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

FORM 13F

FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:	June 30, 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		July 22, 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:	               63

Form 13F Information Table Value Total:	       $106,215,000



							





                                                            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	362	11532	SH		SOLE		11532	0	0
ACTUANT CORP CL A NEW		COM		00508X203	3710	138290	SH		DEFINED		78010	60280	0
ADVANCED MICRO DEVICES 5.750%	CONVERTIBLE BOND007903AN7	461	450000	PRN		DEFINED		200000	250000	0
ALERE INC COM			COM		01449J105	3672	100268	SH		DEFINED		57300	42968	0
ALLEGHANY CORP DEL COM		COM		17175100	333	1000	SH		SOLE		1000	0	0
APPLIED MICRO CIRCUITS CORP CO	COM		03822W406	466	52649	SH		DEFINED		33430	19219	0
BELDEN INC COM			COM		77454106	1712	49122	SH		DEFINED		27400	21722	0
CHEVRONTEXACO CORP COM		COM		166764100	439	4272	SH		SOLE		4272	0	0
CONSOL ENERGY INC COM		COM		20854P109	3106	64072	SH		DEFINED		32772	31300	0
CONTANGO OIL & GAS COMPANY COM	COM		21075N204	3514	60129	SH		DEFINED		33140	26989	0
CORN PRODS INTL INC COM		COM		219023108	2430	43950	SH		DEFINED		22597	21353	0
CULLEN FROST BANKERS INC COM	COM		229899109	2111	37136	SH		DEFINED		20588	16548	0
DEVRY INC DEL COM		COM		251893103	3143	53155	SH		DEFINED		28450	24705	0
DIGITAL RIV INC COM		COM		25388B104	3985	123921	SH		DEFINED		69750	54171	0
DUSA PHARMACEUTICALS INC COM	COM		266898105	950	152810	SH		DEFINED		97920	54890	0
EAST WEST BANCORP INC COM	COM		27579R104	2891	143029	SH		DEFINED		80190	62839	0
EXXON MOBIL CORP COM		COM		30231G102	716	8800	SH		DEFINED		7000	1800	0
EZCORP INC CL A NON VTG		COM		302301106	4069	114368	SH		DEFINED		66295	48073	0
FINISAR CORP COM NEW		COM		31787A507	1330	73755	SH		DEFINED		42400	31355	0
FOREST OIL CORP			COM		346091705	3042	113902	SH		DEFINED		62757	51145	0
FRANKLIN ELEC INC COM		COM		353514102	2346	49970	SH		DEFINED		28090	21880	0
FUEL SYSTEM SOLUTIONS INC	COM		35952W103	1333	53425	SH		DEFINED		29880	23545	0
GENERAL CABLE CORP DEL NEW COM	COM		369300108	3153	74039	SH		DEFINED		41090	32949	0
GENERAL ELEC CO			COM		369604103	200	10580	SH		SOLE		10580	0	0
GENOMIC HEALTH INC COM		COM		37244C101	694	24883	SH		DEFINED		15360	9523	0
GEN-PROBE INC NEW COM		COM		36866T103	4205	60817	SH		DEFINED		34698	26119	0
HEARTLAND EXPRESS INC COM	COM		422347104	2475	149459	SH		DEFINED		84300	65159	0
HORNBECK OFFSHORE SVCS INC NCO	COM		440543106	1079	39243	SH		DEFINED		24408	14835	0
HOSPIRA INC COM			COM		441060100	2529	44631	SH		DEFINED		23272	21359	0
JONES GROUP INC COM		COM		48020T101	2887	266042	SH		DEFINED		148750	117292	0
JOY GLOBAL INC COM		COM		481165108	3618	37990	SH		DEFINED		20279	17711	0
LSI INDS INC COM		COM		50216C108	1191	150046	SH		DEFINED		98560	51486	0
MANITOWOC INC COM		COM		563571108	4380	260076	SH		DEFINED		146770	113306	0
MEAD JOHNSON NUTRITION CO COM	COM		582839106	240	3560	SH		SOLE		3560	0	0
MEMC ELECTR MATLS INC COM	COM		552715104	2209	258928	SH		DEFINED		147790	111138	0
MICROSEMI CORP COM		COM		595137100	3324	162155	SH		DEFINED		89090	73065	0
MILLER ENERGY RES INC COM	COM		600527105	802	125330	SH		DEFINED		82720	42610	0
MITEK SYS INC COM NEW		COM		606710200	72	10000	SH		DEFINED		0	10000	0
NAVIGATORS GROUP INC COM	COM		638904102	1857	39500	SH		DEFINED		22500	17000	0
NEWMONT MNG CORP		COM		651639106	278	5156	SH		DEFINED		2456	2700	0
NORFOLK SOUTHN CORP		COM		655844108	366	4880	SH		SOLE		4880	0	0
NUANCE COMMUNICATIONS INC COM	COM		67020Y100	2024	94257	SH		DEFINED		52405	41852	0
ORION MARINE GROUP INC COM	COM		68628V308	733	77886	SH		DEFINED		41930	35956	0
PACIFIC CONTINENTAL CORP COM	COM		69412V108	625	68336	SH		DEFINED		44120	24216	0
PALOMAR MED TECHNOLOGIES INCCO	COM		697529303	764	67719	SH		DEFINED		43299	24420	0
PDI INC COM			COM		69329V100	795	112175	SH		DEFINED		69870	42305	0
PFIZER INC			COM		717081103	292	14170	SH		SOLE		14170	0	0
PMC-SIERRA INC COM		COM		69344F106	3404	449648	SH		DEFINED		255310	194338	0
PREMIER EXIBITIONS INC COM	COM		7.41E+106	37	21274	SH		DEFINED		0	21274	0
PRIVATEBANCORP INC COM		COM		742962103	3054	221279	SH		DEFINED		125880	95399	0
SARA LEE CORP COM		COM		803111103	233	12270	SH		SOLE		12270	0	0
SEAGATE TECHNOLOGY PLC		COM		G7945M107	1536	95043	SH		DEFINED		55380	39663	0
SENOMYX INC COM			COM		81724Q107	1356	263803	SH		DEFINED		148018	115785	0
SJW CORP COM			COM		784305104	212	8740	SH		DEFINED		7740	1000	0
STANDARD MICROSYSTEMS CORP COM	COM		853626109	837	30999	SH		DEFINED		20167	10832	0
TIMKEN CO COM			COM		887389104	2112	41902	SH		DEFINED		23020	18882	0
TOWER GROUP INC COM		COM		891777104	1044	43843	SH		DEFINED		25843	18000	0
TRANSATLANTIC PETROLEUM LTD SH	COM		G89982105	17	10000	SH		DEFINED		0	10000	0
UNION PAC CORP			COM		907818108	408	3910	SH		SOLE		3910	0	0
VANGUARD FIXED INCOME SECS FGN	MUTUAL FUNDS	922031794	424	38852	SH		DEFINED		0	38852	0
VANGUARD MUN BD FD INC INTER T	MUTUAL FUNDS	922021407	548	49944	SH		DEFINED		0	49944	0
WESTERN DIGITAL CORP COM	COM		958102105	1765	48517	SH		DEFINED		24210	24307	0
WMS INDS INC COM		COM		929297109	2315	75358	SH		DEFINED		43260	32098	0


LINE COUNT: 63