<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>hw13f094.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, 2009

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      February 11, 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:

155

Form 13F Information Table Value Total:

$14,168,183 (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

AIR T INC                      COM             009207101       192.     20300. SH       SOLE            20300.       0.       0.
ALCOA INC                      COM             013817101     26495.   1643599. SH       SOLE           456100.       0. 1187499.
ALCATEL-LUCENT                 SPONSORED ADR   013904305       704.    211900. SH       SOLE           211900.       0.       0.
ALLSTATE CORP                  COM             020002101    235638.   7844153. SH       SOLE          4288900.       0. 3555253.
AMERICAN EXPRESS CO            COM             025816109     45154.   1114366. SH       SOLE           316900.       0.  797466.
ASSOCIATED BANC CORP           COM             045487105      4898.    444874. SH       SOLE           159874.       0.  285000.
AUTONATION INC                 COM             05329W102       195.     10200. SH       SOLE            10200.       0.       0.
BMC SOFTWARE INC               COM             055921100       842.     21000. SH       SOLE            21000.       0.       0.
BANK OF AMERICA CORPORATION    COM             060505104    478986.  31805156. SH       SOLE         16406944.       0.15398212.
BLACK & DECKER CORP            COM             091797100     10866.    167600. SH       SOLE           133300.       0.   34300.
BOEING CO                      COM             097023105     55186.   1019502. SH       SOLE           509000.       0.  510502.
BRISTOL MYERS SQUIBB CO        COM             110122108    260076.  10300020. SH       SOLE          5383800.       0. 4916220.
CIT GROUP INC                  COM NEW         125581801     11299.    409238. SH       SOLE           327738.       0.   81500.
CNA FINL CORP                  COM             126117100     41953.   1748024. SH       SOLE          1382124.       0.  365900.
CA INC                         COM             12673P105    542916.  24172558. SH       SOLE         13816562.       0.10355996.
CAPLEASE INC                   COM             140288101     10320.   2356200. SH       SOLE           856900.       0. 1499300.
CAPITAL ONE FINL CORP          COM             14040H105     38110.    994000. SH       SOLE           792900.       0.  201100.
CARNIVAL CORP                  PAIRED CTF      143658300     40083.   1264848. SH       SOLE           367400.       0.  897448.
CARPENTER TECHNOLOGY CORP      COM             144285103     24929.    925000. SH       SOLE           367600.       0.  557400.
CELANESE CORP DEL              COM SER A       150870103     48728.   1518000. SH       SOLE          1017700.       0.  500300.
CITIGROUP INC                  COM             172967101    217276.  65642169. SH       SOLE         33367211.       0.32274958.
CITY NATL CORP                 COM             178566105      1304.     28600. SH       SOLE                0.       0.   28600.
COMCAST CORP NEW               CL A SPL        20030N200    250863.  15669160. SH       SOLE          8679200.       0. 6989960.
COMERICA INC                   COM             200340107     69442.   2348395. SH       SOLE          1473000.       0.  875395.
CON-WAY INC                    COM             205944101     79735.   2284004. SH       SOLE          1599604.       0.  684400.
CONOCOPHILLIPS                 COM             20825C104    407613.   7981466. SH       SOLE          3731500.       0. 4249966.
CONSECO INC                    COM NEW         208464883     62508.  12501604. SH       SOLE          8372004.       0. 4129600.
CUMMINS INC                    COM             231021106    244469.   5330775. SH       SOLE          2691900.       0. 2638875.
DIAMOND HILL FINL TRNDS FD I   COM             25264C101       718.     91100. SH       SOLE            91100.       0.       0.
EASTMAN CHEM CO                COM             277432100       795.     13200. SH       SOLE            13200.       0.       0.
EBAY INC                       COM             278642103     33689.   1431728. SH       SOLE           430600.       0. 1001128.
EDISON INTL                    COM             281020107    216348.   6220459. SH       SOLE          3516800.       0. 2703659.
EMBRAER-EMPRESA BRASILEIRA D   SP ADR COM SHS  29081M102    171669.   7764330. SH       SOLE          4696300.       0. 3068030.
EMPLOYERS HOLDINGS INC         COM             292218104     13321.    868393. SH       SOLE           314693.       0.  553700.
ENDO PHARMACEUTICALS HLDGS I   COM             29264F205     22340.   1088700. SH       SOLE           754700.       0.  334000.
ENTERGY CORP NEW               COM             29364G103     41805.    510818. SH       SOLE           145700.       0.  365118.
EXELON CORP                    COM             30161N101    412945.   8449867. SH       SOLE          4451300.       0. 3998567.
EXXON MOBIL CORP               COM             30231G102     10859.    159239. SH       SOLE            54500.       0.  104739.
FPL GROUP INC                  COM             302571104    205230.   3885461. SH       SOLE          2036750.       0. 1848711.
FEDEX CORP                     COM             31428X106     62553.    749592. SH       SOLE           213700.       0.  535892.
FIFTH THIRD BANCORP            COM             316773100     71256.   7308271. SH       SOLE          5825271.       0. 1483000.
FIRST HORIZON NATL CORP        COM             320517105     13375.    998114. SH       SOLE           326080.       0.  672034.
FOREST OIL CORP                COM PAR $0.01   346091705     28469.   1279500. SH       SOLE          1019200.       0.  260300.
FORTUNE BRANDS INC             COM             349631101     31536.    730000. SH       SOLE           493400.       0.  236600.
GAP INC DEL                    COM             364760108     64553.   3081270. SH       SOLE          1461200.       0. 1620070.
GENWORTH FINL INC              COM CL A        37247D106    206810.  18221154. SH       SOLE         10303900.       0. 7917254.
GOODYEAR TIRE & RUBR CO        COM             382550101     36919.   2618400. SH       SOLE          2087200.       0.  531200.
GREAT PLAINS ENERGY INC        COM             391164100     69723.   3595805. SH       SOLE          2315605.       0. 1280200.
GREAT PLAINS ENERGY INC        UNIT 06/15/2042 391164803      1313.     19900. SH       SOLE            19900.       0.       0.
JOHN HANCOCK BK &THRIFT OPP    SH BEN INT NEW  409735206       482.     34200. SH       SOLE            34200.       0.       0.
HANOVER INS GROUP INC          COM             410867105     37832.    851500. SH       SOLE           536400.       0.  315100.
HARLEY DAVIDSON INC            COM             412822108     39284.   1558900. SH       SOLE           965200.       0.  593700.
HAWK CORP                      CL A            420089104      4923.    279574. SH       SOLE           103374.       0.  176200.
HAYNES INTERNATIONAL INC       COM NEW         420877201     12024.    364800. SH       SOLE           132500.       0.  232300.
HEIDRICK & STRUGGLES INTL IN   COM             422819102     12464.    398989. SH       SOLE           142289.       0.  256700.
HEWLETT PACKARD CO             COM             428236103     47566.    923426. SH       SOLE           256200.       0.  667226.
HOME DEPOT INC                 COM             437076102    291606.  10079711. SH       SOLE          5129966.       0. 4949745.
HOME FED BANCORP INC MD        COM             43710G105      2276.    171000. SH       SOLE                0.       0.  171000.
HONEYWELL INTL INC             COM             438516106     51733.   1319720. SH       SOLE           674000.       0.  645720.
HUDSON HIGHLAND GROUP INC      COM             443792106     18227.   3837200. SH       SOLE          2386000.       0. 1451200.
HYATT HOTELS CORP              COM CL A        448579102      6451.    216400. SH       SOLE           173100.       0.   43300.
HYPERCOM CORP                  COM             44913M105      5501.   1735200. SH       SOLE           683200.       0. 1052000.
INFOGROUP INC                  COM             45670G108     26205.   3267500. SH       SOLE          1381100.       0. 1886400.
INTERNATIONAL BUSINESS MACHS   COM             459200101    105566.    806463. SH       SOLE           421100.       0.  385363.
INTERPUBLIC GROUP COS INC      COM             460690100    108256.  14668824. SH       SOLE          7705810.       0. 6963014.
JPMORGAN CHASE & CO            COM             46625H100    519223.  12460354. SH       SOLE          6413724.       0. 6046630.
JACK IN THE BOX INC            COM             466367109      8598.    437106. SH       SOLE           135206.       0.  301900.
JOHNSON & JOHNSON              COM             478160104     31981.    496522. SH       SOLE           138300.       0.  358222.
JONES APPAREL GROUP INC        COM             480074103    121365.   7556994. SH       SOLE          4934494.       0. 2622500.
KSW INC                        COM             48268R106       310.     84600. SH       SOLE            84600.       0.       0.
KEYCORP NEW                    COM             493267108    181721.  32742530. SH       SOLE         20299523.       0.12443007.
KINETIC CONCEPTS INC           COM NEW         49460W208     29668.    788000. SH       SOLE           552300.       0.  235700.
KING PHARMACEUTICALS INC       COM             495582108     80429.   6554900. SH       SOLE          4410800.       0. 2144100.
KORN FERRY INTL                COM NEW         500643200      4648.    281700. SH       SOLE           104300.       0.  177400.
KRAFT FOODS INC                CL A            50075N104     41904.   1541739. SH       SOLE           460700.       0. 1081039.
LAKES ENTMNT INC               COM             51206P109      1453.    579000. SH       SOLE           331100.       0.  247900.
LAWSON SOFTWARE INC NEW        COM             52078P102     17483.   2629000. SH       SOLE           899400.       0. 1729600.
LIBERTY GLOBAL INC             COM SER A       530555101     17764.    811500. SH       SOLE           645600.       0.  165900.
LIFEPOINT HOSPITALS INC        COM             53219L109     18980.    583473. SH       SOLE           371873.       0.  211600.
LILLY ELI & CO                 COM             532457108    314695.   8812528. SH       SOLE          4596800.       0. 4215728.
LIMITED BRANDS INC             COM             532716107    256919.  13353402. SH       SOLE          7904700.       0. 5448702.
LINCARE HLDGS INC              COM             532791100     38130.   1026800. SH       SOLE           698900.       0.  327900.
LOCKHEED MARTIN CORP           COM             539830109    306062.   4061865. SH       SOLE          2167100.       0. 1894765.
LORILLARD INC                  COM             544147101     99432.   1239337. SH       SOLE           679700.       0.  559637.
MI DEVS INC                    CL A SUB VTG    55304X104     53587.   4363800. SH       SOLE          3070700.       0. 1293100.
MAGNA INTL INC                 CL A            559222401     35887.    709500. SH       SOLE           564700.       0.  144800.
MANPOWER INC                   COM             56418H100     64061.   1173700. SH       SOLE           838800.       0.  334900.
MARSHALL & ILSLEY CORP NEW     COM             571837103      5218.    957412. SH       SOLE           304412.       0.  653000.
MAXIM INTEGRATED PRODS INC     COM             57772K101      1764.     86800. SH       SOLE            86800.       0.       0.
MCDONALDS CORP                 COM             580135101     25806.    413297. SH       SOLE           107400.       0.  305897.
MERCK & CO INC NEW             COM             58933Y105    143069.   3915395. SH       SOLE          1964449.       0. 1950946.
METLIFE INC                    COM             59156R108    160483.   4539837. SH       SOLE          2429641.       0. 2110196.
MICROSOFT CORP                 COM             594918104    286562.   9401652. SH       SOLE          4894550.       0. 4507102.
MILLER INDS INC TENN           COM NEW         600551204     16994.   1497298. SH       SOLE           847598.       0.  649700.
MIRANT CORP NEW                COM             60467R100     33384.   2186250. SH       SOLE          1449750.       0.  736500.
NATIONAL SEMICONDUCTOR CORP    COM             637640103     35749.   2327400. SH       SOLE          1855800.       0.  471600.
NESS TECHNOLOGIES INC          COM             64104X108      5592.   1138800. SH       SOLE           420200.       0.  718600.
NORTHROP GRUMMAN CORP          COM             666807102    197394.   3534353. SH       SOLE          1818100.       0. 1716253.
NOVELL INC                     COM             670006105     33527.   8078700. SH       SOLE          5273500.       0. 2805200.
ON SEMICONDUCTOR CORP          COM             682189105     32094.   3638800. SH       SOLE          2432700.       0. 1206100.
ORACLE CORP                    COM             68389X105     69839.   2847099. SH       SOLE           807100.       0. 2039999.
OVERHILL FARMS INC             COM             690212105      8726.   1795500. SH       SOLE          1050600.       0.  744900.
PG&E CORP                      COM             69331C108     23852.    534200. SH       SOLE           422000.       0.  112200.
PHH CORP                       COM NEW         693320202     50581.   3139700. SH       SOLE          2045600.       0. 1094100.
PMA CAP CORP                   CL A            693419202      3737.    593100. SH       SOLE           233000.       0.  360100.
PNC FINL SVCS GROUP INC        COM             693475105    229313.   4343871. SH       SOLE          2384424.       0. 1959447.
PPG INDS INC                   COM             693506107    235123.   4016453. SH       SOLE          2302400.       0. 1714053.
PACCAR INC                     COM             693718108    290730.   8015722. SH       SOLE          4294000.       0. 3721722.
PATNI COMPUTER SYS             SPONS ADR       703248203      1519.     74300. SH       SOLE                0.       0.   74300.
PENNEY J C INC                 COM             708160106    170077.   6391467. SH       SOLE          3416300.       0. 2975167.
PFIZER INC                     COM             717081103    121955.   6704495. SH       SOLE          3615800.       0. 3088695.
PHILIP MORRIS INTL INC         COM             718172109    217990.   4523549. SH       SOLE          2332606.       0. 2190943.
PORTLAND GEN ELEC CO           COM NEW         736508847     66010.   3234200. SH       SOLE          2153600.       0. 1080600.
PRUDENTIAL FINL INC            COM             744320102     43261.    869403. SH       SOLE           254700.       0.  614703.
QUIKSILVER INC                 COM             74838C106     14728.   7291300. SH       SOLE          3011800.       0. 4279500.
RPM INTL INC                   COM             749685103     32333.   1590400. SH       SOLE          1160400.       0.  430000.
REGIONS FINANCIAL CORP NEW     COM             7591EP100    122975.  23246700. SH       SOLE         16432600.       0. 6814100.
RENT A CTR INC NEW             COM             76009N100     78600.   4435685. SH       SOLE          3077985.       0. 1357700.
ROYAL DUTCH SHELL PLC          SPON ADR B      780259107    533931.   9185121. SH       SOLE          4729500.       0. 4455621.
SAFEWAY INC                    COM NEW         786514208    350316.  16454499. SH       SOLE          9305200.       0. 7149299.
SPHERION CORP                  COM             848420105      3196.    568700. SH       SOLE           206300.       0.  362400.
STONE ENERGY CORP              COM             861642106     30616.   1696200. SH       SOLE          1103900.       0.  592300.
SUN MICROSYSTEMS INC           COM NEW         866810203     28930.   3087500. SH       SOLE          2447400.       0.  640100.
SUNTRUST BKS INC               COM             867914103     68265.   3364474. SH       SOLE          2098100.       0. 1266374.
SUPERVALU INC                  COM             868536103     15016.   1181400. SH       SOLE           937300.       0.  244100.
SYMANTEC CORP                  COM             871503108     12709.    710400. SH       SOLE           566200.       0.  144200.
SYNOVUS FINL CORP              COM             87161C105      3655.   1783129. SH       SOLE           640729.       0. 1142400.
TERADATA CORP DEL              COM             88076W103      2043.     65000. SH       SOLE                0.       0.   65000.
TERRITORIAL BANCORP INC        COM             88145X108       292.     16200. SH       SOLE             5600.       0.   10600.
TEXAS INSTRS INC               COM             882508104       433.     16600. SH       SOLE            16600.       0.       0.
TIBCO SOFTWARE INC             COM             88632Q103      3128.    324800. SH       SOLE            71500.       0.  253300.
TIME WARNER CABLE INC          COM             88732J207     90029.   2175129. SH       SOLE          1030700.       0. 1144429.
TRAVELERS COMPANIES INC        COM             89417E109     73718.   1478501. SH       SOLE           829200.       0.  649301.
TREE COM INC                   COM             894675107      1004.    109700. SH       SOLE           109700.       0.       0.
UFP TECHNOLOGIES INC           COM             902673102       900.    138400. SH       SOLE           138400.       0.       0.
UNITED AMER INDEMNITY LTD      CL A            90933T109     27618.   3487096. SH       SOLE          1548475.       0. 1938621.
U STORE IT TR                  COM             91274F104     11484.   1568868. SH       SOLE           561068.       0. 1007800.
UNIVERSAL STAINLESS & ALLOY    COM             913837100      1796.     95243. SH       SOLE            39843.       0.   55400.
UNUM GROUP                     COM             91529Y106     45395.   2325550. SH       SOLE          1504050.       0.  821500.
VALASSIS COMMUNICATIONS INC    COM             918866104    122145.   6689231. SH       SOLE          4554031.       0. 2135200.
VODAFONE GROUP PLC NEW         SPONS ADR NEW   92857W209    338858.  14675532. SH       SOLE          7418400.       0. 7257132.
WAL MART STORES INC            COM             931142103     31094.    581731. SH       SOLE           157500.       0.  424231.
WALTER INVT MGMT CORP          COM             93317W102      3229.    225300. SH       SOLE            80800.       0.  144500.
WARNACO GROUP INC              COM NEW         934390402      3122.     74000. SH       SOLE                0.       0.   74000.
WEBSTER FINL CORP CONN         COM             947890109     13982.   1177897. SH       SOLE           325597.       0.  852300.
WEIGHT WATCHERS INTL INC NEW   COM             948626106      8649.    296600. SH       SOLE           207900.       0.   88700.
WELLS FARGO & CO NEW           COM             949746101    549127.  20345578. SH       SOLE         10398423.       0. 9947155.
WESTAR ENERGY INC              COM             95709T100     51266.   2360300. SH       SOLE          1542000.       0.  818300.
WESTWOOD ONE INC               COM NEW         961815305        96.     21319. SH       SOLE            11418.       0.    9901.
WISCONSIN ENERGY CORP          COM             976657106    129827.   2605400. SH       SOLE          1811500.       0.  793900.
ZIMMER HLDGS INC               COM             98956P102     34130.    577392. SH       SOLE           261500.       0.  315892.
ACCENTURE PLC IRELAND          SHS CLASS A     G1151C101     24188.    582843. SH       SOLE           161600.       0.  421243.
XL CAP LTD                     CL A            G98255105    256645.  14001362. SH       SOLE          7668300.       0. 6333062.
TYCO INTERNATIONAL LTD         SHS             H89128104    210159.   5890094. SH       SOLE          2895800.       0. 2994294.
TYCO ELECTRONICS LTD SWITZER   SHS             H8912P106    386505.  15743582. SH       SOLE          8839800.       0. 6903782.

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