<DOCUMENT>
<TYPE>13F-HR/A
<SEQUENCE>1
<FILENAME>hw13f091.txt
<TEXT>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 13F

FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2009

Check here if Amendment [X];          Amendment Number: 2
This Amendment (Check only one.): [X] is a restatement.
                                  [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    	Hotchkis and Wiley Capital Management, LLC
Address:	725 South Figueroa Street, 39th Floor
		Los Angeles, CA 90017-5439


13F File Number: 028-10068

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, and tables, are considered integral parts of this
form.

Person Signing this Report on Behalf of Reporting Manager:

Name:      Tina H. Kodama
Title:     Chief Compliance Officer
Phone:     213-430-1897

Signature, Place and Date of Signing:

/s/ Tina H. Kodama	  Los Angeles, CA      June 8, 2009


Report Type (Check only one.):

[X]      13F HOLDINGS REPORT.

[ ]      13F NOTICE.

[ ]      13F COMBINATION REPORT.


<PAGE>


FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:

0

Form 13F Information Table Entry Total:

131

Form 13F Information Table Value Total:

$9,399,557 (thousands)

List of Other Included Managers:

NONE

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                                                           ITEM 4                     ITEM 6                 ITEM 8
                                                          FAIR MKT    ITEM 5         INVSMNT            VOTING AUTHORITY
ITEM 1                     ITEM 2               ITEM 3     VALUE      SH/PRN   SH PT DISCRET  ITEM 7        (SHARES)
ISSUER                     CLASS                SECID     (000s)      AMOUNT   PN CL  TYPE     MRG    (A)SOLE   (B)SHARED(C)NONE

ALCOA INC                      COM             013817101    125435.  17089300. SH       SOLE          9980000.       0. 7109300.
ALCATEL-LUCENT                 SPONSORED ADR   013904305    140602.  75592600. SH       SOLE         44491800.       0.31100800.
ALLSTATE CORP                  COM             020002101     93224.   4868100. SH       SOLE          2798300.       0. 2069800.
AMERICAN EXPRESS CO            COM             025816109     12237.    897800. SH       SOLE           304700.       0.  593100.
AUTONATION INC                 COM             05329W102     26521.   1910700. SH       SOLE          1353600.       0.  557100.
BMC SOFTWARE INC               COM             055921100    187001.   5666700. SH       SOLE          4157400.       0. 1509300.
BANK OF AMERICA CORPORATION    COM             060505104    139906.  20514007. SH       SOLE         11816212.       0. 8697795.
BOEING CO                      COM             097023105     34932.    981800. SH       SOLE           541400.       0.  440400.
BOULDER GROWTH & INCOME FD I   COM             101507101       399.    100700. SH       SOLE           100700.       0.       0.
BOWNE & CO INC                 COM             103043105        96.     29955. SH       SOLE                0.       0.   29955.
BRISTOL MYERS SQUIBB CO        COM             110122108    227567.  10381700. SH       SOLE          5876400.       0. 4505300.
CIT GROUP INC                  COM             125581108     30138.  10574800. SH       SOLE          8538400.       0. 2036400.
CNA FINL CORP                  COM             126117100     20490.   2236924. SH       SOLE          1791624.       0.  445300.
CV THERAPEUTICS INC            COM             126667104      3970.    199700. SH       SOLE            71400.       0.  128300.
CA INC                         COM             12673P105    410418.  23305946. SH       SOLE         13882961.       0. 9422985.
CABOT MICROELECTRONICS CORP    COM             12709P103      7682.    319700. SH       SOLE           150400.       0.  169300.
CAPLEASE INC                   COM             140288101      6654.   3377700. SH       SOLE          1671900.       0. 1705800.
CHESAPEAKE ENERGY CORP         COM             165167107      7332.    429800. SH       SOLE           341700.       0.   88100.
CHEVRON CORP NEW               COM             166764100      7504.    111600. SH       SOLE           111600.       0.       0.
CITIGROUP INC                  COM             172967101     16388.   6477650. SH       SOLE          3959700.       0. 2517950.
CITY NATL CORP                 COM             178566105      2907.     86084. SH       SOLE            38384.       0.   47700.
COCA COLA CO                   COM             191216100     66202.   1506300. SH       SOLE           479800.       0. 1026500.
COMERICA INC                   COM             200340107     93211.   5090700. SH       SOLE          3305300.       0. 1785400.
CON-WAY INC                    COM             205944101     21772.   1214254. SH       SOLE           821354.       0.  392900.
CONSECO INC                    COM NEW         208464883     10874.  11819600. SH       SOLE          7704300.       0. 4115300.
CUMMINS INC                    COM             231021106    113158.   4446300. SH       SOLE          2579100.       0. 1867200.
EASTMAN CHEM CO                COM             277432100    156649.   5845100. SH       SOLE          4051300.       0. 1793800.
EBAY INC                       COM             278642103    139459.  11103450. SH       SOLE          6490100.       0. 4613350.
EMBRAER-EMPRESA BRASILEIRA D   SP ADR COM SHS  29081M102    126845.   9558800. SH       SOLE          6493300.       0. 3065500.
EMPLOYERS HOLDINGS INC         COM             292218104      6521.    683525. SH       SOLE           328225.       0.  355300.
ENTERGY CORP NEW               COM             29364G103     86794.   1274692. SH       SOLE           638000.       0.  636692.
EXELON CORP                    COM             30161N101    269612.   5939900. SH       SOLE          3413500.       0. 2526400.
FPL GROUP INC                  COM             302571104    202765.   3996950. SH       SOLE          2284250.       0. 1712700.
FEDEX CORP                     COM             31428X106     76105.   1710600. SH       SOLE           660800.       0. 1049800.
FIFTH THIRD BANCORP            COM             316773100     32200.  11027530. SH       SOLE          8729630.       0. 2297900.
FIRST HORIZON NATL CORP        COM             320517105     52513.   4889495. SH       SOLE          3518172.       0. 1371323.
FORTUNE BRANDS INC             COM             349631101     16655.    678400. SH       SOLE           540100.       0.  138300.
FOUNDATION COAL HLDGS INC      COM             35039W100     16836.   1173210. SH       SOLE           817200.       0.  356010.
GAP INC DEL                    COM             364760108    227668.  17526400. SH       SOLE         10886100.       0. 6640300.
GENWORTH FINL INC              COM CL A        37247D106     28431.  14963900. SH       SOLE          9598900.       0. 5365000.
GOODYEAR TIRE & RUBR CO        COM             382550101      9718.   1552400. SH       SOLE          1230500.       0.  321900.
GREAT ATLANTIC & PAC TEA INC   COM             390064103       203.     38199. SH       SOLE             8978.       0.   29221.
GREAT PLAINS ENERGY INC        COM             391164100     42575.   3160698. SH       SOLE          2100698.       0. 1060000.
HANOVER INS GROUP INC          COM             410867105     34506.   1197300. SH       SOLE           747800.       0.  449500.
HEIDRICK & STRUGGLES INTL IN   COM             422819102      6306.    355486. SH       SOLE           161886.       0.  193600.
HOME DEPOT INC                 COM             437076102    239686.  10173424. SH       SOLE          5583607.       0. 4589817.
HOME FED BANCORP INC MD        COM             43710G105      1495.    171208. SH       SOLE              208.       0.  171000.
HUDSON HIGHLAND GROUP INC      COM             443792106      4146.   3735500. SH       SOLE          2529800.       0. 1205700.
IMS HEALTH INC                 COM             449934108     35357.   2835400. SH       SOLE          2053200.       0.  782200.
INFOGROUP INC                  COM             45670G108      2244.    539400. SH       SOLE           222900.       0.  316500.
INTERPUBLIC GROUP COS INC      COM             460690100     56319.  13669610. SH       SOLE          7601210.       0. 6068400.
JPMORGAN CHASE & CO            COM             46625H100    315561.  11872135. SH       SOLE          6579824.       0. 5292311.
JOHNSON & JOHNSON              COM             478160104     27857.    529600. SH       SOLE           178300.       0.  351300.
JONES APPAREL GROUP INC        COM             480074103     39924.   9460652. SH       SOLE          6163552.       0. 3297100.
K-SWISS INC                    CL A            482686102      1848.    216412. SH       SOLE            99312.       0.  117100.
KSW INC                        COM             48268R106       105.     46000. SH       SOLE            46000.       0.       0.
KEYCORP NEW                    COM             493267108    194115.  24665219. SH       SOLE         15462191.       0. 9203028.
KING PHARMACEUTICALS INC       COM             495582108     65073.   9204100. SH       SOLE          6661800.       0. 2542300.
KORN FERRY INTL                COM NEW         500643200       780.     86100. SH       SOLE                0.       0.   86100.
KRAFT FOODS INC                CL A            50075N104     15315.    687100. SH       SOLE           266800.       0.  420300.
LAKES ENTMNT INC               COM             51206P109       825.    385400. SH       SOLE           304700.       0.   80700.
LAWSON SOFTWARE INC NEW        COM             52078P102     13658.   3213700. SH       SOLE          1512700.       0. 1701000.
LILLY ELI & CO                 COM             532457108    171462.   5132050. SH       SOLE          3078800.       0. 2053250.
LIMITED BRANDS INC             COM             532716107    118831.  13658700. SH       SOLE          9180900.       0. 4477800.
LINCARE HLDGS INC              COM             532791100     33684.   1545145. SH       SOLE          1128945.       0.  416200.
LIZ CLAIBORNE INC              COM             539320101      2468.    999300. SH       SOLE           813700.       0.  185600.
LORILLARD INC                  COM             544147101    112651.   1824600. SH       SOLE          1119600.       0.  705000.
MI DEVS INC                    CL A SUB VTG    55304X104     32995.   5373800. SH       SOLE          4059400.       0. 1314400.
MAGNA INTL INC                 CL A            559222401      9448.    353200. SH       SOLE           294400.       0.   58800.
MANPOWER INC                   COM             56418H100     51025.   1618300. SH       SOLE          1198400.       0.  419900.
MAXIM INTEGRATED PRODS INC     COM             57772K101     24061.   1821400. SH       SOLE          1455100.       0.  366300.
MERCK & CO INC                 COM             589331107     79177.   2959900. SH       SOLE          1675600.       0. 1284300.
METLIFE INC                    COM             59156R108    148163.   6506921. SH       SOLE          3566801.       0. 2940120.
MICROSOFT CORP                 COM             594918104    382815.  20839150. SH       SOLE         11583950.       0. 9255200.
MILLER INDS INC TENN           COM NEW         600551204     12572.   1934098. SH       SOLE          1284698.       0.  649400.
MURPHY OIL CORP                COM             626717102      7920.    176900. SH       SOLE           139800.       0.   37100.
NATIONAL SEMICONDUCTOR CORP    COM             637640103     27443.   2672200. SH       SOLE          1985300.       0.  686900.
NESS TECHNOLOGIES INC          COM             64104X108      2241.    759572. SH       SOLE           310172.       0.  449400.
NORTHROP GRUMMAN CORP          COM             666807102    190393.   4362800. SH       SOLE          2404700.       0. 1958100.
NOVELL INC                     COM             670006105     27846.   6536600. SH       SOLE          4575600.       0. 1961000.
ON SEMICONDUCTOR CORP          COM             682189105     24095.   6178300. SH       SOLE          4308600.       0. 1869700.
ORACLE CORP                    COM             68389X105     83097.   4598600. SH       SOLE          1546100.       0. 3052500.
OVERHILL FARMS INC             COM             690212105       551.    144300. SH       SOLE           144300.       0.       0.
OWENS ILL INC                  COM NEW         690768403      4234.    293200. SH       SOLE           226000.       0.   67200.
PHH CORP                       COM NEW         693320202     40751.   2900400. SH       SOLE          1998100.       0.  902300.
PMA CAP CORP                   CL A            693419202      1741.    417400. SH       SOLE           164100.       0.  253300.
PNC FINL SVCS GROUP INC        COM             693475105    157808.   5387771. SH       SOLE          3087229.       0. 2300542.
PPG INDS INC                   COM             693506107    132678.   3595600. SH       SOLE          2174000.       0. 1421600.
PACCAR INC                     COM             693718108    184975.   7180700. SH       SOLE          4314900.       0. 2865800.
PATNI COMPUTER SYS             SPONS ADR       703248203      7173.   1294700. SH       SOLE           559900.       0.  734800.
PENNEY J C INC                 COM             708160106    158717.   7908175. SH       SOLE          4372100.       0. 3536075.
PFIZER INC                     COM             717081103    110680.   8126250. SH       SOLE          4834000.       0. 3292250.
PHILIP MORRIS INTL INC         COM             718172109    290036.   8151661. SH       SOLE          4460061.       0. 3691600.
PHILLIPS VAN HEUSEN CORP       COM             718592108      8167.    360100. SH       SOLE           168000.       0.  192100.
PORTLAND GEN ELEC CO           COM NEW         736508847     50285.   2858700. SH       SOLE          2027500.       0.  831200.
PRUDENTIAL FINL INC            COM             744320102     68688.   3611370. SH       SOLE          2259700.       0. 1351670.
QUIKSILVER INC                 COM             74838C106      6796.   5309100. SH       SOLE          2515200.       0. 2793900.
REGIONS FINANCIAL CORP NEW     COM             7591EP100      8071.   1894600. SH       SOLE          1505800.       0.  388800.
RENT A CTR INC NEW             COM             76009N100     70147.   3621419. SH       SOLE          2633619.       0.  987800.
ROHM & HAAS CO                 COM             775371107     52444.    665200. SH       SOLE           523100.       0.  142100.
ROYAL DUTCH SHELL PLC          SPON ADR B      780259107    347877.   7977000. SH       SOLE          4320000.       0. 3657000.
RUSS BERRIE & CO               COM             782233100        47.     35800. SH       SOLE                0.       0.   35800.
SAFEWAY INC                    COM NEW         786514208    267596.  13253900. SH       SOLE          8088500.       0. 5165400.
ST JOE CO                      COM             790148100      8263.    493600. SH       SOLE           390900.       0.  102700.
SCHERING PLOUGH CORP           COM             806605101    209555.   8898300. SH       SOLE          4189900.       0. 4708400.
SPHERION CORP                  COM             848420105      5172.   2486746. SH       SOLE          1198746.       0. 1288000.
SUN MICROSYSTEMS INC           COM NEW         866810203      9191.   1255600. SH       SOLE           988300.       0.  267300.
SUNTRUST BKS INC               COM             867914103     21094.   1796800. SH       SOLE           884400.       0.  912400.
TELLABS INC                    COM             879664100     17041.   3720700. SH       SOLE          3156700.       0.  564000.
TERADATA CORP DEL              COM             88076W103      5413.    333700. SH       SOLE           161100.       0.  172600.
TEXAS INSTRS INC               COM             882508104     90212.   5464100. SH       SOLE          3028800.       0. 2435300.
TIBCO SOFTWARE INC             COM             88632Q103      4761.    811100. SH       SOLE           394800.       0.  416300.
TIDEWATER INC                  COM             886423102     10166.    273800. SH       SOLE           200400.       0.   73400.
TRAVELERS COMPANIES INC        COM             89417E109     96248.   2368300. SH       SOLE          1212000.       0. 1156300.
UNILEVER PLC                   SPON ADR NEW    904767704     15574.    822700. SH       SOLE           316300.       0.  506400.
UNISYS CORP                    COM             909214108        27.     51500. SH       SOLE                0.       0.   51500.
UNITED AMER INDEMNITY LTD      CL A            90933T109      7749.   1927644. SH       SOLE           963325.       0.  964319.
U STORE IT TR                  COM             91274F104      3023.   1496327. SH       SOLE           675027.       0.  821300.
UNUM GROUP                     COM             91529Y106     45919.   3673550. SH       SOLE          2470050.       0. 1203500.
VALASSIS COMMUNICATIONS INC    COM             918866104      8038.   5119800. SH       SOLE          3270800.       0. 1849000.
VOLCOM INC                     COM             92864N101      2111.    217600. SH       SOLE           105400.       0.  112200.
WAL MART STORES INC            COM             931142103     27999.    537400. SH       SOLE           181700.       0.  355700.
WARNACO GROUP INC              COM NEW         934390402     15341.    639200. SH       SOLE           313200.       0.  326000.
WEBSTER FINL CORP CONN         COM             947890109      3672.    864098. SH       SOLE           382998.       0.  481100.
WELLS FARGO & CO NEW           COM             949746101    212020.  14889037. SH       SOLE          8383749.       0. 6505288.
WESTAR ENERGY INC              COM             95709T100     30870.   1761000. SH       SOLE          1179500.       0.  581500.
WISCONSIN ENERGY CORP          COM             976657106     80055.   1944500. SH       SOLE          1392200.       0.  552300.
ZIMMER HLDGS INC               COM             98956P102     36515.   1000400. SH       SOLE           432700.       0.  567700.
TYCO ELECTRONICS LTD           COM NEW         G9144P105    262377.  23766055. SH       SOLE         14173150.       0. 9592905.
XL CAP LTD                     CL A            G98255105     98988.  18129600. SH       SOLE         11442400.       0. 6687200.
TYCO INTL LTD BERMUDA          SHS             H89128104    207219.  10594005. SH       SOLE          5967650.       0. 4626355.

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