13F-HR 1 edgarfiling123109.txt UNITED STATES SECURITIES AND EXCHANGE COMMISION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31,2009 Institutional Investment Manager Filing This Report: Name: Messner & Smith Theme/Value Investment Management, Ltd. Address: 530 B Street, Suite 300 San Diego, CA 92101 SEC File Number: 801-24076 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: Ellis C. Smith Title: Principal/CAO Phone:(619) 239-9049 Signature, Place, and Date of Signing: Ellis C. Smith San Diego, California February 5, 2009 Report Type: 13F Holdings Report 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: 0 Form 13F Information Table Entry Total: 63 Form 13F Information Table Value Total: $125,880,000 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- A T & T INC (NEW) COM 00206R102 442 15785 SH DEFINED 15709 76 0 ACCURAY INC COM COM 004397105 2021 360268 SH DEFINED 233942 126326 0 ACTUANT CORP CL A NEW COM 00508X203 2724 147002 SH DEFINED 101264 45738 0 ALLEGHANY CORP DEL COM COM 017175100 271 982 SH SOLE 982 0 0 ANSYS INC COM COM 03662Q105 3187 73334 SH DEFINED 50763 22571 0 ARBITRON INC COM COM 03875Q108 4431 189180 SH DEFINED 132204 56976 0 BARE ESCENTUALS INC COM COM 067511105 5870 479956 SH DEFINED 338291 141665 0 BELDEN INC COM COM 077454106 3301 150589 SH DEFINED 104693 45896 0 BLACKROCK MUNIVEST FD INC COM MUTUAL FUNDS 09253R105 285 30933 SH DEFINED 2933 28000 0 BRISTOL MYERS SQUIBB CO COM 110122108 278 11000 SH SOLE 11000 0 0 BUCYRUS INTL INC NEW CL A COM 118759109 3033 53808 SH DEFINED 37030 16778 0 CEPHALON INC COM COM 156708109 3708 59412 SH DEFINED 41375 18037 0 CF INDS HLDGS INC COM COM 125269100 4082 44961 SH DEFINED 30623 14338 0 CHEVRONTEXACO CORP COM COM 166764100 433 5622 SH DEFINED 5572 50 0 CONSOL ENERGY INC COM COM 20854P109 3615 72584 SH DEFINED 50424 22160 0 CONTANGO OIL & GAS COMPANY COM COM 21075N204 3065 65200 SH DEFINED 45678 19522 0 CORN PRODS INTL INC COM COM 219023108 3637 124420 SH DEFINED 86062 38358 0 CULLEN FROST BANKERS INC COM COM 229899109 2778 55566 SH DEFINED 38718 16848 0 DIGITAL RIV INC COM COM 25388B104 4681 173435 SH DEFINED 120575 52860 0 EXXON MOBIL CORP COM COM 30231G102 610 8950 SH DEFINED 7110 1840 0 FOREST OIL CORP COM 346091705 4825 216856 SH DEFINED 150858 65998 0 FTI CONSULTING INC COM COM 302941109 4148 87962 SH DEFINED 61467 26495 0 FUEL SYSTEM SOLUTIONS INC COM 35952W103 512 12407 SH DEFINED 8779 3628 0 GENERAL ELEC CO COM 369604103 163 10800 SH SOLE 10800 0 0 GENERAL MARITIME COM Y2693R101 2622 375125 SH DEFINED 256073 119052 0 GEN-PROBE INC NEW COM COM 36866T103 2808 65433 SH DEFINED 45285 20148 0 HEARTLAND EXPRESS INC COM COM 422347104 2426 158861 SH DEFINED 109176 49685 0 HIGHMARK GROUP 100% US TSY FID MUTUAL FUNDS 431114503 200 200017 SH SOLE 200017 0 0 HIGHMARK GROUP GOVT OBL FID MUTUAL FUNDS 431114701 200 200133 SH SOLE 200133 0 0 HORNBECK OFFSHORE SVCS INC NCO COM 440543106 1851 79518 SH DEFINED 55542 23976 0 HURCO COMPANIES INC COM COM 447324104 502 33945 SH DEFINED 22510 11435 0 ILLUMINA INC COM COM 452327109 3866 126001 SH DEFINED 87786 38215 0 INTREPID POTASH INC COM COM 46121Y102 4879 167254 SH DEFINED 113611 53643 0 INVERNESS MED INNOVATIONS INCO COM 46126P106 5109 123081 SH DEFINED 85183 37898 0 ISHARES TR RUSSELL MCP VL COM 464287473 415 11240 SH DEFINED 10465 775 0 JACOBS ENGR GROUP INC DEL COM COM 469814107 1778 47268 SH DEFINED 32254 15014 0 JOY GLOBAL INC COM COM 481165108 1775 34412 SH DEFINED 23357 11055 0 LAZARD LTD SHS A COM G54050102 2614 68834 SH DEFINED 47094 21740 0 MARINER ENERGY INC COM COM 56845T305 3643 313755 SH DEFINED 213578 100177 0 MEMC ELECTR MATLS INC COM COM 552715104 2853 209461 SH DEFINED 142351 67110 0 MERIDIAN RESOURCE CORP COM COM 58977Q109 12 45000 SH DEFINED 0 45000 0 MERUELO MADDUX PROPERTIES INCO COM 590473104 1 29000 SH DEFINED 1000 28000 0 NAVISITE INC COM NEW COM 63935M208 732 365959 SH DEFINED 259977 105982 0 NORFOLK SOUTHN CORP COM 655844108 393 7500 SH SOLE 7500 0 0 NUANCE COMMUNICATIONS INC COM COM 67020Y100 3198 205908 SH DEFINED 142155 63753 0 ORION MARINE GROUP INC COM COM 68628V308 1375 65296 SH DEFINED 43383 21913 0 PALOMAR MED TECHNOLOGIES INCCO COM 697529303 3460 343245 SH DEFINED 242360 100885 0 PDI INC COM COM 69329V100 998 207080 SH DEFINED 145209 61871 0 PFIZER INC COM 717081103 260 14300 SH SOLE 14300 0 0 PIMCO STRATEGIC GBL GOV FD ICO MUTUAL FUNDS 72200X104 111 10845 SH DEFINED 9310 1535 0 ROFIN SINAR TECHNOLOGIES INCCO COM 775043102 4094 173398 SH DEFINED 120886 52512 0 ROSS STORES INC COM COM 778296103 1249 29252 SH DEFINED 20119 9133 0 SARA LEE CORP COM COM 803111103 153 12550 SH SOLE 12550 0 0 SENOMYX INC COM COM 81724Q107 815 216120 SH DEFINED 132276 83844 0 SJW CORP COM COM 784305104 200 8880 SH DEFINED 7880 1000 0 STANDARD MICROSYSTEMS CORP COM COM 853626109 1055 50794 SH DEFINED 36448 14346 0 STEC INC COM COM 784774101 1084 66359 SH DEFINED 46639 19720 0 TEMPLETON GLOBAL INCOME FD COM 880198106 400 42054 SH DEFINED 37747 4307 0 TOWER GROUP INC COM COM 891777104 960 40996 SH DEFINED 28462 12534 0 TRONOX INC COM CL B COM 897051207 8 22357 SH DEFINED 1827 20530 0 UNION PAC CORP COM 907818108 383 6000 SH SOLE 6000 0 0 USEC INC COM COM 90333E108 665 172672 SH DEFINED 118383 54289 0 WABTEC CORP COM COM 929740108 4633 113431 SH DEFINED 77105 36326 0 LINE COUNT: 63