<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>hw13f054.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: December 31, 2005

Check here if Amendment [ ];          Amendment Number:
This Amendment (Check only one.): [  ] 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:      Anna Marie Lopez
Title:     Chief Compliance Officer
Phone:     213-430-1896

Signature, Place and Date of Signing:

/s/ Anna Marie Lopez	  Los Angeles, CA      February 10, 2006


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:

160

Form 13F Information Table Value Total:

$ 26,580,057 (thousands)


List of Other Included Managers:

NONE

<PAGE>


 <TABLE>
 <S><C><C>
                                                           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

AAMES INVT CORP MD             COM             00253G108     38216.   5915840. SH       SOLE          4658640.       0. 1257200.
AGRIUM INC                     COM             008916108     86484.   3932900. SH       SOLE          3437400.       0.  495500.
AIRTRAN HLDGS INC              COM             00949P108      9780.    610100. SH       SOLE           610100.       0.       0.
ALBERTSONS INC                 COM             013104104    512658.  24012088. SH       SOLE         19562088.       0. 4450000.
ALCAN INC                      COM             013716105    141461.   3454491. SH       SOLE          2087691.       0. 1366800.
ALCOA INC                      COM             013817101    624342.  21114018. SH       SOLE         14672658.       0. 6441360.
ALEXANDER & BALDWIN INC        COM             014482103     92105.   1698100. SH       SOLE          1397700.       0.  300400.
ALLIANT ENERGY CORP            COM             018802108     62826.   2240600. SH       SOLE          1977500.       0.  263100.
ALLSTATE CORP                  COM             020002101     55146.   1019909. SH       SOLE           262009.       0.  757900.
ALLTEL CORP                    COM             020039103     28658.    454172. SH       SOLE           119372.       0.  334800.
ALTRIA GROUP INC               COM             02209S103    474724.   6353371. SH       SOLE          4504271.       0. 1849100.
AMERICAN EXPRESS CO            COM             025816109     15155.    294500. SH       SOLE           294500.       0.       0.
AMERICAN HOME MTG INVT CORP    COM             02660R107     80882.   2483315. SH       SOLE          2418215.       0.   65100.
AMERICREDIT CORP               COM             03060R101     79632.   3107000. SH       SOLE          2910300.       0.  196700.
AMERIPRISE FINL INC            COM             03076C106      2415.     58900. SH       SOLE            58900.       0.       0.
APARTMENT INVT & MGMT CO       CL A            03748R101    218508.   5769950. SH       SOLE          5253250.       0.  516700.
ASHLAND INC NEW                COM             044209104    267880.   4626600. SH       SOLE          4280700.       0.  345900.
ASSURANT INC                   COM             04621X108    241024.   5542060. SH       SOLE          4468460.       0. 1073600.
BJS WHOLESALE CLUB INC         COM             05548J106     26350.    891400. SH       SOLE           703300.       0.  188100.
BMC SOFTWARE INC               COM             055921100    609951.  29768240. SH       SOLE         27073040.       0. 2695200.
BANK OF AMERICA CORPORATION    COM             060505104     59290.   1284727. SH       SOLE           328927.       0.  955800.
BEARINGPOINT INC               COM             074002106    128880.  16396900. SH       SOLE         14418600.       0. 1978300.
BEAZER HOMES USA INC           COM             07556Q105    124470.   1708813. SH       SOLE          1504313.       0.  204500.
BOWNE & CO INC                 COM             103043105     44128.   2973600. SH       SOLE          2101000.       0.  872600.
BROOKFIELD HOMES CORP          COM             112723101     12237.    246073. SH       SOLE           150437.       0.   95636.
CF INDS HLDGS INC              COM             125269100     48237.   3163060. SH       SOLE          2231760.       0.  931300.
CIT GROUP INC                  COM             125581108    159775.   3085660. SH       SOLE          2834160.       0.  251500.
CNA FINL CORP                  COM             126117100     71709.   2190924. SH       SOLE          2127124.       0.   63800.
CSX CORP                       COM             126408103    356937.   7030470. SH       SOLE          4235470.       0. 2795000.
CALLAWAY GOLF CO               COM             131193104     17895.   1293000. SH       SOLE           887500.       0.  405500.
CAPITAL LEASE FDG INC          COM             140288101     33760.   3206100. SH       SOLE          2613900.       0.  592200.
CENDANT CORP                   COM             151313103    415125.  24065245. SH       SOLE         16714845.       0. 7350400.
CENTEX CORP                    COM             152312104    390523.   5462620. SH       SOLE          2787520.       0. 2675100.
CENTRAL FGHT LINES INC NEV     COM             153491105      1613.    906300. SH       SOLE           603500.       0.  302800.
COCA COLA CO                   COM             191216100      5639.    139900. SH       SOLE           139900.       0.       0.
COMERICA INC                   COM             200340107     55681.    980992. SH       SOLE           259392.       0.  721600.
COMPUTER ASSOC INTL INC        COM             204912109   1048588.  37197157. SH       SOLE         27201773.       0. 9995384.
COMSTOCK HOMEBUILDING COS IN   CL A            205684103      7442.    527400. SH       SOLE           373700.       0.  153700.
CONSECO INC                    COM NEW         208464883    186135.   8033448. SH       SOLE          5762948.       0. 2270500.
DEX MEDIA INC                  COM             25212E100     46979.   1734200. SH       SOLE          1678300.       0.   55900.
EASTMAN KODAK CO               COM             277461109    259469.  11088400. SH       SOLE          8939400.       0. 2149000.
EDO CORP                       COM             281347104     16639.    614900. SH       SOLE           436500.       0.  178400.
EL PASO CORP                   COM             28336L109      6322.    519879. SH       SOLE           519879.       0.       0.
ELECTRONIC DATA SYS NEW        COM             285661104   1349026.  56115902. SH       SOLE         42889602.       0.13226300.
ENTERGY CORP NEW               COM             29364G103    276811.   4032212. SH       SOLE          3232212.       0.  800000.
F M C CORP                     COM NEW         302491303     38405.    722300. SH       SOLE           675500.       0.   46800.
FPL GROUP INC                  COM             302571104    790350.  19017087. SH       SOLE         14526687.       0. 4490400.
FEDERAL HOME LN MTG CORP       COM             313400301    651831.   9974456. SH       SOLE          6938856.       0. 3035600.
FEDERAL NATL MTG ASSN          COM             313586109       810.     16600. SH       SOLE            16600.       0.       0.
FIELDSTONE INVT CORP           COM             31659U300     43697.   3684360. SH       SOLE          2742860.       0.  941500.
FIRSTENERGY CORP               COM             337932107    179873.   3671631. SH       SOLE          2880033.       0.  791598.
FLOWSERVE CORP                 COM             34354P105    271860.   6872100. SH       SOLE          6167000.       0.  705100.
FOOT LOCKER INC                COM             344849104    119620.   5070800. SH       SOLE          4949600.       0.  121200.
FOUNDATION COAL HLDGS INC      COM             35039W100     57513.   1513500. SH       SOLE          1046400.       0.  467100.
FREESCALE SEMICONDUCTOR INC    COM CL A        35687M107    106259.   4218299. SH       SOLE          3290699.       0.  927600.
FURNITURE BRANDS INTL INC      COM             360921100     67982.   3044444. SH       SOLE          2571144.       0.  473300.
GENWORTH FINL INC              COM CL A        37247D106    600668.  17370381. SH       SOLE         12935781.       0. 4434600.
GIANT INDS INC                 COM             374508109     16445.    316496. SH       SOLE           248996.       0.   67500.
GOVERNMENT PPTYS TR INC        COM             38374W107     22401.   2400960. SH       SOLE          1985660.       0.  415300.
GRAY TELEVISION INC            COM             389375106      3776.    384500. SH       SOLE           179700.       0.  204800.
GROUP 1 AUTOMOTIVE INC         COM             398905109      9347.    297392. SH       SOLE           209392.       0.   88000.
HCA INC                        COM             404119109    251292.   4976083. SH       SOLE          3093483.       0. 1882600.
HANOVER INS GROUP INC          COM             410867105    310917.   7443550. SH       SOLE          6302450.       0. 1141100.
HARRAHS ENTMT INC              COM             413619107    399976.   5610551. SH       SOLE          4510226.       0. 1100325.
HARTFORD FINL SVCS GROUP INC   COM             416515104     57040.    664100. SH       SOLE           174700.       0.  489400.
HEWLETT PACKARD CO             COM             428236103      1861.     65000. SH       SOLE            65000.       0.       0.
HUNTSMAN CORP                  COM             447011107     14484.    841100. SH       SOLE           818000.       0.   23100.
IKON OFFICE SOLUTIONS INC      COM             451713101     60829.   5843300. SH       SOLE          5230800.       0.  612500.
INTL PAPER CO                  COM             460146103     45758.   1361429. SH       SOLE           323529.       0. 1037900.
INTERPUBLIC GROUP COS INC      COM             460690100     55108.   5710685. SH       SOLE          1780185.       0. 3930500.
JP MORGAN CHASE & CO           COM             46625H100    532390.  13413712. SH       SOLE          8633972.       0. 4779740.
JAMESON INNS INC               COM             470457102     12569.   5846217. SH       SOLE          4280017.       0. 1566200.
JOHNSON & JOHNSON              COM             478160104      2500.     41600. SH       SOLE            41600.       0.       0.
JONES APPAREL GROUP INC        COM             480074103    295471.   9618200. SH       SOLE          8723300.       0.  894900.
KMG AMER CORP                  COM             482563103     14948.   1628300. SH       SOLE          1151100.       0.  477200.
KELLY SVCS INC                 CL A            488152208     61032.   2327700. SH       SOLE          1634800.       0.  692900.
KEYCORP NEW                    COM             493267108    205304.   6234551. SH       SOLE          5081851.       0. 1152700.
KRAFT FOODS INC                CL A            50075N104    286913.  10185050. SH       SOLE          6352650.       0. 3832400.
KROGER CO                      COM             501044101      9334.    494400. SH       SOLE           494400.       0.       0.
LA QUINTA CORP                 PAIRED CTF      50419U202     44366.   3982600. SH       SOLE          3873000.       0.  109600.
LEAR CORP                      COM             521865105     15205.    534248. SH       SOLE           376348.       0.  157900.
LENNAR CORP                    CL A            526057104    532904.   8733260. SH       SOLE          7503160.       0. 1230100.
LENNAR CORP                    CL B            526057302    167392.   2952760. SH       SOLE          2825300.       0.  127460.
LINCOLN NATL CORP IND          COM             534187109    112158.   2115000. SH       SOLE          2062300.       0.   52700.
LOCKHEED MARTIN CORP           COM             539830109    507254.   7971936. SH       SOLE          5742436.       0. 2229500.
LODGIAN INC                    COM PAR $.01    54021P403     31442.   2930309. SH       SOLE          2179809.       0.  750500.
LOEWS CORP                     CAROLNA GP STK  540424207     31863.    724320. SH       SOLE           700320.       0.   24000.
LONGVIEW FIBRE CO              COM             543213102     72569.   3487200. SH       SOLE          2444400.       0. 1042800.
LUBRIZOL CORP                  COM             549271104     86022.   1980700. SH       SOLE          1807800.       0.  172900.
LYON WILLIAM HOMES             COM             552074106      6801.     67400. SH       SOLE            67400.       0.       0.
MBNA CORP                      COM             55262L100    259018.   9540270. SH       SOLE          7788270.       0. 1752000.
MI DEVS INC                    CL A SUB VTG    55304X104    239322.   6957040. SH       SOLE          6053840.       0.  903200.
MAGNA ENTMT CORP               CL A            559211107     17893.   2506000. SH       SOLE          1776100.       0.  729900.
MAGNA INTL INC                 CL A            559222401    246105.   3419068. SH       SOLE          2561268.       0.  857800.
MARSH & MCLENNAN COS INC       COM             571748102     16401.    516400. SH       SOLE           516400.       0.       0.
MCDONALDS CORP                 COM             580135101     29644.    879130. SH       SOLE           237130.       0.  642000.
MERCK & CO INC                 COM             589331107    125637.   3949609. SH       SOLE           977109.       0. 2972500.
MERCURY INTERACTIVE CORP       COM             589405109     84543.   3042200. SH       SOLE          2720000.       0.  322200.
MERRILL LYNCH & CO INC         COM             590188108      8290.    122400. SH       SOLE           122400.       0.       0.
METLIFE INC                    COM             59156R108    660649.  13482640. SH       SOLE          9594240.       0. 3888400.
MICROSOFT CORP                 COM             594918104    385405.  14738250. SH       SOLE         10306250.       0. 4432000.
MICROMUSE INC                  COM             595094103      2029.    205200. SH       SOLE           205200.       0.       0.
MILLER INDS INC TENN           COM NEW         600551204     18455.    909578. SH       SOLE           773378.       0.  136200.
MORTGAGEIT HLDGS INC           COM             61915Q108     23403.   1713280. SH       SOLE          1320380.       0.  392900.
MOSAIC CO                      COM             61945A107    239097.  16342927. SH       SOLE         10060427.       0. 6282500.
NEW CENTURY FINANCIAL CORP M   COM             6435EV108    191658.   5313500. SH       SOLE          4727900.       0.  585600.
NORTHROP GRUMMAN CORP          COM             666807102     60447.   1005603. SH       SOLE           255103.       0.  750500.
NOVELL INC                     COM             670006105     85926.   9731200. SH       SOLE          8957300.       0.  773900.
OLD REP INTL CORP              COM             680223104      1695.     64550. SH       SOLE            64550.       0.       0.
OVERSEAS SHIPHOLDING GROUP I   COM             690368105     24434.    484901. SH       SOLE           342501.       0.  142400.
PHH CORP                       COM NEW         693320202     87587.   3125857. SH       SOLE          2326347.       0.  799510.
PMA CAP CORP                   CL A            693419202      1170.    128200. SH       SOLE            91200.       0.   37000.
PATHMARK STORES INC NEW        COM             70322A101     18961.   1898000. SH       SOLE          1344500.       0.  553500.
PETRO-CDA                      COM             71644E102     61021.   1522102. SH       SOLE           380002.       0. 1142100.
PFIZER INC                     COM             717081103      1210.     51900. SH       SOLE            51900.       0.       0.
PIONEER COS INC                COM NEW         723643300     37969.   1266900. SH       SOLE           941000.       0.  325900.
PITNEY BOWES INC               COM             724479100      1703.     40300. SH       SOLE            40300.       0.       0.
PLUM CREEK TIMBER CO INC       COM             729251108    121100.   3359235. SH       SOLE          2954197.       0.  405038.
PRINCIPAL FINANCIAL GROUP IN   COM             74251V102    351403.   7408875. SH       SOLE          5673475.       0. 1735400.
PRUDENTIAL FINL INC            COM             744320102    332896.   4548380. SH       SOLE          3200880.       0. 1347500.
PUBLIC SVC ENTERPRISE GROUP    COM             744573106    376949.   5801900. SH       SOLE          4002500.       0. 1799400.
PULTE HOMES INC                COM             745867101     87021.   2210889. SH       SOLE           551789.       0. 1659100.
R H DONNELLEY CORP             COM NEW         74955W307     41366.    671300. SH       SOLE           579100.       0.   92200.
RAYTHEON CO                    COM NEW         755111507    295474.   7359258. SH       SOLE          5713858.       0. 1645400.
SPDR TR                        UNIT SER 1      78462F103       324.      2600. SH       SOLE             2600.       0.       0.
SPX CORP                       COM             784635104    289701.   6329500. SH       SOLE          5732200.       0.  597300.
SAFEWAY INC                    COM NEW         786514208    218972.   9254931. SH       SOLE          5639731.       0. 3615200.
ST JOE CO                      COM             790148100    297099.   4419800. SH       SOLE          3514200.       0.  905600.
ST PAUL TRAVELERS INC          COM             792860108    688674.  15416919. SH       SOLE         10861001.       0. 4555918.
SARA LEE CORP                  COM             803111103    196817.  10413596. SH       SOLE          6948896.       0. 3464700.
SAXON CAP INC NEW              COM             80556T106     48184.   4252784. SH       SOLE          4141584.       0.  111200.
SCS TRANSN INC                 COM             81111T102     19777.    930703. SH       SOLE           682803.       0.  247900.
SOUTHERN UN CO NEW             COM             844030106     83108.   3517044. SH       SOLE          3081828.       0.  435217.
SPHERION CORP                  COM             848420105     45610.   4556400. SH       SOLE          3231600.       0. 1324800.
SUNTERRA CORP                  COM NEW         86787D208     21101.   1483888. SH       SOLE          1043988.       0.  439900.
TENET HEALTHCARE CORP          COM             88033G100    293253.  38283730. SH       SOLE         30052130.       0. 8231600.
TESORO CORP                    COM             881609101    275955.   4483430. SH       SOLE          4089630.       0.  393800.
THOMAS PPTYS GROUP INC         COM             884453101      8350.    668000. SH       SOLE           473500.       0.  194500.
TIMBERLAND BANCORP INC         COM             887098101      2524.    107600. SH       SOLE            92800.       0.   14800.
TIME WARNER INC                COM             887317105      5404.    309850. SH       SOLE           309850.       0.       0.
TOLL BROTHERS INC              COM             889478103     71532.   2065000. SH       SOLE          2011800.       0.   53200.
TRONOX INC                     CL A            897051108      5173.    395800. SH       SOLE           278200.       0.  117600.
TYCO INTL LTD NEW              COM             902124106    789320.  27349982. SH       SOLE         19025182.       0. 8324800.
UNILEVER PLC                   SPON ADR NEW    904767704    382921.   9544389. SH       SOLE          6530389.       0. 3014000.
UNION PAC CORP                 COM             907818108     31407.    390100. SH       SOLE           390100.       0.       0.
UNIONBANCAL CORP               COM             908906100    216566.   3151425. SH       SOLE          2577025.       0.  574400.
UNITED AMER INDEMNITY LTD      CL A            90933T109     32470.   1768519. SH       SOLE          1243232.       0.  525287.
UNUMPROVIDENT CORP             COM             91529Y106    565159.  24842170. SH       SOLE         22738570.       0. 2103600.
VALASSIS COMMUNICATIONS INC    COM             918866104    141678.   4873700. SH       SOLE          4312800.       0.  560900.
VALERO ENERGY CORP NEW         COM             91913Y100       237.      4600. SH       SOLE             4600.       0.       0.
WCI CMNTYS INC                 COM             92923C104    163164.   6076880. SH       SOLE          4698280.       0. 1378600.
WAL MART STORES INC            COM             931142103     10399.    222200. SH       SOLE           222200.       0.       0.
WARNACO GROUP INC              COM NEW         934390402     72018.   2695300. SH       SOLE          1783900.       0.  911400.
WASHINGTON MUT INC             COM             939322103    219374.   5043074. SH       SOLE          3341028.       0. 1702046.
WASTE MGMT INC DEL             COM             94106L109    297730.   9809886. SH       SOLE          6894468.       0. 2915418.
WEYERHAEUSER CO                COM             962166104    231254.   3485896. SH       SOLE          2349796.       0. 1136100.
WYETH                          COM             983024100      6920.    150200. SH       SOLE           150200.       0.       0.
YUM BRANDS INC                 COM             988498101    293550.   6261728. SH       SOLE          4907328.       0. 1354400.
QUANTA CAPITAL HLDGS LTD       SHS             G7313F106      5618.   1101600. SH       SOLE           774200.       0.  327400.
HILFIGER TOMMY CORP            ORD             G8915Z102     14787.    910500. SH       SOLE           770900.       0.  139600.

</TABLE>

</TEXT>
</DOCUMENT>