON VTG 302301106 1837 144102 SH SOLE 600 143502 FIRST CASH FINL SVCS INC COM 31942D107 3262 217612 SH SOLE 1100 216512 FRIEDMAN BILLINGS RAMSEY GRO CL A 358434108 1437 958090 SH SOLE 197200 760890 FUSHI COPPERWELD INC COM 36113E107 7907 333215 SH SOLE 254250 78965 GARMIN LTD ORD G37260109 5320 124175 SH SOLE 30575 93600 GATX CORP COM 361448103 1364 30763 SH SOLE 0 30763 GENERAL ELECTRIC CO COM 369604103 7457 279375 SH SOLE 65125 214250 GREATER CHINA FD INC COM 39167B102 2999 231732 SH SOLE 27198 204534 GRUBB & ELLIS CO COM PAR $0.01 400095204 305 79200 SH SOLE 79200 0 HANMI FINL CORP COM 410495105 933 179060 SH SOLE 0 179060 HARBIN ELECTRIC INC COM 41145W109 17834 1255060 SH SOLE 547632 707428 HARRINGTON WEST FINL GROUP I COM 41383L104 43 11691 SH SOLE 11691 0 HEALTHCARE SVCS GRP INC COM 421906108 238 15635 SH SOLE 430 15205 HEELYS INC COM 42279M107 3226 794475 SH SOLE 46249 748226 HELEN OF TROY CORP LTD COM G4388N106 757 46987 SH SOLE 0 46987 HORSEHEAD HLDG CORP COM 440694305 188 15500 SH SOLE 15500 0 HUMANA INC COM 444859102 665 16725 SH SOLE 500 16225 HUNGARIAN TEL & CABLE CORP COM 445542103 7225 396117 SH SOLE 56458 339659 IMAX CORP COM 45245E109 16963 2480038 SH SOLE 343504 2136534 IMPERIAL CAP BANCORP INC COM 452680101 85 14900 SH SOLE 0 14900 INNOSPEC INC COM 45768S105 4734 251515 SH SOLE 19165 232350 INTERNATIONAL ABSORBENTS INC COM NO PAR 45885E203 1745 575892 SH SOLE 127173 448719 JAKKS PAC INC COM 47012E106 586 26798 SH SOLE 20075 6723 JAPAN EQUITY FD INC COM 471057109 197 28200 SH SOLE 1200 27000 JAPAN SMALLER CAPTLZTN FD IN COM 47109U104 173 18498 SH SOLE 7333 11165 JINPAN INTL LTD ORD G5138L100 17007 465066 SH SOLE 102210 362856 KOREA EQUITY FD INC COM 50063B104 369 35460 SH SOLE 2666 32794 KOREA FD COM 500634100 365 17062 SH SOLE 0 17062 LANDEC CORP COM 514766104 367 56673 SH SOLE 29687 26986 LANDRYS RESTAURANTS INC COM 51508L103 250 13900 SH SOLE 13900 0 LANNET INC COM 516012101 82 21100 SH SOLE 21100 0 LO-JACK CORP COM 539451104 286 35932 SH SOLE 3000 32932 MALAYSIA FD INC COM 560905101 226 24600 SH SOLE 2000 22600 MANITEK INTL INC COM 563420108 1920 375000 SH SOLE 375000 0 MARLIN BUSINESS SVCS CORP COM 571157106 81 11683 SH SOLE 0 11683 MCG CAPITAL CORP COM 58047P107 1683 422944 SH SOLE 120623 302321 MDU RES GROUP INC COM 552690109 9518 273023 SH SOLE 36600 236423 MEDIFAST INC COM 58470H101 79 15000 SH SOLE 15000 0 METHANEX CORP COM 59151K108 3732 133185 SH SOLE 20460 112725 METLIFE INC COM 59156R108 1003 19000 SH SOLE 13000 6000 MFRI INC COM 552721102 510 32142 SH SOLE 0 32142 MICROFINANCIAL INC COM 595072109 914 249800 SH SOLE 0 249800 MILLER INDS INC TENN COM NEW 600551204 2367 237674 SH SOLE 6600 231074 MITCHAM INDS INC COM 606501104 4284 250841 SH SOLE 49200 201641 MOBILE MINI INC COM 60740F105 1583 79128 SH SOLE 2330 76798 MONTPELIER RE HOLDINGS LTD SHS G62185106 1693 114800 SH SOLE 300 114500 MOTORCAR PTS AMER INC COM 620071100 2349 311155 SH SOLE 110500 200655 NATIONAL WESTN LIFE INS CO CL A 638522102 612 2800 SH SOLE 1300 1500 NETSOL TECHNOLOGIES INC COM NEW 64115A204 1077 417388 SH SOLE 0 417388 NEW IRELAND FUND INC COM 645673104 237 13952 SH SOLE 0 13952 NEW ORIENTAL ENERGY & CHEM C COM 64758A107 74 14000 SH SOLE 14000 0 NOKIA CORP SPONSORED ADR 654902204 8085 330010 SH SOLE 95750 234260 NORTHERN TECH INTL CORP COM 665809109 460 26300 SH SOLE 24300 2000 NOVATEL WIRELESS INC COM NEW 66987M604 7266 652854 SH SOLE 151572 501282 ORIENTAL FINL GROUP INC COM 68618W100 261 18300 SH SOLE 18300 0 OVERHILL FARMS INC COM 690212105 2216 318861 SH SOLE 280661 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