UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                 SCHEDULE 13G


                   Under the Securities Exchange Act of 1934
                              (Amendment No.__)*


                                 Silicom Ltd.
--------------------------------------------------------------------------------
                               (Name of Issuer)


                                Ordinary Shares
--------------------------------------------------------------------------------
                        (Title of Class of Securities)


                                   M84116108
                                 --------------
                                 (CUSIP Number)

                               December 31, 2006
--------------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)

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

                              [X]  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 the
  disclosures provided in a prior cover page.

The information required in 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. M84116108                     13G

 ------------------------------------------------------------------------------
  1  NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           Oberweis Asset Management, Inc. 36-3668290
 ------------------------------------------------------------------------------
  2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
     (a) [ ]
     (b) [ ]
           Not Applicable
 ------------------------------------------------------------------------------
  3  SEC USE ONLY

 ------------------------------------------------------------------------------
  4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Illinois
 ------------------------------------------------------------------------------
               5  SOLE VOTING POWER

                      None
              -----------------------------------------------------------------
  NUMBER OF    6  SHARED VOTING POWER
    SHARES
 BENEFICIALLY         261,300
   OWNED BY   -----------------------------------------------------------------
     EACH      7  SOLE DISPOSITIVE POWER
  REPORTING
    PERSON            None
     WITH     -----------------------------------------------------------------
               8  SHARED DISPOSITIVE POWER

                      261,300
 ------------------------------------------------------------------------------
  9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           261,300
 ------------------------------------------------------------------------------
 10  CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)

                                                                         [ ]
           Not Applicable
 ------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           6.0%
 ------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

           IA
 ------------------------------------------------------------------------------


                              Page 2 of 11 Pages



CUSIP No. M84116108                     13G

 ------------------------------------------------------------------------------
  1  NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           James D. Oberweis
 ------------------------------------------------------------------------------
  2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
     (a) [ ]
     (b) [ ]
           Not Applicable
 ------------------------------------------------------------------------------
  3  SEC USE ONLY

 ------------------------------------------------------------------------------
  4  CITIZENSHIP OR PLACE OF ORGANIZATION

           U.S.A.
 ------------------------------------------------------------------------------
               5  SOLE VOTING POWER

                      None
              -----------------------------------------------------------------
  NUMBER OF    6  SHARED VOTING POWER
    SHARES
 BENEFICIALLY         261,300
   OWNED BY   -----------------------------------------------------------------
     EACH      7  SOLE DISPOSITIVE POWER
  REPORTING
    PERSON            None
     WITH     -----------------------------------------------------------------
               8  SHARED DISPOSITIVE POWER

                      261,300
 ------------------------------------------------------------------------------
  9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           261,300
 ------------------------------------------------------------------------------
 10  CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)

                                                                         [ ]
           Not Applicable
 ------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           6.0%
 ------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

            IN
 ------------------------------------------------------------------------------


                              Page 3 of 11 Pages



CUSIP No. M84116108                   13G

 ------------------------------------------------------------------------------
  1  NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

           James W. Oberweis
 ------------------------------------------------------------------------------
  2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
     (a) [ ]
     (b) [ ]
           Not Applicable
 ------------------------------------------------------------------------------
  3  SEC USE ONLY

 ------------------------------------------------------------------------------
  4  CITIZENSHIP OR PLACE OF ORGANIZATION

           U.S.A.
 ------------------------------------------------------------------------------
               5  SOLE VOTING POWER

                      None
              -----------------------------------------------------------------
  NUMBER OF    6  SHARED VOTING POWER
    SHARES
 BENEFICIALLY         261,300
   OWNED BY   -----------------------------------------------------------------
     EACH      7  SOLE DISPOSITIVE POWER
  REPORTING
    PERSON            None
     WITH     -----------------------------------------------------------------
               8  SHARED DISPOSITIVE POWER

                      261,300
 ------------------------------------------------------------------------------
  9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

             261,300
 ------------------------------------------------------------------------------
 10  CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
     INSTRUCTIONS)

                                                                         [ ]
           Not Applicable
 ------------------------------------------------------------------------------
 11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           6.0%
 ------------------------------------------------------------------------------
 12  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

           IN
 ------------------------------------------------------------------------------


                              Page 4 of 11 Pages



Item 1(a)   Name of Issuer:

                  Silicom Ltd.

Item 1(b)   Address of Issuer's Principal Executive Offices:

                  8 Hangar Street
                  Kafar Sava 44000, Israel

Item 2(a)   Name of Person Filing:

                  Oberweis Asset Management, Inc. ("OAM")
                  James D. Oberweis
                  James W. Oberweis

Item 2(b)   Address of Principal Business Office or, if none, Residence:

                  OAM, James D. Oberweis and James W. Oberweis are located at:

                  3333 Warrenville Road
                  Suite 500
                  Lisle, IL 60532

Item 2(c)   Citizenship:

                  OAM is an Illinois Corporation.
                  James D. Oberweis and James W. Oberweis are U.S. citizens.

Item 2(d)   Title of Class of Securities:

                  Ordinary Shares

Item 2(e)   CUSIP Number:

                  M84116108

Item 3      Type of Person:

                  (e)   OAM is an investment adviser in accordance with
                        Section 240.13d-1(b)(1)(ii)(E). James D. Oberweis and
                        James W. Oberweis are the principal stockholders of OAM.

                              Page 5 of 11 Pages



Item 4      Ownership (at December 31, 2006):

                  (a)   Amount owned "beneficially" within the meaning of
                        rule 13d-3:

                        261,300 shares

                  (b)   Percent of class:

                        6.0% (based on 4,351,050 shares outstanding on December
                        31, 2005)

                  (c)   Number of shares as to which such person has:

                        (i)   sole power to vote or to direct the vote: none
                        (ii)  shared power to vote or to direct the vote:
                              261,300
                        (iii) sole power to dispose or to direct the
                              disposition of: none
                        (iv)  shared power to dispose or to direct disposition
                              of: 261,300

                  OAM serves as investment adviser to The Oberweis Funds (the
                  "Fund"). Various of OAM's shareholders and employees are also
                  officers and trustees of the Fund, but OAM does not consider
                  the Fund to be controlled by such persons. Although the Fund
                  is not controlled by OAM, pursuant to Rule 13d-3(a) the
                  59,100 shares beneficially owned by the Fund, with respect to
                  which the Fund has delegated to OAM voting power and
                  dispositive power, are considered to be shares beneficially
                  owned by OAM by reason of such delegated powers. In addition
                  to the shares beneficially owned by the Fund, other clients
                  of OAM may own shares which are not included in the
                  aggregated number of shares reported herein because OAM does
                  not have or share voting or investment power over those
                  shares.

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

                  Not Applicable

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

                  The shares reported herein have been acquired on behalf of
                  discretionary clients of OAM. Persons other than OAM are
                  entitled to receive all dividends from, and proceeds from the
                  sale of, those shares.

                              Page 6 of 11 Pages



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

                              Page 7 of 11 Pages



Item 10     Certification:

By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired and are held in the ordinary course
of business and 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.

                              Page 8 of 11 Pages



                                   Signature

   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.

Date: February 14, 2007

       The undersigned corporation, on the date above written, agrees and
       consents to the joint filing on its behalf of this Schedule 13G in
       connection with its beneficial ownership of the security reported herein.

                                              OBERWEIS ASSET MANAGEMENT, INC.



                                              By: /s/ Patrick B. Joyce
                                                  -----------------------------
                                                  Patrick B. Joyce
                                                  Executive Vice President

       The undersigned individual, on the date above written, agrees and
       consents to the joint filing on his behalf of this Schedule 13G in
       connection with his beneficial ownership of the security reported herein.

                                              By: /s/ James D. Oberweis
                                                  -----------------------------
                                                  James D. Oberweis

       The undersigned individual, on the date above written, agrees and
       consents to the joint filing on his behalf of this Schedule 13G in
       connection with his beneficial ownership of the security reported herein.

                                              By: /s/ James W. Oberweis
                                                  -----------------------------
                                                  James W. Oberweis

                              Page 9 of 11 Pages



                                 Exhibit Index


Exhibit 1          Joint Filing Agreement dated as of February 14, 2007
                   between Oberweis Asset Management, Inc., James D. Oberweis
                   and James W. Oberweis

                              Page 10 of 11 Pages



                                                                      EXHIBIT 1

                            JOINT FILING AGREEMENT

   The undersigned hereby agree to the joint filing of the Schedule 13G to
which this Agreement is attached.

Dated: February 14, 2007

                                              OBERWEIS ASSET MANAGEMENT, INC.



                                              By: /s/ Patrick B. Joyce
                                                  -----------------------------
                                                  Patrick B. Joyce
                                                  Executive Vice President

                                                  JAMES D. OBERWEIS


                                                  /s/ James D. Oberweis
                                                  -----------------------------

                                                  JAMES W. OBERWEIS


                                                  /s/ James W. Oberweis
                                                  -----------------------------

                              Page 11 of 11 Pages