13F-HR 1 edgarfiling033110.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: March 31, 2010 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 April 20, 2010 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: 59 Form 13F Information Table Value Total: $136,874,000 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 408 15785 SH DEFINED 15709 76 0 ACTUANT CORP CL A NEW COM 00508X203 1918 98087 SH DEFINED 68134 29953 0 ALLEGHANY CORP DEL COM COM 017175100 286 982 SH SOLE 982 0 0 ANSYS INC COM COM 03662Q105 3212 74389 SH DEFINED 51858 22531 0 ARBITRON INC COM COM 03875Q108 5046 189275 SH DEFINED 132479 56796 0 BELDEN INC COM COM 077454106 4208 153229 SH DEFINED 106758 46471 0 BUCYRUS INTL INC NEW CL A COM 118759109 3556 53880 SH DEFINED 37235 16645 0 CEPHALON INC COM COM 156708109 4090 60337 SH DEFINED 42300 18037 0 CF INDS HLDGS INC COM COM 125269100 2770 30381 SH DEFINED 20313 10068 0 CHEVRONTEXACO CORP COM COM 166764100 426 5622 SH DEFINED 5572 50 0 CONSOL ENERGY INC COM COM 20854P109 3159 74044 SH DEFINED 50444 23600 0 CONTANGO OIL & GAS COMPANY COM COM 21075N204 3398 66430 SH DEFINED 46938 19492 0 CORN PRODS INTL INC COM COM 219023108 4351 125530 SH DEFINED 87302 38228 0 CULLEN FROST BANKERS INC COM COM 229899109 3072 55046 SH DEFINED 38248 16798 0 DIGITAL RIV INC COM COM 25388B104 5376 177440 SH DEFINED 122885 54555 0 EAST WEST BANCORP INC COM COM 27579R104 2116 121470 SH DEFINED 84090 37380 0 EXXON MOBIL CORP COM COM 30231G102 563 8410 SH DEFINED 7110 1300 0 FOREST OIL CORP COM 346091705 5745 222484 SH DEFINED 153496 68988 0 FTI CONSULTING INC COM COM 302941109 4355 110767 SH DEFINED 76642 34125 0 FUEL SYSTEM SOLUTIONS INC COM 35952W103 1082 33872 SH DEFINED 22834 11038 0 GENERAL ELEC CO COM 369604103 197 10800 SH SOLE 10800 0 0 GENERAL MARITIME COM Y2693R101 3913 544182 SH DEFINED 373580 170602 0 GEN-PROBE INC NEW COM COM 36866T103 3335 66693 SH DEFINED 46545 20148 0 HEARTLAND EXPRESS INC COM COM 422347104 3477 210731 SH DEFINED 147176 63555 0 HORNBECK OFFSHORE SVCS INC NCO COM 440543106 3439 185184 SH DEFINED 128248 56936 0 ILLUMINA INC COM COM 452327109 3215 82641 SH DEFINED 57376 25265 0 INTREPID POTASH INC COM COM 46121Y102 3878 127849 SH DEFINED 86206 41643 0 INVERNESS MED INNOVATIONS INCO COM 46126P106 4858 124721 SH DEFINED 86823 37898 0 JACOBS ENGR GROUP INC DEL COM COM 469814107 2141 47388 SH DEFINED 32674 14714 0 JOY GLOBAL INC COM COM 481165108 1972 34852 SH DEFINED 23617 11235 0 LAZARD LTD SHS A COM G54050102 2446 68514 SH DEFINED 46789 21725 0 MARINER ENERGY INC COM COM 56845T305 4772 318753 SH DEFINED 218686 100067 0 MEMC ELECTR MATLS INC COM COM 552715104 3242 211481 SH DEFINED 143241 68240 0 MERIDIAN RESOURCE CORP COM COM 58977Q109 13 45000 SH DEFINED 0 45000 0 NAVISITE INC COM NEW COM 63935M208 991 385549 SH DEFINED 279567 105982 0 NEWMONT MNG CORP COM 651639106 265 5196 SH DEFINED 2496 2700 0 NORFOLK SOUTHN CORP COM 655844108 419 7500 SH SOLE 7500 0 0 NUANCE COMMUNICATIONS INC COM COM 67020Y100 3423 205693 SH DEFINED 142040 63653 0 ORION MARINE GROUP INC COM COM 68628V308 1237 68551 SH DEFINED 45638 22913 0 PACIFIC CONTINENTAL CORP COM COM 69412V108 704 67070 SH DEFINED 49420 17650 0 PALOMAR MED TECHNOLOGIES INCCO COM 697529303 3784 348095 SH DEFINED 247435 100660 0 PDI INC COM COM 69329V100 1640 218080 SH DEFINED 156209 61871 0 PFIZER INC COM 717081103 245 14300 SH SOLE 14300 0 0 PRIVATEBANCORP INC COM COM 742962103 3059 223305 SH DEFINED 156655 66650 0 ROFIN SINAR TECHNOLOGIES INCCO COM 775043102 3971 175572 SH DEFINED 123160 52412 0 ROSS STORES INC COM COM 778296103 1572 29407 SH DEFINED 20294 9113 0 SARA LEE CORP COM COM 803111103 175 12550 SH SOLE 12550 0 0 SENOMYX INC COM COM 81724Q107 1122 342555 SH DEFINED 228281 114274 0 SJW CORP COM COM 784305104 226 8880 SH DEFINED 7880 1000 0 STANDARD MICROSYSTEMS CORP COM COM 853626109 1224 52589 SH DEFINED 38243 14346 0 STEC INC COM COM 784774101 2087 174214 SH DEFINED 121874 52340 0 TOWER GROUP INC COM COM 891777104 1047 47241 SH DEFINED 32382 14859 0 TRANSATLANTIC PETROLEUM LTD SH COM G89982105 35 10000 SH DEFINED 0 10000 0 TRONOX INC COM CL B COM 897051207 16 22357 SH DEFINED 1827 20530 0 UNION PAC CORP COM 907818108 440 6000 SH SOLE 6000 0 0 USEC INC COM COM 90333E108 1048 181712 SH DEFINED 127423 54289 0 WHITNEY HLDG CORP COM COM 966612103 2228 161560 SH DEFINED 112960 48600 0 WMS INDS INC COM COM 929297109 3455 82385 SH DEFINED 57595 24790 0 WYNN RESORTS LTD COM COM 983134107 2426 31990 SH DEFINED 22020 9970 0 LINE COUNT: 59