<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>hw13f081.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, 2008

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 14, 2008


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:

125

Form 13F Information Table Value Total:

$20,247,413 (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

ALCATEL-LUCENT                 SPONSORED ADR   013904305    207167.  35966560. SH       SOLE         24390800.       0.11575760.
ALEXANDER & BALDWIN INC        COM             014482103     24284.    563700. SH       SOLE           459800.       0.  103900.
ALTRIA GROUP INC               COM             02209S103     70272.   3165401. SH       SOLE          2090101.       0. 1075300.
AMERICAN EXPRESS CO            COM             025816109     39502.    903520. SH       SOLE           438700.       0.  464820.
ASBURY AUTOMOTIVE GROUP INC    COM             043436104      4227.    307178. SH       SOLE           159678.       0.  147500.
ASHLAND INC NEW                COM             044209104     52068.   1100800. SH       SOLE           806300.       0.  294500.
ASTRAZENECA PLC                SPONSORED ADR   046353108    356355.   9380220. SH       SOLE          6100600.       0. 3279620.
AUTONATION INC                 COM             05329W102    203385.  13586200. SH       SOLE         11701500.       0. 1884700.
BJS WHOLESALE CLUB INC         COM             05548J106      8351.    234000. SH       SOLE           120700.       0.  113300.
BMC SOFTWARE INC               COM             055921100    294006.   9040788. SH       SOLE          7806588.       0. 1234200.
BANK OF AMERICA CORPORATION    COM             060505104    534467.  14098323. SH       SOLE          9216812.       0. 4881511.
BAUER EDDIE HLDGS INC          COM             071625107       325.     83500. SH       SOLE            45600.       0.   37900.
BEAZER HOMES USA INC           COM             07556Q105     35379.   3743808. SH       SOLE          2766708.       0.  977100.
BOWNE & CO INC                 COM             103043105      1790.    117400. SH       SOLE                0.       0.  117400.
BRISTOL MYERS SQUIBB CO        COM             110122108    275151.  12917880. SH       SOLE          8310600.       0. 4607280.
CIT GROUP INC                  COM             125581108      8928.    753400. SH       SOLE           665200.       0.   88200.
CNA FINL CORP                  COM             126117100     47578.   1844824. SH       SOLE          1658924.       0.  185900.
CA INC                         COM             12673P105   1043037.  46357218. SH       SOLE         32188619.       0.14168599.
CALIFORNIA COASTAL CMNTYS IN   COM NEW         129915203      4292.    886874. SH       SOLE           525174.       0.  361700.
CAPLEASE INC                   COM             140288101     31724.   4082900. SH       SOLE          2408800.       0. 1674100.
CAPITAL ONE FINL CORP          COM             14040H105    136652.   2776360. SH       SOLE          1979200.       0.  797160.
CENTEX CORP                    COM             152312104    420170.  17355240. SH       SOLE         11087100.       0. 6268140.
CHEVRON CORP NEW               COM             166764100     17798.    208500. SH       SOLE           144000.       0.   64500.
CITADEL BROADCASTING CORP      COM             17285T106     37933.  22851100. SH       SOLE         20389800.       0. 2461300.
CITIGROUP INC                  COM             172967101    442637.  20664660. SH       SOLE         13459300.       0. 7205360.
COMERICA INC                   COM             200340107    257321.   7335260. SH       SOLE          5485500.       0. 1849760.
CON-WAY INC                    COM             205944101     78004.   1576478. SH       SOLE          1297478.       0.  279000.
CONSECO INC                    COM NEW         208464883    154867.  15183040. SH       SOLE         11312300.       0. 3870740.
DISCOVER FINL SVCS             COM             254709108     33185.   2027200. SH       SOLE          1798300.       0.  228900.
DOW CHEM CO                    COM             260543103      1850.     50200. SH       SOLE            50200.       0.       0.
EASTMAN CHEM CO                COM             277432100    431598.   6911100. SH       SOLE          5763800.       0. 1147300.
ELECTRONIC DATA SYS NEW        COM             285661104    989501.  59429470. SH       SOLE         41068550.       0.18360920.
EMBRAER-EMPRESA BRASILEIRA D   SP ADR COM SHS  29081M102     76743.   1942380. SH       SOLE          1303600.       0.  638780.
EMPLOYERS HOLDINGS INC         COM             292218104     30289.   1633728. SH       SOLE           869328.       0.  764400.
ENTERGY CORP NEW               COM             29364G103    185135.   1697240. SH       SOLE          1015100.       0.  682140.
EXELON CORP                    COM             30161N101    313866.   3862020. SH       SOLE          2685900.       0. 1176120.
FPL GROUP INC                  COM             302571104    315095.   5022230. SH       SOLE          3773750.       0. 1248480.
FEDERAL HOME LN MTG CORP       COM             313400301    609373.  24066870. SH       SOLE         15587050.       0. 8479820.
FEDERAL NATL MTG ASSN          COM             313586109    166508.   6326300. SH       SOLE          4103200.       0. 2223100.
FEDEX CORP                     COM             31428X106    110448.   1191840. SH       SOLE           491000.       0.  700840.
FIRST HORIZON NATL CORP        COM             320517105     67653.   4828900. SH       SOLE          3923500.       0.  905400.
FOOT LOCKER INC                COM             344849104     62794.   5335100. SH       SOLE          4835400.       0.  499700.
FOUNDATION COAL HLDGS INC      COM             35039W100     25286.    502410. SH       SOLE           267900.       0.  234510.
GAP INC DEL                    COM             364760108    347686.  17666960. SH       SOLE         11572200.       0. 6094760.
GENWORTH FINL INC              COM CL A        37247D106    636899.  28131560. SH       SOLE         19672300.       0. 8459260.
GREAT ATLANTIC & PAC TEA INC   COM             390064103      4236.    161571. SH       SOLE            87258.       0.   74313.
GREAT PLAINS ENERGY INC        COM             391164100     83812.   3400100. SH       SOLE          2504000.       0.  896100.
GROUP 1 AUTOMOTIVE INC         COM             398905109      7612.    324200. SH       SOLE           188000.       0.  136200.
HANOVER INS GROUP INC          COM             410867105    199364.   4845990. SH       SOLE          3900890.       0.  945100.
HOME DEPOT INC                 COM             437076102    607291.  21712217. SH       SOLE         13965451.       0. 7746766.
HOME FED BANCORP INC MD        COM             43710G105      9000.    750000. SH       SOLE           414200.       0.  335800.
HUDSON HIGHLAND GROUP INC      COM             443792106     32271.   3810000. SH       SOLE          2659600.       0. 1150400.
IDEARC INC                     COM             451663108     53784.  14775760. SH       SOLE         11152700.       0. 3623060.
IKON OFFICE SOLUTIONS INC      COM             451713101     91923.  12095181. SH       SOLE         10132781.       0. 1962400.
INTERPUBLIC GROUP COS INC      COM             460690100    280170.  33313910. SH       SOLE         20378110.       0.12935800.
JP MORGAN CHASE & CO           COM             46625H100    482944.  11244320. SH       SOLE          7411160.       0. 3833160.
JOHNSON & JOHNSON              COM             478160104    133128.   2052220. SH       SOLE          1189300.       0.  862920.
JONES APPAREL GROUP INC        COM             480074103    229966.  17136100. SH       SOLE         14656800.       0. 2479300.
K-SWISS INC                    CL A            482686102      3813.    241000. SH       SOLE           124300.       0.  116700.
KELLY SVCS INC                 CL A            488152208     35528.   1728000. SH       SOLE           924600.       0.  803400.
KEYCORP NEW                    COM             493267108    100791.   4591860. SH       SOLE          3343600.       0. 1248260.
KORN FERRY INTL                COM NEW         500643200      6096.    360700. SH       SOLE           154900.       0.  205800.
LAWSON SOFTWARE INC NEW        COM             52078P102     12568.   1669000. SH       SOLE           898900.       0.  770100.
LENNAR CORP                    CL A            526057104     36489.   1939860. SH       SOLE          1437460.       0.  502400.
LENNAR CORP                    CL B            526057302     50832.   2946760. SH       SOLE          2737960.       0.  208800.
LEXINGTON REALTY TRUST         COM             529043101     14381.    998000. SH       SOLE           531800.       0.  466200.
LILLY ELI & CO                 COM             532457108    422844.   8196240. SH       SOLE          5324300.       0. 2871940.
LIMITED BRANDS INC             COM             532716107    329158.  19249000. SH       SOLE         14858200.       0. 4390800.
LIZ CLAIBORNE INC              COM             539320101      9868.    543700. SH       SOLE           453200.       0.   90500.
LODGIAN INC                    COM PAR $.01    54021P403     32687.   2931609. SH       SOLE          1960709.       0.  970900.
M D C HLDGS INC                COM             552676108      6698.    152956. SH       SOLE            79456.       0.   73500.
MI DEVS INC                    CL A SUB VTG    55304X104    152641.   5314800. SH       SOLE          4319900.       0.  994900.
MADDEN STEVEN LTD              COM             556269108      6150.    359043. SH       SOLE           189943.       0.  169100.
MAGNA INTL INC                 CL A            559222401     27056.    375000. SH       SOLE           344600.       0.   30400.
MANPOWER INC                   COM             56418H100     57408.   1020400. SH       SOLE           929800.       0.   90600.
METLIFE INC                    COM             59156R108    360625.   5984490. SH       SOLE          4144630.       0. 1839860.
MICROSOFT CORP                 COM             594918104    642839.  22651130. SH       SOLE         14685250.       0. 7965880.
MILLER INDS INC TENN           COM NEW         600551204     21414.   2223698. SH       SOLE          1577398.       0.  646300.
NATIONAL CITY CORP             COM             635405103    111416.  11197540. SH       SOLE          7529300.       0. 3668240.
NATIONAL SEMICONDUCTOR CORP    COM             637640103      3739.    204100. SH       SOLE           138400.       0.   65700.
NORTHROP GRUMMAN CORP          COM             666807102    273661.   3517040. SH       SOLE          2205800.       0. 1311240.
NOVELL INC                     COM             670006105     40012.   6361200. SH       SOLE          4977900.       0. 1383300.
ORACLE CORP                    COM             68389X105    109936.   5620440. SH       SOLE          2244400.       0. 3376040.
PHH CORP                       COM NEW         693320202     69300.   3975900. SH       SOLE          3191800.       0.  784100.
PMA CAP CORP                   CL A            693419202      7328.    858100. SH       SOLE           486100.       0.  372000.
PACIFIC SUNWEAR CALIF INC      COM             694873100     21661.   1717734. SH       SOLE           925434.       0.  792300.
PATNI COMPUTER SYS             SPONS ADR       703248203      5598.    489800. SH       SOLE           247200.       0.  242600.
PENNEY J C INC                 COM             708160106    170258.   4514920. SH       SOLE          2875900.       0. 1639020.
PFIZER INC                     COM             717081103    379771.  18144800. SH       SOLE         12051800.       0. 6093000.
PHILLIPS VAN HEUSEN CORP       COM             718592108     12525.    330300. SH       SOLE           171100.       0.  159200.
PORTLAND GEN ELEC CO           COM NEW         736508847     55561.   2463900. SH       SOLE          1783600.       0.  680300.
PULTE HOMES INC                COM             745867101    127880.   8788980. SH       SOLE          6223900.       0. 2565080.
QUIKSILVER INC                 COM             74838C106     18303.   1865700. SH       SOLE           976100.       0.  889600.
R H DONNELLEY CORP             COM NEW         74955W307     26039.   5146126. SH       SOLE          3085259.       0. 2060867.
RENT A CTR INC NEW             COM             76009N100     87153.   4749500. SH       SOLE          4201300.       0.  548200.
ROYAL DUTCH SHELL PLC          SPON ADR B      780259107    467059.   6931720. SH       SOLE          4642800.       0. 2288920.
RUSS BERRIE & CO               COM             782233100      5458.    388200. SH       SOLE           216900.       0.  171300.
SAFEWAY INC                    COM NEW         786514208    202996.   6916400. SH       SOLE          4899000.       0. 2017400.
SANMINA SCI CORP               COM             800907107        18.     10818. SH       SOLE            10818.       0.       0.
SCHERING PLOUGH CORP           COM             806605101     91544.   6352840. SH       SOLE          2621600.       0. 3731240.
SOTHEBYS                       COM             835898107      3735.    129200. SH       SOLE            65300.       0.   63900.
SPHERION CORP                  COM             848420105      9021.   1474030. SH       SOLE           850230.       0.  623800.
SUNOCO INC                     COM             86764P109    188490.   3592340. SH       SOLE          2480300.       0. 1112040.
TELLABS INC                    COM             879664100     20381.   3739600. SH       SOLE          3102100.       0.  637500.
TRAVELERS COMPANIES INC        COM             89417E109    111958.   2339780. SH       SOLE           980700.       0. 1359080.
TRONOX INC                     CL A            897051108      2036.    510300. SH       SOLE           228900.       0.  281400.
TRONOX INC                     COM CL B        897051207      2930.    751401. SH       SOLE           363201.       0.  388200.
UNIONBANCAL CORP               COM             908906100     61075.   1244400. SH       SOLE          1124200.       0.  120200.
UNISYS CORP                    COM             909214108      6837.   1543300. SH       SOLE          1322000.       0.  221300.
UNITED AMER INDEMNITY LTD      CL A            90933T109     19849.   1030568. SH       SOLE           558149.       0.  472419.
U STORE IT TR                  COM             91274F104     25296.   2232623. SH       SOLE          1180623.       0. 1052000.
UNUM GROUP                     COM             91529Y106    463573.  21061920. SH       SOLE         15939100.       0. 5122820.
VALASSIS COMMUNICATIONS INC    COM             918866104     61300.   5649800. SH       SOLE          4148300.       0. 1501500.
WACHOVIA CORP NEW              COM             929903102    619193.  22933080. SH       SOLE         14899400.       0. 8033680.
WAL MART STORES INC            COM             931142103    441196.   8375020. SH       SOLE          5466400.       0. 2908620.
WARNACO GROUP INC              COM NEW         934390402     34861.    883900. SH       SOLE           470500.       0.  413400.
WASHINGTON MUT INC             COM             939322103    588961.  57180672. SH       SOLE         37532746.       0.19647926.
WEBSTER FINL CORP CONN         COM             947890109     19626.    704200. SH       SOLE           357600.       0.  346600.
WESTWOOD ONE INC               COM             961815107     21136.  10064748. SH       SOLE          6227848.       0. 3836900.
WET SEAL INC                   CL A            961840105     10935.   3225600. SH       SOLE          1721000.       0. 1504600.
COVIDIEN LTD                   COM             G2552X108    265066.   5990203. SH       SOLE          3831372.       0. 2158831.
QUANTA CAPITAL HLDGS LTD       SHS             G7313F106       322.    186000. SH       SOLE           186000.       0.       0.
TYCO INTL LTD BERMUDA          SHS             G9143X208    505585.  11477518. SH       SOLE          7381247.       0. 4096271.
TYCO ELECTRONICS LTD           COM NEW         G9144P105    509374.  14841898. SH       SOLE          9653547.       0. 5188351.
XL CAP LTD                     CL A            G98255105    230495.   7800180. SH       SOLE          5519800.       0. 2280380.

 </TABLE>

</TEXT>
</DOCUMENT>