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

FORM 13F

FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:	March 31, 2011

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		May 13, 2011

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:	               68

Form 13F Information Table Value Total:	       $163,622,000



							





                                                            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	353	11532	SH	SOLE			11532	0	0
ADVANCED MICRO DEVICES 5.750%	CONVERT BOND	007903AN7	465	450000	PRN	DEFINED			200000	250000	0
ALERE INC COM			COM		01449J105	5220	133358	SH	DEFINED			90310	43048	0
ALLEGHANY CORP DEL COM		COM		17175100	331	1001	Sh	SOLE			1001	0	0
APPLIED MICRO CIRCUITS CORP CO	COM		03822W406	693	66769	SH	DEFINED			47550	19219	0
BELDEN INC COM			COM		77454106	5298	141082	SH	DEFINED			93740	47342	0
CF INDS HLDGS INC COM		COM		125269100	3464	25327	SH	DEFINED			16375	8952	0
CHEVRONTEXACO CORP COM		COM		166764100	459	4272	SH	SOLE			4272	0	0
CONSOL ENERGY INC COM		COM		20854P109	4555	84942	SH	DEFINED			53322	31620	0
CONTANGO OIL & GAS COMPANY COM	COM		21075N204	4913	77689	SH	DEFINED			50660	27029	0
CORN PRODS INTL INC COM		COM		219023108	3045	58760	SH	DEFINED			37367	21393	0
CREE INC COM			COM		225447101	2969	64328	SH	DEFINED			42310	22018	0
CULLEN FROST BANKERS INC COM	COM		229899109	2954	50046	SH	DEFINED			33448	16598	0
DEVRY INC DEL COM		COM		251893103	3979	72255	SH	DEFINED			47490	24765	0
DIGITAL RIV INC COM		COM		25388B104	6098	162911	SH	DEFINED			108640	54271	0
EAST WEST BANCORP INC COM	COM		27579R104	4198	191169	SH	DEFINED			128210	62959	0
EXXON MOBIL CORP COM		COM		30231G102	740	8800	SH	DEFINED			7000	1800	0
EZCORP INC CL A NON VTG		COM		302301106	4741	151028	SH	DEFINED			102865	48163	0
FEI CO COM			COM		30241L109	2421	71807	SH	DEFINED			48790	23017	0
FINISAR CORP COM NEW		COM		31787A507	2328	94625	SH	DEFINED			66270	28355	0
FOREST OIL CORP			COM		346091705	5721	151232	SH	DEFINED			99997	51235	0
FUEL SYSTEM SOLUTIONS INC	COM		35952W103	1870	61965	SH	DEFINED			39100	22865	0
GENERAL CABLE CORP DEL NEW COM	COM		369300108	4305	99419	SH	DEFINED			66410	33009	0
GENERAL ELEC CO			COM		369604103	212	10580	SH	SOLE			10580	0	0
GENOMIC HEALTH INC COM		COM		37244C101	774	31453	SH	DEFINED			21930	9523	0
GEN-PROBE INC NEW COM		COM		36866T103	5362	80807	SH	DEFINED			54538	26269	0
HEARTLAND EXPRESS INC COM	COM		422347104	3474	198019	SH	DEFINED			132740	65279	0
HORNBECK OFFSHORE SVCS INC NCO	COM		440543106	1542	49983	SH	DEFINED			35148	14835	0
HOSPIRA INC COM			COM		441060100	3362	60901	SH	DEFINED			39492	21409	0
IGATE CORP COM			COM		45169U105	649	34593	SH	DEFINED			23560	11033	0
JONES GROUP INC COM		COM		48020T101	4835	351672	SH	DEFINED			234190	117482	0
JOY GLOBAL INC COM		COM		481165108	5040	51010	SH	DEFINED			33259	17751	0
LSI INDS INC COM		COM		50216C108	1130	156046	SH	DEFINED			112590	43456	0
MANITOWOC INC COM		COM		563571108	7531	344186	SH	DEFINED			230710	113476	0
MEAD JOHNSON NUTRITION CO COM	COM		582839106	206	3560	SH	SOLE			3560	0	0
MEMC ELECTR MATLS INC COM	COM		552715104	3243	250258	SH	DEFINED			163240	87018	0
MICROSEMI CORP COM		COM		595137100	4438	214285	SH	DEFINED			141060	73225	0
MITEK SYS INC COM NEW		COM		606710200	41	10000	SH	DEFINED			0	10000	0
NAVIGATORS GROUP INC COM	COM		638904102	2738	53160	SH	DEFINED			36160	17000	0
NEWMONT MNG CORP		COM		651639106	281	5156	SH	DEFINED			2456	2700	0
NORFOLK SOUTHN CORP		COM		655844108	338	4880	SH	SOLE			4880	0	0
NUANCE COMMUNICATIONS INC COM	COM		67020Y100	2394	122477	SH	DEFINED			80535	41942	0
ORION MARINE GROUP INC COM	COM		68628V308	1042	97046	SH	DEFINED			61090	35956	0
PACIFIC CONTINENTAL CORP COM	COM		69412V108	889	87286	SH	DEFINED			63070	24216	0
PALOMAR MED TECHNOLOGIES INCCO	COM		697529303	1286	86599	SH	DEFINED			62179	24420	0
PDI INC COM			COM		69329V100	1165	143595	SH	DEFINED			101290	42305	0
PFIZER INC			COM		717081103	288	14170	SH	SOLE			14170	0	0
PMC-SIERRA INC COM		COM		69344F106	4466	594648	SH	DEFINED			399920	194728	0
POLARIS INDS INC COM		COM		731068102	5027	57772	SH	DEFINED			38790	18982	0
POWER INTEGRATIONS INC COM	COM		739276103	3439	89726	SH	DEFINED			61050	28676	0
PREMIER EXIBITIONS INC COM	COM		7.41E+106	40	21274	SH	DEFINED			0	21274	0
PRIVATEBANCORP INC COM		COM		742962103	4535	296619	SH	DEFINED			201050	95569	0
PROGRESS SOFTWARE CORP COM	COM		743312100	3650	125472	SH	DEFINED			84750	40722	0
SARA LEE CORP COM		COM		803111103	217	12270	SH	SOLE			12270	0	0
SCHLUMBERGER			COM		806857108	201	2160	SH	DEFINED			1170	990	0
SEAGATE TECHNOLOGY PLC		COM		G7945M107	1917	133113	SH	DEFINED			93330	39783	0
SENOMYX INC COM			COM		81724Q107	1999	330943	SH	DEFINED			215158	115785	0
SJW CORP COM			COM		784305104	202	8740	SH	DEFINED			7740	1000	0
STANDARD MICROSYSTEMS CORP COM	COM		853626109	879	35629	SH	DEFINED			24797	10832	0
STEC INC COM			COM		784774101	2126	105818	SH	DEFINED			69720	36098	0
TIMKEN CO COM			COM		887389104	2950	56402	SH	DEFINED			37480	18922	0
TOWER GROUP INC COM		COM		891777104	1319	54903	SH	DEFINED			36903	18000	0
TRANSATLANTIC PETROLEUM LTD SH	COM		G89982105	31	10000	SH	DEFINED			0	10000	0
UNION PAC CORP			COM		907818108	384	3910	SH	SOLE			3910	0	0
VANGUARD FIXED INCOME SECS FGN	MUTUAL FUNDS	922031794	413	38537	SH	DEFINED			0	38537	0
VANGUARD MUN BD FD INC INTER T	MUTUAL FUNDS	922021407	529	49459	SH	DEFINED			0	49459	0
WESTERN DIGITAL CORP COM	COM		958102105	2378	63777	SH	DEFINED			39420	24357	0
WMS INDS INC COM		COM		929297109	3540	100148	SH	DEFINED			68000	32148	0


LINE COUNT: 68