----

----

| [X]                        | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|----------------------------|------------------------------------------------------------------------------------------|
|                       | For the Quarterly Period Ended March 31, 2011                                            |
| or                         |
| [    ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                       | For the transition period from ___________ to ____________                               |

| NEW JERSEY                     |   | 22-1463699                                          |
|-------------------------------------|--------|-----------------------------------------------------|
| (State of  incorporation) |   | (I.R.S. Employer Identification No.) |

| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                                               | Yes [X]                  | No [   ] |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|-------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                        |                     |                    |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Requirement not applicable to registrant prior to June 30, 2011 | Yes [   ] | No [   ] |
|                                                                                                                                                                                                                                                                                                                                                                                                                        |                     |                    |
| Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.                                                                                                                                 |

| Large accelerated filer  [    ]                                      | Accelerated filer [X] | Non-accelerated filer [    ](Do not check if a smaller reporting company) | Smaller reporting company [    ] |
|---------------------------------------------------------------------------------------------------------|---------------------------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|
|                                                                                                    |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). | Yes [   ]        | No [X]                                                                                                  |

|  Title of Each Class              |   | Number of Shares of Common Stock Outstanding as of May 4, 2011 |   |
|----------------------------------------|--------|---------------------------------------------------------------------|--------|
| Class A Common Stock ($0.10 par value) |   | 2,174,912                                                           |   |
| Class B Common Stock ($0.10 par value) |   | 9,519,543                                                           |   |

----

| BEL FUSE INC. |
|---------------|
|          |   |   |   |
| INDEX         |
|          |   |   |   |
|          |   |   | Page |
| Part I        |   | Financial Information |   |
|          |   |   |   |
|          | Item 1. | Financial Statements | 1 |
|          |   |   |   |
|          |   | Condensed Consolidated Balance Sheets as of March 31, 2011 |   |
|          |   | and December 31, 2010 (unaudited) | 2 |
|          |   |   |   |
|          |   | Condensed Consolidated Statements of Operations for the Three |   |
|          |   | Months Ended March 31, 2011 and 2010 (unaudited) | 3 |
|          |   |   |   |
|          |   | Condensed Consolidated Statement of Stockholders' Equity for |   |
|          |   | the Three Months Ended March 31, 2011 (unaudited) | 4 |
|          |   |   |   |
|          |   | Condensed Consolidated Statements of Cash Flows for the Three |   |
|          |   | Months Ended March 31, 2011 and 2010 (unaudited) | 5 |
|          |   |   |   |
|          |   | Notes to Condensed Consolidated Financial Statements (unaudited) | 6 - 13 |
|          |   |   |   |
|          | Item 2. | Management's Discussion and Analysis of |   |
|          |   | Financial Condition and Results of Operations | 14 - 20 |
|          |   |   |   |
|          | Item 3. | Quantitative and Qualitative Disclosures About |   |
|          |   | Market Risk | 20 |
|          |   |   |   |
|          | Item 4. | Controls and Procedures | 20 |
|          |   |   |   |
| Part II       |   | Other Information |   |
|          |   |   |   |
|          | Item 1. | Legal Proceedings | 20 |
|          |   |   |   |
|          | Item 6. | Exhibits | 21 |
|          |   |   |   |
|          | Signatures |   | 22 |
|          |   |   |   |

----

Return to Index

Item 1.   

----

Return to Index

| BEL FUSE INC. AND SUBSIDIARIES                                                                     |   |
|----------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED BALANCE SHEETS                                                              |   |
| (dollars in thousands, except share and per share data)                                            |   |
| (Unaudited)                                                                                        |   |
|                                                                                               |   |   |   |   |   |   |
|                                                                                               |   | March 31, |   |   | December 31, |   |
|                                                                                               |   | 2011 |   |   | 2010 |   |
| ASSETS                                                                                             |   |   |   |   |   |   |
| Current Assets:                                                                                    |   |   |   |   |   |   |
| Cash and cash equivalents                                                                          |   | $ | 87,650 |   |   | $ | 83,829 |   |
| Marketable securities                                                                              |   |   | 7,069 |   |   |   | 1,706 |   |
| Accounts receivable - less allowance for doubtful accounts of $644                                 |   |   |   |   |   |   |   |   |
|   and $653 at March 31, 2011 and December 31, 2010, respectively                         |   |   | 44,565 |   |   |   | 53,312 |   |
| Inventories                                                                                        |   |   | 57,309 |   |   |   | 56,970 |   |
| Prepaid expenses and other current assets                                                          |   |   | 2,662 |   |   |   | 2,354 |   |
| Refundable income taxes                                                                            |   |   | 1,721 |   |   |   | 4,370 |   |
| Deferred income taxes                                                                              |   |   | 1,195 |   |   |   | 1,023 |   |
|     Total Current Assets                                                       |   |   | 202,171 |   |   |   | 203,564 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Property, plant and equipment - net                                                                |   |   | 43,611 |   |   |   | 44,793 |   |
| Restricted cash                                                                                    |   |   | - |   |   |   | 155 |   |
| Deferred income taxes                                                                              |   |   | 3,298 |   |   |   | 3,201 |   |
| Intangible assets - net                                                                            |   |   | 11,263 |   |   |   | 11,291 |   |
| Goodwill                                                                                           |   |   | 4,375 |   |   |   | 4,264 |   |
| Other assets                                                                                       |   |   | 9,978 |   |   |   | 9,904 |   |
|     TOTAL ASSETS                                                               |   | $ | 274,696 |   |   | $ | 277,172 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                               |   |   |   |   |   |   |   |   |
| Current Liabilities:                                                                               |   |   |   |   |   |   |   |   |
| Accounts payable                                                                                   |   | $ | 17,721 |   |   | $ | 21,180 |   |
| Accrued expenses                                                                                   |   |   | 19,209 |   |   |   | 22,545 |   |
| Accrued restructuring costs                                                                        |   |   | 161 |   |   |   | 160 |   |
| Income taxes payable                                                                               |   |   | 1,820 |   |   |   | 1,584 |   |
| Dividends payable                                                                                  |   |   | 818 |   |   |   | 799 |   |
|     Total Current Liabilities                                                  |   |   | 39,729 |   |   |   | 46,268 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Long-term Liabilities:                                                                             |   |   |   |   |   |   |   |   |
| Accrued restructuring costs                                                                        |   |   | 306 |   |   |   | 347 |   |
| Liability for uncertain tax positions                                                              |   |   | 3,103 |   |   |   | 2,874 |   |
| Minimum pension obligation and unfunded pension liability                                          |   |   | 7,581 |   |   |   | 7,350 |   |
|     Total Long-term Liabilities                                                |   |   | 10,990 |   |   |   | 10,571 |   |
|     Total Liabilities                                                          |   |   | 50,719 |   |   |   | 56,839 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Commitments and Contingencies                                                                      |   |   |   |   |   |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| Stockholders' Equity:                                                                              |   |   |   |   |   |   |   |   |
| Preferred stock, no par value, 1,000,000 shares authorized; none issued                            |   |   | - |   |   |   | - |   |
| Class A common stock, par value $.10 per share, 10,000,000 shares                                  |   |   |   |   |   |   |   |   |
|     authorized; 2,174,912 shares outstanding at each date (net of              |   |   |   |   |   |   |   |   |
|     1,072,769 treasury shares)                                                 |   |   | 217 |   |   |   | 217 |   |
| Class B common stock, par value $.10 per share, 30,000,000 shares                                  |   |   |   |   |   |   |   |   |
|      authorized; 9,521,543 and 9,527,343 shares outstanding, respectively |   |   |   |   |   |   |   |   |
|      (net of 3,218,307 treasury shares)                                   |   |   | 952 |   |   |   | 953 |   |
| Additional paid-in capital                                                                         |   |   | 24,099 |   |   |   | 23,725 |   |
| Retained earnings                                                                                  |   |   | 197,924 |   |   |   | 195,477 |   |
| Accumulated other comprehensive income (loss)                                                      |   |   | 785 |   |   |   | (39 | ) |
|     Total Stockholders' Equity                                                 |   |   | 223,977 |   |   |   | 220,333 |   |
|     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                 |   | $ | 274,696 |   |   | $ | 277,172 |   |
|                                                                                               |   |   |   |   |   |   |   |   |
| See notes to unaudited condensed consolidated financial statements.                                |   |

----

Return to Index

| BEL FUSE INC. AND SUBSIDIARIES                                      |   |
|---------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                     |   |
| (dollars in thousands, except share and per share data)             |   |
| (Unaudited)                                                         |   |
|                                                                |   |   |   |   |   |   |
|                                                                |   | Three Months Ended |   |
|                                                                |   | March 31, |   |
|                                                                |   | 2011 |   |   | 2010 |   |
|                                                                |   |   |   |   |   |   |
| Net Sales                                                           |   | $ | 71,403 |   |   | $ | 56,069 |   |
|                                                                |   |   |   |   |   |   |   |   |
| Costs and expenses:                                                 |   |   |   |   |   |   |   |   |
| Cost of sales                                                       |   |   | 57,132 |   |   |   | 47,157 |   |
| Selling, general and administrative                                 |   |   | 10,057 |   |   |   | 9,189 |   |
|                                                                |   |   | 67,189 |   |   |   | 56,346 |   |
|                                                                |   |   |   |   |   |   |   |   |
| Income (loss) from operations                                       |   |   | 4,214 |   |   |   | (277 | ) |
|                                                                |   |   |   |   |   |   |   |   |
| Interest income and other, net                                      |   |   | 68 |   |   |   | 122 |   |
|                                                                |   |   |   |   |   |   |   |   |
| Earnings (loss) before provision (benefit) for income taxes         |   |   | 4,282 |   |   |   | (155 | ) |
| Provision (benefit) for income taxes                                |   |   | 1,038 |   |   |   | (35 | ) |
|                                                                |   |   |   |   |   |   |   |   |
| Net earnings (loss)                                                 |   | $ | 3,244 |   |   | $ | (120 | ) |
|                                                                |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |
| Earnings (loss) per share:                                          |   |   |   |   |   |   |   |   |
| Class A common share - basic and diluted                            |   | $ | 0.26 |   |   | $ | (0.02 | ) |
| Class B common share - basic and diluted                            |   | $ | 0.28 |   |   | $ | (0.01 | ) |
|                                                                |   |   |   |   |   |   |   |   |
| Weighted-average shares outstanding:                                |   |   |   |   |   |   |   |   |
| Class A common share - basic and diluted                            |   |   | 2,174,912 |   |   |   | 2,174,912 |   |
| Class B common share - basic and diluted                            |   |   | 9,525,785 |   |   |   | 9,464,270 |   |
|                                                                |   |   |   |   |   |   |   |   |
| Dividends paid per share:                                           |   |   |   |   |   |   |   |   |
| Class A common share                                                |   | $ | 0.06 |   |   | $ | 0.06 |   |
| Class B common share                                                |   | $ | 0.07 |   |   | $ | 0.07 |   |
|                                                                |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |
| See notes to unaudited condensed consolidated financial statements. |   |

----

Return to Index

| BEL FUSE INC. AND SUBSIDIARIES                                      |   |
|---------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY           |   |
| (dollars in thousands)                                              |   |
| (Unaudited)                                                         |   |
|                                                                |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |   | Additional |   |
|                                                                |   |   |   |   |   |   |   |   |   |   | Other |   |   | Class A |   |   | Class B |   |   | Paid-In |   |
|                                                                |   |   |   |   | Comprehensive |   |   | Retained |   |   | Comprehensive |   |   | Common |   |   | Common |   |   | Capital |   |
|                                                                |   | Total |   |   | Income |   |   | Earnings |   |   | Income (Loss) |   |   | Stock |   |   | Stock |   |   | (APIC) |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, January 1, 2011                                            |   | $ | 220,333 |   |   |   |   |   | $ | 195,477 |   |   | $ | (39 | ) |   | $ | 217 |   |   | $ | 953 |   |   | $ | 23,725 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash dividends declared on Class A common stock                     |   |   | (130 | ) |   |   |   |   |   | (130 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash dividends declared on Class B common stock                     |   |   | (667 | ) |   |   |   |   |   | (667 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Termination of restricted common stock                              |   |   | - |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1 | ) |   |   | 1 |   |
| Currency translation adjustment                                     |   |   | 598 |   |   |  $ | 598 |   |   |   |   |   |   |   | 598 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized holding gains on marketable securities                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    arising during the year, net of taxes of $139     |   |   | 226 |   |   |   | 226 |   |   |   |   |   |   |   | 226 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock-based compensation expense                                    |   |   | 373 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 373 |   |
| Net earnings                                                        |   |   | 3,244 |   |   |   | 3,244 |   |   |   | 3,244 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Comprehensive income            |   |   |   |   |   | $ | 4,068 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, March 31, 2011                                             |   | $ | 223,977 |   |   |   |   |   |   | $ | 197,924 |   |   | $ | 785 |   |   | $ | 217 |   |   | $ | 952 |   |   | $ | 24,099 |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See notes to unaudited condensed consolidated financial statements. |   |

----

Return to Index

| BEL FUSE INC. AND SUBSIDIARIES                                                          |   |
|-----------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                         |   |
| (dollars in thousands)                                                                  |   |
| (Unaudited)                                                                             |   |
|                                                                                    |   | Three Months Ended |   |
|                                                                                    |   | March 31, |   |
|                                                                                    |   | 2011 |   |   | 2010 |   |
| Cash flows from operating activities:                                                   |   |   |   |   |   |   |
| Net earnings (loss)                                                                     |   | $ | 3,244 |   |   | $ | (120 | ) |
| Adjustments to reconcile net earnings to net                                            |   |   |   |   |   |   |   |   |
|  cash provided by (used in) operating activities:                                  |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                           |   |   | 2,130 |   |   |   | 1,999 |   |
| Stock-based compensation                                                                |   |   | 373 |   |   |   | 530 |   |
| Other, net                                                                              |   |   | (158 | ) |   |   | (39 | ) |
| Deferred income taxes                                                                   |   |   | (406 | ) |   |   | 12 |   |
| Changes in operating assets and liabilities (see below)                                 |   |   | 4,803 |   |   |   | (4,939 | ) |
|       Net Cash Provided by (Used in) Operating Activities |   |   | 9,986 |   |   |   | (2,557 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                   |   |   |   |   |   |   |   |   |
| Purchase of property, plant and equipment                                               |   |   | (611 | ) |   |   | (559 | ) |
| Purchase of marketable securities                                                       |   |   | (5,111 | ) |   |   | - |   |
| Cash transferred from restricted cash                                                   |   |   | 160 |   |   |   | - |   |
| Payment for acquisition, net of cash acquired                                           |   |   | - |   |   |   | (40,424 | ) |
|        Net Cash Used in Investing Activities         |   |   | (5,562 | ) |   |   | (40,983 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                   |   |   |   |   |   |   |   |   |
| Dividends paid to common shareholders                                                   |   |   | (778 | ) |   |   | (774 | ) |
|        Net Cash Used In Financing Activities         |   |   | (778 | ) |   |   | (774 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |
| Effect of exchange rate changes on cash                                                 |   |   | 175 |   |   |   | (93 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |
| Net Increase (Decrease) in Cash and Cash Equivalents                                    |   |   | 3,821 |   |   |   | (44,407 | ) |
| Cash and Cash Equivalents - beginning of period                                         |   |   | 83,829 |   |   |   | 124,231 |   |
| Cash and Cash Equivalents - end of period                                               |   | $ | 87,650 |   |   | $ | 79,824 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Changes in operating assets and liabilities consist of:                                 |   |   |   |   |   |   |   |   |
| Decrease in accounts receivable                                                         |   | $ | 9,063 |   |   | $ | 172 |   |
| Increase in inventories                                                                 |   |   | (114 | ) |   |   | (4,471 | ) |
| Increase in prepaid expenses and other current assets                                   |   |   | (261 | ) |   |   | (845 | ) |
| Increase in other assets                                                                |   |   | - |   |   |   | (5 | ) |
| Decrease in accounts payable                                                            |   |   | (3,530 | ) |   |   | (278 | ) |
| (Decrease) increase in accrued expenses                                                 |   |   | (3,426 | ) |   |   | 385 |   |
| Cash payments of accrued restructuring costs                                            |   |   | (40 | ) |   |   | (39 | ) |
| Increase in income taxes payable                                                        |   |   | 3,111 |   |   |   | 142 |   |
|                                                                                    |   | $ | 4,803 |   |   | $ | (4,939 | ) |
|                                                                                    |   |   |   |   |   |   |   |   |
| Supplementary information:                                                              |   |   |   |   |   |   |   |   |
| Cash (received) paid during the period for:                                             |   |   |   |   |   |   |   |   |
|     Income taxes, net of refunds received                           |   | $ | (1,649 | ) |   | $ | 37 |   |
|     Interest                                                        |   |   | - |   |   |   | 25 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Details of acquisition:                                                                 |   |   |   |   |   |   |   |   |
|    Fair value of identifiable net assets acquired                        |   | $ | - |   |   | $ | 38,132 |   |
|    Goodwill                                                              |   |   | - |   |   |   | 2,349 |   |
|        Fair value of net assets acquired             |   | $ | - |   |   | $ | 40,481 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
|    Fair value of consideration transferred                               |   | $ | - |   |   | $ | 40,481 |   |
|    Less: Cash acquired in acquisition                                    |   |   | - |   |   |   | (57 | ) |
|       Cash paid for acquisition, net of cash acquired     |   | $ | - |   |   | $ | 40,424 |   |
| See notes to unaudited condensed consolidated financial statements.                     |   |

----

Return to Index

BEL FUSE INC. AND SUBSIDIARIES

| 1.   | BASIS OF PRESENTATION AND ACCOUNTING POLICIES |
|----------------|-----------------------------------------------|

| 2.   | EARNINGS (LOSS) PER SHARE |
|----------------|---------------------------|

----

Return to Index

|                                                                   |   | Three Months Ended |      |
|------------------------------------------------------------------------|--------|--------------------|-----------|
|                                                                   |   | March 31,          |      |
|                                                                   |   | 2011               |      |   | 2010 |   |
|                                                                   |   |               |      |   |   |   |
| Numerator:                                                             |   |               |      |   |   |   |
| Net earnings (loss)                                                    |   | $                  | 3,244     |   |   | $ | (120 | ) |
| Less Dividends:                                                        |   |               |      |   |   |   |   |   |
|      Class A                                  |   |               | 130       |   |   |   | 130 |   |
|      Class B                                  |   |               | 667       |   |   |   | 664 |   |
| Undistributed earnings (loss)                                          |   | $                  | 2,447     |   |   | $ | (914 | ) |
|                                                                   |   |               |      |   |   |   |   |   |
| Undistributed earnings (loss) allocation - basic and diluted:          |   |               |      |   |   |   |   |   |
|      Class A undistributed earnings (loss)    |   |               | 437       |   |   |   | (164 | ) |
|      Class B undistributed earnings (loss)    |   |               | 2,010     |   |   |   | (750 | ) |
|      Total undistributed earnings (loss)      |   | $                  | 2,447     |   |   | $ | (914 | ) |
|                                                                   |   |               |      |   |   |   |   |   |
| Net earnings (loss) allocation - basic and diluted:                    |   |               |      |   |   |   |   |   |
|      Class A allocated earnings (loss)        |   |               | 567       |   |   |   | (34 | ) |
|      Class B allocated earnings (loss)        |   |               | 2,677     |   |   |   | (86 | ) |
|      Net earnings (loss)                      |   | $                  | 3,244     |   |   | $ | (120 | ) |
|                                                                   |   |               |      |   |   |   |   |   |
| Denominator:                                                           |   |               |      |   |   |   |   |   |
| Weighted-average shares outstanding:                                   |   |               |      |   |   |   |   |   |
|      Class A common share - basic and diluted |   |               | 2,174,912 |   |   |   | 2,174,912 |   |
|      Class B common share - basic and diluted |   |               | 9,525,785 |   |   |   | 9,464,270 |   |
|                                                                   |   |               |      |   |   |   |   |   |
| Earnings (loss) per share:                                             |   |               |      |   |   |   |   |   |
|      Class A common share - basic and diluted |   | $                  | 0.26      |   |   | $ | (0.02 | ) |
|      Class B common share - basic and diluted |   | $                  | 0.28      |   |   | $ | (0.01 | ) |
|                                                                   |   |               |      |   |   |   |   |   |

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|                                              |   | Three Months Ended |   |
|---------------------------------------------------|--------|--------------------|--------|
|                                              |   | March 31, 2010     |   |
|                                              |   |               |   |
| Revenue                                           |   | $                  | 59,738 |   |
| Net loss                                          |   |               | (241   | ) |
| Loss per Class A common share - basic and diluted |   |               | (0.03  | ) |
| Loss per Class B common share - basic and diluted |   |               | (0.02  | ) |
|                                              |   |               |   |   |

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|                                                                              |   |   |   |   | Assets at Fair Value Using                                          |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|--------|---------------------------------------------------------------------|--------|
|                                                                              |   | Total  |   |   | Quoted Prices in Active Markets for Identical Assets (Level 1) |   |   | Significant Other Observable Inputs (Level 2) |   |   | Significant Unobservable Inputs (Level 3) |   |
| As of March 31, 2011                                                              |   |   |   |   |                                                                |   |   |   |   |   |   |   |
| Available-for-sale securities:                                                    |   |   |   |   |                                                                |   |   |   |   |   |   |   |
|    Investments held in Rabbi Trust                                 |   | $      | 6,038  |   |                                                                | $      | 6,038 |   |   | $ | - |   |   | $ | - |   |
|    Marketable securities:                                          |   |   |   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |
|         Publicly traded equity securities |   |   | 2,074  |   |                                                                |   | 2,074 |   |   |   | - |   |   |   | - |   |
|         Fixed income securities           |   |   | 4,995  |   |                                                                |   | - |   |   |   | 4,995 |   |   |   | - |   |
|                                                                              |   |   |   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |
|    Total                                                           |   | $      | 13,107 |   |                                                                | $      | 8,112 |   |   | $ | 4,995 |   |   | $ | - |   |
|                                                                              |   |   |   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |
| As of December 31, 2010                                                           |   |   |   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |
| Available-for-sale securities:                                                    |   |   |   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |
|    Investments held in Rabbi Trust                                 |   | $      | 5,924  |   |                                                                | $      | 5,924 |   |   | $ | - |   |   | $ | - |   |
|    Marketable securities:                                          |   |   |   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |
|         Publicly traded equity securities |   |   | 1,706  |   |                                                                |   | 1,706 |   |   |   | - |   |   |   | - |   |
|                                                                              |   |   |   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |
|    Total                                                           |   | $      | 7,630  |   |                                                                | $      | 7,630 |   |   | $ | - |   |   | $ | - |   |
|                                                                              |   |   |   |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |

|             |   | March 31, |   |   | December 31, |   |
|------------------|--------|-----------|--------|--------|--------------|--------|
|             |   | 2011      |   |   | 2010         |   |
| Raw materials    |   | $         | 37,059 |   |         | $      | 35,157 |   |
| Work in progress |   |      | 6,274  |   |         |   | 5,930 |   |
| Finished goods   |   |      | 13,976 |   |         |   | 15,883 |   |
|             |   | $         | 57,309 |   |         | $      | 56,970 |   |
|             |   |      |   |   |         |   |   |   |

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|                                                |   | Three Months Ended |    |
|-----------------------------------------------------|--------|--------------------|---------|
|                                                |   | March 31,          |    |
|                                                |   | 2011               |    |   | 2010 |   |
| Total segment revenues:                             |   |               |    |   |   |   |
|      North America         |   | $                  | 36,265  |   |   | $ | 24,246 |   |
|      Asia                  |   |               | 42,037  |   |   |   | 34,771 |   |
|      Europe                |   |               | 9,104   |   |   |   | 6,696 |   |
| Total segment revenues                              |   |               | 87,406  |   |   |   | 65,713 |   |
| Reconciling item:                                   |   |               |    |   |   |   |   |   |
|      Intersegment revenues |   |               | (16,003 | ) |   |   | (9,644 | ) |
| Net sales                                           |   | $                  | 71,403  |   |   | $ | 56,069 |   |
|                                                |   |               |    |   |   |   |   |   |
| Income (loss) from operations:                      |   |               |    |   |   |   |   |   |
|      North America         |   | $                  | 1,693   |   |   | $ | (244 | ) |
|      Asia                  |   |               | 1,888   |   |   |   | 133 |   |
|      Europe                |   |               | 633     |   |   |   | (166 | ) |
|                                                |   | $                  | 4,214   |   |   | $ | (277 | ) |
|                                                |   |               |    |   |   |   |   |   |

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|                                   |   | March 31, |   |   | December 31, |   |
|----------------------------------------|--------|-----------|--------|--------|--------------|--------|
|                                   |   | 2011      |   |   | 2010         |   |
| Sales commissions                      |   | $         | 1,418  |   |         | $      | 1,740 |   |
| Subcontracting labor                   |   |      | 1,810  |   |         |   | 2,467 |   |
| Salaries, bonuses and related benefits |   |      | 5,337  |   |         |   | 7,405 |   |
| Litigation reserve                     |   |      | 8,103  |   |         |   | 8,103 |   |
| Other                                  |   |      | 2,541  |   |         |   | 2,830 |   |
|                                   |   | $         | 19,209 |   |         | $      | 22,545 |   |
|                                   |   |      |   |   |         |   |   |   |

|                      |   | Liability at      |   |   | New     |   |   | Cash Payments & |   |   | Liability at   |   |
|---------------------------|--------|-------------------|--------|--------|---------|--------|--------|---------------------|--------|--------|----------------|--------|
|                      |   | December 31, 2010 |   |   | Charges |   |   | Other Settlements   |   |   | March 31, 2011 |   |
| Facility lease obligation |   | $                 | 507    |   |    | $      | -      |                |   | $      | (40            | )      |   | $ | 467 |   |
|                      |   |              |   |   |    |   |   |                |   |   |           |   |   |   |   |   |

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|                        |   | Three Months Ended |   |
|-----------------------------|--------|--------------------|--------|
|                        |   | March 31,          |   |
|                        |   | 2011               |   |   | 2010 |   |
| Service cost                |   | $                  | 93     |   |   | $ | 85 |   |
| Interest cost               |   |               | 101    |   |   |   | 84 |   |
| Amortization of adjustments |   |               | 37     |   |   |   | 33 |   |
| Total SERP expense          |   | $                  | 231    |   |   | $ | 202 |   |
|                        |   |               |   |   |   |   |   |   |

|                                                                     |   | March 31, |   |   | December 31, |   |
|--------------------------------------------------------------------------|--------|-----------|--------|--------|--------------|--------|
|                                                                     |   | 2011      |   |   | 2010         |   |
| Balance sheet amounts:                                                   |   |      |   |   |         |   |
|    Minimum pension obligation                             |   |      |   |   |         |   |
|       and unfunded pension liability       |   | $         | 7,581  |   |         | $      | 7,350 |   |
|                                                                     |   |      |   |   |         |   |   |   |
|    Amounts recognized in accumulated                      |   |      |   |   |         |   |   |   |
|       other comprehensive income, pretax:  |   |      |   |   |         |   |   |   |
|          Prior service cost |   | $         | 1,143  |   |         | $      | 1,143 |   |
|          Net gains          |   |      | 932    |   |         |   | 932 |   |
|                                                                     |   | $         | 2,075  |   |         | $      | 2,075 |   |
|                                                                     |   |      |   |   |         |   |   |   |

|                                       |   | Three Months Ended |   |
|--------------------------------------------|--------|--------------------|--------|
|                                       |   | March 31,          |   |
|                                       |   | 2011               |   |   | 2010 |   |
| Net earnings (loss)                        |   | $                  | 3,244  |   |   | $ | (120 | ) |
| Currency translation adjustment            |   |               | 598    |   |   |   | (666 | ) |
| Increase in unrealized gain on marketable  |   |               |   |   |   |   |   |   |
|    securities, net of taxes |   |               | 226    |   |   |   | 87 |   |
|                                       |   |               |   |   |   |   |   |   |
| Comprehensive income (loss)                |   | $                  | 4,068  |   |   | $ | (699 | ) |
|                                       |   |               |   |   |   |   |   |   |

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|                                                        |   | March 31, |   |   | December 31, |   |
|-------------------------------------------------------------|--------|-----------|--------|--------|--------------|--------|
|                                                        |   | 2011      |   |   | 2010         |   |
|                                                        |   |      |   |   |         |   |
| Foreign currency translation adjustment                     |   | $         | 1,480  |   |         | $      | 882 |   |
| Unrealized holding gains on available-for-sale              |   |      |   |   |         |   |   |   |
|   securities, net of taxes of $460 and $322 as of |   |      |   |   |         |   |   |   |
|   March 31, 2011 and December 31, 2010            |   |      | 745    |   |         |   | 519 |   |
| Unfunded SERP liability, net of taxes of ($635) as          |   |      |   |   |         |   |   |   |
|   of both March 31, 2011 and December 31, 2010    |   |      | (1,440 | )      |         |   | (1,440 | ) |
|                                                        |   |      |   |   |         |   |   |   |
| Accumulated other comprehensive income (loss)               |   | $         | 785    |   |         | $      | (39 | ) |
|                                                        |   |      |   |   |         |   |   |   |

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Item 2. 

| ·   | Cinch Acquisition – The acquisition of Cinch Connectors, Inc., Cinch Connectors de Mexico, S.A. de C.V. and Cinch Connectors Ltd. (collectively “Cinch”) in January 2010 has allowed the Company to broaden its customer base into the military, aerospace and transportation industries.  The Cinch products are included in the Company’s interconnect product group, which generally uses lower-cost materials and generates higher profit margins than Bel’s other product groups.  On a comparable basis to 2010, Cinch sales for February and March of 2011 have increased by 13.6% and the Company is anticipating steady sales growth related to Cinch products.  The Company believes the integration of the Cinch products has had, and will continue to have, a favorable impact on Bel’s sales and overall profit margin. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | Revenues – With the rebound of market conditions in 2010, the Company experienced record sales during the third and fourth quarters of 2010, as Bel worked to bring its backlog of orders down to a more typical level.  As the backlog has stabilized, the peak in sales volume that occurred during the latter part of 2010 is not expected to recur during the comparable periods of 2011. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Pricing and Availability of Materials – While the Company has seen component pricing and availability stabilize for most of Bel’s product lines, the Company continues to experience some component shortages in its modules product line which limits Bel’s ability to deliver its DC-DC products.  In addition, the costs of certain commodities associated with our raw materials, such as gold and copper, have increased.  With regards to the situation in Japan, Bel continues to monitor the supply chain flow for all products potentially affected and thus far, has been able to locate alternative sources for any potentially impacted components.  Fluctuations in component prices and other commodity prices associated with Bel’s raw materials will have a corresponding impact on Bel’s profit margins. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Labor Costs – The costs of labor, particularly in the PRC where a significant percentage of Bel’s products are manufactured, have been higher in recent years as a result of government mandates for new higher minimum wage and overtime requirements.  The PRC government increased minimum wage levels by 21% in the areas where Bel’s products are manufactured effective May 1, 2010.  While Bel has implemented price increases to its customers during 2010 to partially offset the existing increases in labor and material costs, there was an additional government mandate effective March 2011 which increased the minimum wage level by 18% at certain of Bel’s facilities in the PRC. The Company believes that this increase and any additional increases to the minimum wage levels will have a negative impact on Bel’s profit margins in future quarters. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Impact of Lunar New Year – Bel has been able to continue with steady production in the PRC coming out of the 2011 Lunar New Year holiday, without the hiring of a significant number of new workers, in contrast to our experience in 2010.  Recruiting and training expenses, and production inefficiencies resulting from the hiring of new workers, were maintained at reasonable levels in the first quarter of 2011. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Product Mix – The Company is beginning to see a shift in product mix, with the largest growth during 2011 expected in the modules product line.  The products in this line have a higher material content, which results in lower profit margins than the Company’s other product lines.  A large increase in this product line coupled with flat to minimal growth in other product lines would result in a lower overall profit margin percentage in 2011. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Management of Overhead Costs – The Company will continue to monitor its overall profit margin percentage over the upcoming quarters and will work to manage overhead costs. Our future profit margins will be largely dependent upon our ability to effectively control overhead costs in those areas without adversely impacting productivity. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Impact of Pending Lawsuits – As further described in the Company’s Annual Report on Form 10-K and as updated in Item 1. Legal Proceedings of Part II of this quarterly report, the Company is involved in several ongoing lawsuits related to patent infringement claims.  In 2010, the Company recorded an $8.1 million litigation charge related to the SynQor case.  The Company is currently appealing this verdict; however, if the Company is unsuccessful in its appeal, sales of certain of the Company’s existing products may be adversely affected.  This would result in decreased sales volume and would have a corresponding impact on the Company’s gross profit. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Acquisition-Related Costs – Any future acquisitions, including the proposed acquisition of Pulse Electronics as further described in the Liquidity and Capital Resources section of this quarterly report, would give rise to additional legal and professional fees and other acquisition costs and could result in various purchase accounting adjustments. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                  |   | Three Months Ended |   |       |          |   |
|---------------------------------------|--------|--------------------|--------|------------|---------------|--------|
|                                  |   | March 31,          |   |       | % Increase in |   |
|                                  |   | 2011               |   |       | 2010          |   |   | Sales |   |
|                                  |   |  $            |   | % of total |          |   |  $ |   | % of total |   |   | from 2010 |   |
|                                  |   |               |   |       |          |   |   |   |   |   |   |   |   |
|     North America |   | $                  | 32,509 |       |          | 46     | % |   | $ | 21,098 |   |   | 37 | % |   |   | 54 | % |
|     Asia          |   |               | 30,107 |       |          | 42     | % |   |   | 28,513 |   |   | 51 | % |   |   | 6 | % |
|     Europe        |   |               | 8,787  |       |          | 12     | % |   |   | 6,458 |   |   | 12 | % |   |   | 36 | % |
|                                  |   | $                  | 71,403 |       |          | 100    | % |   | $ | 56,069 |   |   | 100 | % |   |   | 27 | % |
|                                  |   |               |   |       |          |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                                  |   | Three Months Ended March 31, |   |
|---------------------------------------|--------|------------------------------|--------|
|                                  |   | 2011                         |   |   | 2010 |   |
| Income (Loss) from Operations:        |   |                         |   |   |   |   |
|     North America |   | $                            | 1,693  |   |   | $ | (244 | ) |
|     Asia          |   |                         | 1,888  |   |   |   | 133 |   |
|     Europe        |   |                         | 633    |   |   |   | (166 | ) |
|                                  |   | $                            | 4,214  |   |   | $ | (277 | ) |
|                                  |   |                         |   |   |   |   |   |   |

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|                                                        |   |                                                                              | Percentage of Net Sales |                                                                              |
|-------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|-------------------------|-----------------------------------------------------------------------------------|
|                                                        |   |                                                                              | Three Months Ended      |                                                                              |
|                                                        |   |                                                                              | March 31,               |                                                                              |
|                                                        |   |                                                                              | 2011                    |                                                                              | 2010 |   |
|                                                        |   |                                                                              |                    |                                                                              |   |   |
| Net sales                                                   |   |          100.0                       |  %                 |          100.0                       |  % |
| Cost of sales                                               |   |            80.0            |                    |            84.1            |   |
| Selling, general and administrative ("SG&A") expenses   |   |            14.1            |                    |            16.4            |   |
| Interest income and other, net                              |   |              0.1 |                    |              0.2 |   |
| Earnings (loss) before provision (benefit) for income taxes |   |              6.0 |                    |            (0.3)           |   |
| Provision (benefit) for income taxes                        |   |              1.5 |                    |            (0.1)           |   |
| Net earnings (loss)                                         |   |              4.5 |                    |            (0.2)           |   |

|              |   | Increase from                                                                                                                                                               |
|-------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|              |   | Prior Period                                                                                                                                                                |
|              |   | Three Months Ended                                                                                                                                                          |
|              |   | March 31, 2011                                                                                                                                                              |
|              |   | Compared with                                                                                                                                                               |
|              |   | Three Months Ended                                                                                                                                                          |
|              |   | March 31, 2010                                                                                                                                                              |
|              |   |                                                                                                                                                                        |   |   |
| Net sales         |   |                           27.3            |  % |
| Cost of sales     |   |                           21.2            |   |
| SG&A expenses |   |                             9.4 |   |
| Net earnings      |   |                      2,803.3                                       |   |
|              |   |                                                                                                                                                                        |   |   |

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|                        |   | Three Months Ended March 31, |   |
|-----------------------------|--------|------------------------------|--------|
|                        |   | 2011                         |   |   | 2010 |   |
|                        |   |  $                      |   | % of total |   |   |  $ |   | % of total |   |
| Interconnect products       |   | $                            | 26,970 |   |   | 38 | % |   | $ | 19,826 |   |   | 35 | % |
| Magnetic products           |   |                         | 21,983 |   |   | 31 | % |   |   | 21,656 |   |   | 39 | % |
| Module products             |   |                         | 19,931 |   |   | 28 | % |   |   | 11,850 |   |   | 21 | % |
| Circuit protection products |   |                         | 2,519  |   |   | 3 | % |   |   | 2,737 |   |   | 5 | % |
|                        |   | $                            | 71,403 |   |   | 100 | % |   | $ | 56,069 |   |   | 100 | % |
|                        |   |                         |   |   |   |   |   |   |   |   |   |   |   |   |

|                                  | Three Months Ended |
|---------------------------------------|--------------------|
|                                  | March 31,          |
|                                  | 2011               |   | 2010 |
| Material                              | 48.8%              |   | 47.1% |
| Labor                                 | 9.3%               |   | 13.3% |
| Research and development              | 4.2%               |   | 4.6% |
| Other expenses                        | 17.7%              |   | 19.1% |
|    Total cost of sales | 80.0%              |   | 84.1% |
|                                  |               |   |   |

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Item 3.

Item 4

Item 1

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| Item 6.  Exhibits |                                                                                                      |
|-----------------------------|-----------------------------------------------------------------------------------------------------------|
|                        |                                                                                                      |
| (a) Exhibits:          |                                                                                                      |
|                        |                                                                                                      |
| 31.1*                       | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002    |
|                        |                                                                                                      |
| 31.2*                       | Certification of the Vice President of Finance pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|                        |                                                                                                      |
|  32.1**                | Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes - Oxley Act of 2002. |
|                        |                                                                                                      |
|  32.2**                | Certification of the Vice President of Finance pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|                        |                                                                                                      |

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| SIGNATURES |
|------------|

|        | BEL FUSE INC.                           |
|-------------|-----------------------------------------|
| May 6, 2011 |                                    |
| By:         | /s/ Daniel Bernstein                    |
|        | Daniel Bernstein                        |
|        | President and Chief Executive Officer   |
|        |                                    |
| By:         | /s/ Colin Dunn                          |
|        | Colin Dunn                              |
|        | Vice President of Finance and Secretary |

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