<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>hw13f101.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, 2010

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

Signature, Place and Date of Signing:

/s/ Tina H. Kodama	  Los Angeles, CA      May 13, 2010


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:

152

Form 13F Information Table Value Total:

$15,304,884 (thousands)

List of Other Included Managers:

None

<TABLE>
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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

ADVANCED MICRO DEVICES INC     NOTE 6.000% 5/0 007903AL1       964.   1000000. PN       SOLE          1000000.       0.       0.
AIR T INC                      COM             009207101       270.     23700. SH       SOLE            23700.       0.       0.
ALLSTATE CORP                  COM             020002101    245015.   7583253. SH       SOLE          4005900.       0. 3577353.
AMERICAN EXPRESS CO            COM             025816109     36036.    873399. SH       SOLE           228400.       0.  644999.
ARVINMERITOR INC SR NT CONV    NOTE 4.000% 4/1 043353AH4       424.    500000. PN       SOLE           500000.       0.       0.
ASSOCIATED BANC CORP           COM             045487105     15943.   1158674. SH       SOLE           418500.       0.  740174.
BANK OF AMERICA CORPORATION    COM             060505104    543787.  30464276. SH       SOLE         14998924.       0.15465352.
BOEING CO                      COM             097023105     70163.    966296. SH       SOLE           485400.       0.  480896.
BRISTOL MYERS SQUIBB CO        COM             110122108    260978.   9774452. SH       SOLE          4939200.       0. 4835252.
CNA FINL CORP                  COM             126117100     39642.   1483624. SH       SOLE          1169824.       0.  313800.
CVS CAREMARK CORPORATION       COM             126650100     37633.   1029337. SH       SOLE           268300.       0.  761037.
CA INC                         COM             12673P105    542859.  23129922. SH       SOLE         12882192.       0.10247730.
CAPLEASE INC                   COM             140288101     12002.   2162600. SH       SOLE           742900.       0. 1419700.
CAPITAL ONE FINL CORP          COM             14040H105    171594.   4143782. SH       SOLE          2281000.       0. 1862782.
CARNIVAL CORP                  PAIRED CTF      143658300     44871.   1154090. SH       SOLE           305800.       0.  848290.
CARPENTER TECHNOLOGY CORP      COM             144285103      1237.     33800. SH       SOLE            14400.       0.   19400.
CELANESE CORP DEL              COM SER A       150870103     99713.   3130700. SH       SOLE          2126000.       0. 1004700.
CITIGROUP INC                  COM             172967101    314111.  77558350. SH       SOLE         38168460.       0.39389890.
CITIGROUP INC PFD              UNIT 99/99/9999 172967416       914.      7500. SH       SOLE             7500.       0.       0.
CITY NATL CORP                 COM             178566105      1544.     28600. SH       SOLE                0.       0.   28600.
COBALT INTL ENERGY INC         COM             19075F106     54646.   4018100. SH       SOLE          3174600.       0.  843500.
COMCAST CORP NEW               CL A SPL        20030N200    263509.  14663822. SH       SOLE          7730400.       0. 6933422.
CON-WAY INC                    COM             205944101    136164.   3877104. SH       SOLE          2692300.       0. 1184804.
CONOCOPHILLIPS                 COM             20825C104    435896.   8518592. SH       SOLE          3806100.       0. 4712492.
CONSECO INC                    COM NEW         208464883     77328.  12432204. SH       SOLE          8303900.       0. 4128304.
CUMMINS INC                    COM             231021106    195679.   3158667. SH       SOLE          1561500.       0. 1597167.
DIAMOND HILL FINL TRNDS FD I   COM             25264C101       845.     91100. SH       SOLE            91100.       0.       0.
DISCOVER FINL SVCS             COM             254709108     39378.   2642800. SH       SOLE          2091700.       0.  551100.
EBAY INC                       COM             278642103     11931.    442402. SH       SOLE           115500.       0.  326902.
EDISON INTL                    COM             281020107    209542.   6132347. SH       SOLE          3382200.       0. 2750147.
EMBRAER-EMPRESA BRASILEIRA D   SP ADR COM SHS  29081M102    172795.   7211813. SH       SOLE          4288500.       0. 2923313.
EMPLOYERS HOLDINGS INC         COM             292218104     14131.    951593. SH       SOLE           345600.       0.  605993.
ENDO PHARMACEUTICALS HLDGS I   COM             29264F205     33476.   1413100. SH       SOLE           974900.       0.  438200.
ENTERGY CORP NEW               COM             29364G103     41563.    510914. SH       SOLE           132100.       0.  378814.
EXELON CORP                    COM             30161N101    451995.  10317171. SH       SOLE          5235400.       0. 5081771.
EXXON MOBIL CORP               COM             30231G102     58205.    868995. SH       SOLE           234900.       0.  634095.
FPL GROUP INC                  COM             302571104    183690.   3800754. SH       SOLE          1919250.       0. 1881504.
FEDEX CORP                     COM             31428X106     68748.    736061. SH       SOLE           188700.       0.  547361.
FIFTH THIRD BANCORP            COM             316773100     46749.   3447571. SH       SOLE          2727800.       0.  719771.
FIRST HORIZON NATL CORP        COM             320517105      7149.    508861. SH       SOLE           165766.       0.  343095.
FOREST OIL CORP                COM PAR $0.01   346091705      7095.    274800. SH       SOLE           217400.       0.   57400.
FORTUNE BRANDS INC             COM             349631101     34466.    710500. SH       SOLE           474600.       0.  235900.
FURNITURE BRANDS INTL INC      COM             360921100     11078.   1722872. SH       SOLE           658700.       0. 1064172.
GAP INC DEL                    COM             364760108    165837.   7176002. SH       SOLE          4269300.       0. 2906702.
GENWORTH FINL INC              COM CL A        37247D106    302884.  16514954. SH       SOLE          8930900.       0. 7584054.
GOODYEAR TIRE & RUBR CO        COM             382550101     54515.   4312900. SH       SOLE          2925300.       0. 1387600.
GREAT PLAINS ENERGY INC        COM             391164100     80845.   4353505. SH       SOLE          2854200.       0. 1499305.
GREAT PLAINS ENERGY INC        UNIT 06/15/2042 391164803       825.     13000. SH       SOLE            13000.       0.       0.
JOHN HANCOCK BK &THRIFT OPP    SH BEN INT NEW  409735206       575.     34200. SH       SOLE            34200.       0.       0.
HANOVER INS GROUP INC          COM             410867105     28739.    659000. SH       SOLE           408700.       0.  250300.
HARLEY DAVIDSON INC            COM             412822108     96395.   3434100. SH       SOLE          2261200.       0. 1172900.
HARTFORD FINL SVCS GROUP INC   COM             416515104     54154.   1905503. SH       SOLE          1055800.       0.  849703.
HAWK CORP                      CL A            420089104      5471.    280574. SH       SOLE           103900.       0.  176674.
HAYNES INTERNATIONAL INC       COM NEW         420877201     16386.    461200. SH       SOLE           185500.       0.  275700.
HEIDRICK & STRUGGLES INTL IN   COM             422819102     11223.    400389. SH       SOLE           143500.       0.  256889.
HEWLETT PACKARD CO             COM             428236103     48563.    913701. SH       SOLE           235300.       0.  678401.
HOME DEPOT INC                 COM             437076102    273408.   8451568. SH       SOLE          4068032.       0. 4383536.
HOME FED BANCORP INC MD        COM             43710G105      2481.    171000. SH       SOLE                0.       0.  171000.
HONEYWELL INTL INC             COM             438516106     51797.   1144188. SH       SOLE           539300.       0.  604888.
HUDSON HIGHLAND GROUP INC      COM             443792106     19922.   4548500. SH       SOLE          2654300.       0. 1894200.
HUNTINGTON BANCSHARES INC      COM             446150104     25950.   4814414. SH       SOLE          3808600.       0. 1005814.
HYPERCOM CORP                  COM             44913M105      6727.   1742700. SH       SOLE           690700.       0. 1052000.
INFOGROUP INC                  COM             45670G108     25558.   3276700. SH       SOLE          1390300.       0. 1886400.
INTERNATIONAL BUSINESS MACHS   COM             459200101    172828.   1347586. SH       SOLE           709300.       0.  638286.
INTERPUBLIC GROUP COS INC      COM             460690100    104820.  12598512. SH       SOLE          6224610.       0. 6373902.
JPMORGAN CHASE & CO            COM             46625H100    554593.  12393133. SH       SOLE          6120524.       0. 6272609.
JACK IN THE BOX INC            COM             466367109      2666.    113206. SH       SOLE            47900.       0.   65306.
JOHNSON & JOHNSON              COM             478160104     31988.    490613. SH       SOLE           126900.       0.  363713.
JONES APPAREL GROUP INC        COM             480074103    128683.   6765694. SH       SOLE          4338700.       0. 2426994.
KSW INC                        COM             48268R106       359.     98300. SH       SOLE            98300.       0.       0.
KAISER ALUMINUM CORP           COM PAR $0.01   483007704     23397.    606600. SH       SOLE           232000.       0.  374600.
KEYCORP NEW                    COM             493267108    114359.  14756004. SH       SOLE          9189573.       0. 5566431.
KINETIC CONCEPTS INC           COM NEW         49460W208     66198.   1384600. SH       SOLE           961600.       0.  423000.
KING PHARMACEUTICALS INC       COM             495582108     56748.   4825500. SH       SOLE          3538500.       0. 1287000.
KRAFT FOODS INC                CL A            50075N104     45285.   1497524. SH       SOLE           367100.       0. 1130424.
LAKES ENTMNT INC               COM             51206P109      1334.    580000. SH       SOLE           332100.       0.  247900.
LAWSON SOFTWARE INC NEW        COM             52078P102     21442.   3248800. SH       SOLE          1174100.       0. 2074700.
LIBERTY GLOBAL INC             COM SER A       530555101     27338.    937500. SH       SOLE           742200.       0.  195300.
LIFEPOINT HOSPITALS INC        COM             53219L109     21059.    571873. SH       SOLE           360100.       0.  211773.
LILLY ELI & CO                 COM             532457108    292828.   8084703. SH       SOLE          4039600.       0. 4045103.
LIMITED BRANDS INC             COM             532716107    198098.   8046229. SH       SOLE          4295400.       0. 3750829.
LOCKHEED MARTIN CORP           COM             539830109    325019.   3905544. SH       SOLE          1997200.       0. 1908344.
LORILLARD INC                  COM             544147101    101350.   1347029. SH       SOLE           750600.       0.  596429.
MI DEVS INC                    CL A SUB VTG    55304X104     56904.   4363800. SH       SOLE          3070700.       0. 1293100.
MAGNA INTL INC                 CL A            559222401     38483.    622200. SH       SOLE           492600.       0.  129600.
MANPOWER INC                   COM             56418H100     80391.   1407400. SH       SOLE          1022800.       0.  384600.
MARATHON OIL CORP              COM             565849106     23976.    757780. SH       SOLE           197600.       0.  560180.
MARSHALL & ILSLEY CORP NEW     COM             571837103      7737.    961112. SH       SOLE           307000.       0.  654112.
MAXIM INTEGRATED PRODS INC     COM             57772K101      1840.     94900. SH       SOLE            94900.       0.       0.
MCDONALDS CORP                 COM             580135101     24852.    372480. SH       SOLE            89900.       0.  282580.
MERCK & CO INC NEW             COM             58933Y105    111749.   2991935. SH       SOLE          1468782.       0. 1523153.
METLIFE INC                    COM             59156R108    202130.   4663815. SH       SOLE          2439931.       0. 2223884.
MICROSOFT CORP                 COM             594918104    279339.   9537653. SH       SOLE          4709850.       0. 4827803.
MILLER INDS INC TENN           COM NEW         600551204     21310.   1714398. SH       SOLE           940198.       0.  774200.
MIRANT CORP NEW                COM             60467R100     23632.   2176050. SH       SOLE          1439000.       0.  737050.
NATIONAL SEMICONDUCTOR CORP    COM             637640103     31537.   2181000. SH       SOLE          1711800.       0.  469200.
NESS TECHNOLOGIES INC          COM             64104X108      7202.   1141400. SH       SOLE           422800.       0.  718600.
NORTHROP GRUMMAN CORP          COM             666807102    202677.   3091000. SH       SOLE          1533000.       0. 1558000.
NOVELL INC                     COM             670006105     33266.   5544400. SH       SOLE          3757900.       0. 1786500.
ON SEMICONDUCTOR CORP          COM             682189105     33926.   4240800. SH       SOLE          2902300.       0. 1338500.
ORACLE CORP                    COM             68389X105     48621.   1891137. SH       SOLE           494900.       0. 1396237.
OVERHILL FARMS INC             COM             690212105     11602.   1990100. SH       SOLE          1151800.       0.  838300.
PG&E CORP                      COM             69331C108     13044.    307500. SH       SOLE           243300.       0.   64200.
PHH CORP                       COM NEW         693320202     71537.   3035100. SH       SOLE          1943700.       0. 1091400.
PMA CAP CORP                   CL A            693419202      3654.    595100. SH       SOLE           235000.       0.  360100.
PNC FINL SVCS GROUP INC        COM             693475105    197068.   3300964. SH       SOLE          1631895.       0. 1669069.
PPG INDS INC                   COM             693506107    256594.   3923453. SH       SOLE          2152700.       0. 1770753.
PACCAR INC                     COM             693718108    366645.   8459727. SH       SOLE          4375600.       0. 4084127.
PENNEY J C INC                 COM             708160106    250450.   7785192. SH       SOLE          3944900.       0. 3840292.
PFIZER INC                     COM             717081103    105809.   6169650. SH       SOLE          3245100.       0. 2924550.
PHILIP MORRIS INTL INC         COM             718172109    240225.   4605544. SH       SOLE          2299006.       0. 2306538.
PORTLAND GEN ELEC CO           COM NEW         736508847     71627.   3709300. SH       SOLE          2515100.       0. 1194200.
PRUDENTIAL FINL INC            COM             744320102     50862.    840690. SH       SOLE           217400.       0.  623290.
QUIKSILVER INC                 COM             74838C106     19404.   4102300. SH       SOLE          1601700.       0. 2500600.
RPM INTL INC                   COM             749685103     15954.    747600. SH       SOLE           496300.       0.  251300.
REGIONS FINANCIAL CORP NEW     COM             7591EP100    149919.  19097900. SH       SOLE         13149400.       0. 5948500.
RENT A CTR INC NEW             COM             76009N100     83688.   3538585. SH       SOLE          2475200.       0. 1063385.
ROYAL DUTCH SHELL PLC          SPON ADR B      780259107    556313.  10054447. SH       SOLE          4939800.       0. 5114647.
SAFEWAY INC                    COM NEW         786514208    356790.  14351983. SH       SOLE          8089900.       0. 6262083.
STONE ENERGY CORP              COM             861642106     58064.   3271200. SH       SOLE          2125400.       0. 1145800.
SUNTRUST BKS INC               COM             867914103     76168.   2843155. SH       SOLE          1665000.       0. 1178155.
SUPERVALU INC                  COM             868536103     25579.   1533500. SH       SOLE          1214500.       0.  319000.
SUSQUEHANNA BANCSHARES INC P   COM             869099101      5164.    526444. SH       SOLE           189300.       0.  337144.
SYMANTEC CORP                  COM             871503108     11228.    663300. SH       SOLE           519100.       0.  144200.
SYMETRA FINL CORP              COM             87151Q106     13289.   1008300. SH       SOLE           363000.       0.  645300.
SYNOVUS FINL CORP              COM             87161C105      5891.   1790429. SH       SOLE           645700.       0. 1144729.
TERRITORIAL BANCORP INC        COM             88145X108       310.     16300. SH       SOLE             5700.       0.   10600.
TIME WARNER CABLE INC          COM             88732J207    109770.   2059080. SH       SOLE           984200.       0. 1074880.
TRAVELERS COMPANIES INC        COM             89417E109     77835.   1443001. SH       SOLE           780500.       0.  662501.
TREE COM INC                   COM             894675107      1004.    109700. SH       SOLE           109700.       0.       0.
UFP TECHNOLOGIES INC           COM             902673102      1951.    188700. SH       SOLE           188700.       0.       0.
UNITED AMER INDEMNITY LTD      CL A            90933T109     30056.   3140696. SH       SOLE          1265894.       0. 1874802.
U STORE IT TR                  COM             91274F104     11333.   1573968. SH       SOLE           565500.       0. 1008468.
UNIVERSAL STAINLESS & ALLOY    COM             913837100      3636.    151543. SH       SOLE            46100.       0.  105443.
UNUM GROUP                     COM             91529Y106     52727.   2128650. SH       SOLE          1310550.       0.  818100.
VALASSIS COMMUNICATIONS INC    COM             918866104    173282.   6226431. SH       SOLE          4404300.       0. 1822131.
VODAFONE GROUP PLC NEW         SPONS ADR NEW   92857W209    377612.  16199569. SH       SOLE          7798200.       0. 8401369.
WAL MART STORES INC            COM             931142103     32043.    576316. SH       SOLE           141200.       0.  435116.
WALTER INVT MGMT CORP          COM             93317W102      5448.    340500. SH       SOLE           122700.       0.  217800.
WARNACO GROUP INC              COM NEW         934390402      3531.     74000. SH       SOLE                0.       0.   74000.
WEBSTER FINL CORP CONN         COM             947890109     20649.   1180597. SH       SOLE           327600.       0.  852997.
WEIGHT WATCHERS INTL INC NEW   COM             948626106     16206.    634800. SH       SOLE           406300.       0.  228500.
WELLS FARGO & CO NEW           COM             949746101    582926.  18731551. SH       SOLE          9076305.       0. 9655246.
WESTAR ENERGY INC              COM             95709T100     44221.   1983000. SH       SOLE          1289500.       0.  693500.
WESTWOOD ONE INC               COM NEW         961815305       169.     21319. SH       SOLE            11418.       0.    9901.
WISCONSIN ENERGY CORP          COM             976657106     76788.   1554100. SH       SOLE          1119300.       0.  434800.
WRIGHT EXPRESS CORP            COM             98233Q105      3607.    119748. SH       SOLE            43200.       0.   76548.
ZIMMER HLDGS INC               COM             98956P102     13027.    220052. SH       SOLE            56700.       0.  163352.
ACCENTURE PLC IRELAND          SHS CLASS A     G1151C101     24114.    574825. SH       SOLE           146800.       0.  428025.
XL CAP LTD                     CL A            G98255105    246394.  13036721. SH       SOLE          7031500.       0. 6005221.
TYCO INTERNATIONAL LTD         SHS             H89128104    191523.   5007148. SH       SOLE          2183500.       0. 2823648.
TYCO ELECTRONICS LTD SWITZER   SHS             H8912P106    400177.  14562498. SH       SOLE          7924000.       0. 6638498.

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