<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>hw13f061.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, 2006

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      May 15, 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:

145

Form 13F Information Table Value Total:

$ 29,140,577 (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     33108.   5828840. SH       SOLE          4572740.       0. 1256100.
AGILE SOFTWARE CORP DEL        COM             00846X105      2937.    384940. SH       SOLE           268600.       0.  116340.
AGRIUM INC                     COM             008916108    131989.   5225200. SH       SOLE          4695700.       0.  529500.
ALASKA AIR GROUP INC           COM             011659109     30721.    866600. SH       SOLE           728300.       0.  138300.
ALBERTSONS INC                 COM             013104104    487192.  18979032. SH       SOLE         16632332.       0. 2346700.
ALCAN INC                      COM             013716105    169218.   3700369. SH       SOLE          2421969.       0. 1278400.
ALCOA INC                      COM             013817101    651379.  21314774. SH       SOLE         15091914.       0. 6222860.
ALEXANDER & BALDWIN INC        COM             014482103     84084.   1763500. SH       SOLE          1449100.       0.  314400.
ALLIANT ENERGY CORP            COM             018802108     29569.    939600. SH       SOLE           710400.       0.  229200.
ALLSTATE CORP                  COM             020002101     70587.   1354582. SH       SOLE           520582.       0.  834000.
ALLTEL CORP                    COM             020039103     38405.    593131. SH       SOLE           230331.       0.  362800.
ALPHA NATURAL RESOURCES INC    COM             02076X102     27974.   1208900. SH       SOLE           848600.       0.  360300.
ALTRIA GROUP INC               COM             02209S103    490124.   6916796. SH       SOLE          4951196.       0. 1965600.
AMERICAN HOME MTG INVT CORP    COM             02660R107     89196.   2857915. SH       SOLE          2783115.       0.   74800.
AMERICREDIT CORP               COM             03060R101     85383.   2778500. SH       SOLE          2600900.       0.  177600.
APARTMENT INVT & MGMT CO       CL A            03748R101    211212.   4503450. SH       SOLE          4130050.       0.  373400.
ARMOR HOLDINGS INC             COM             042260109      4395.     75400. SH       SOLE            68600.       0.    6800.
ASHLAND INC NEW                COM             044209104    161330.   2269700. SH       SOLE          2269700.       0.       0.
ASSURANT INC                   COM             04621X108    273987.   5563188. SH       SOLE          4447388.       0. 1115800.
BJS WHOLESALE CLUB INC         COM             05548J106    145885.   4629800. SH       SOLE          4196900.       0.  432900.
BMC SOFTWARE INC               COM             055921100    639794.  29538040. SH       SOLE         26871640.       0. 2666400.
BANK OF AMERICA CORPORATION    COM             060505104    328606.   7215761. SH       SOLE          5115295.       0. 2100466.
BEARINGPOINT INC               COM             074002106     90649.  10677100. SH       SOLE          9482700.       0. 1194400.
BEAZER HOMES USA INC           COM             07556Q105     38744.    589713. SH       SOLE           411913.       0.  177800.
BOWNE & CO INC                 COM             103043105     48851.   2930500. SH       SOLE          2058300.       0.  872200.
BROOKFIELD HOMES CORP          COM             112723101     22324.    430472. SH       SOLE           300536.       0.  129936.
CF INDS HLDGS INC              COM             125269100     63982.   3765860. SH       SOLE          2617260.       0. 1148600.
CIT GROUP INC                  COM             125581108      7680.    143500. SH       SOLE           143500.       0.       0.
CNA FINL CORP                  COM             126117100     69129.   2171124. SH       SOLE          2107324.       0.   63800.
CSX CORP                       COM             126408103    341188.   5705479. SH       SOLE          3736179.       0. 1969300.
CA INC                         COM             12673P105   1151268.  42310457. SH       SOLE         31276073.       0.11034384.
CALLAWAY GOLF CO               COM             131193104       249.     14500. SH       SOLE            14500.       0.       0.
CAPITAL LEASE FDG INC          COM             140288101     38073.   3433100. SH       SOLE          2765800.       0.  667300.
CENDANT CORP                   COM             151313103    548740.  31627665. SH       SOLE         22410465.       0. 9217200.
CENTEX CORP                    COM             152312104    394615.   6365778. SH       SOLE          3620378.       0. 2745400.
COMERICA INC                   COM             200340107     73955.   1275741. SH       SOLE           500641.       0.  775100.
COMSTOCK HOMEBUILDING COS IN   CL A            205684103      8173.    742300. SH       SOLE           521300.       0.  221000.
CONSECO INC                    COM NEW         208464883    210625.   8486082. SH       SOLE          6192882.       0. 2293200.
DOW JONES & CO INC             COM             260561105    123995.   3155100. SH       SOLE          3072900.       0.   82200.
EAGLE HOSPITALITY PPTY TR IN   COM             26959T102     11683.   1158992. SH       SOLE           810392.       0.  348600.
EASTMAN CHEM CO                COM             277432100    481404.   9406100. SH       SOLE          8516000.       0.  890100.
EASTMAN KODAK CO               COM             277461109    244156.   8584952. SH       SOLE          7107152.       0. 1477800.
EDO CORP                       COM             281347104     20194.    654600. SH       SOLE           458300.       0.  196300.
ELECTRONIC DATA SYS NEW        COM             285661104   1395252.  52003432. SH       SOLE         40044132.       0.11959300.
ENTERGY CORP NEW               COM             29364G103    299842.   4349313. SH       SOLE          3504413.       0.  844900.
F M C CORP                     COM NEW         302491303     44495.    717900. SH       SOLE           671100.       0.   46800.
FPL GROUP INC                  COM             302571104    843425.  21012079. SH       SOLE         16149779.       0. 4862300.
FEDERAL HOME LN MTG CORP       COM             313400301    641090.  10509677. SH       SOLE          7437577.       0. 3072100.
FIELDSTONE INVT CORP           COM             31659U300     41372.   3506060. SH       SOLE          2580560.       0.  925500.
FIRSTENERGY CORP               COM             337932107    183548.   3753529. SH       SOLE          2949131.       0.  804398.
FLOWSERVE CORP                 COM             34354P105    474301.   8129947. SH       SOLE          6657247.       0. 1472700.
FOOT LOCKER INC                COM             344849104    121559.   5090400. SH       SOLE          4962500.       0.  127900.
FOUNDATION COAL HLDGS INC      COM             35039W100     61002.   1482800. SH       SOLE          1016200.       0.  466600.
FREESCALE SEMICONDUCTOR INC    COM CL A        35687M107     51760.   1861200. SH       SOLE          1861200.       0.       0.
FURNITURE BRANDS INTL INC      COM             360921100     70127.   2861144. SH       SOLE          2468144.       0.  393000.
GENWORTH FINL INC              COM CL A        37247D106    793474.  23735377. SH       SOLE         17965777.       0. 5769600.
GOVERNMENT PPTYS TR INC        COM             38374W107     22655.   2374760. SH       SOLE          1959460.       0.  415300.
GRAY TELEVISION INC            COM             389375106      3151.    375100. SH       SOLE           171000.       0.  204100.
GROUP 1 AUTOMOTIVE INC         COM             398905109       456.      9592. SH       SOLE             9592.       0.       0.
HCA INC                        COM             404119109    255802.   5586407. SH       SOLE          3591707.       0. 1994700.
HANOVER INS GROUP INC          COM             410867105    405026.   7726550. SH       SOLE          6674750.       0. 1051800.
HARRAHS ENTMT INC              COM             413619107    514892.   6604562. SH       SOLE          5125437.       0. 1479125.
HARTFORD FINL SVCS GROUP INC   COM             416515104     70188.    871363. SH       SOLE           351463.       0.  519900.
HEWLETT PACKARD CO             COM             428236103      2060.     62600. SH       SOLE            62600.       0.       0.
HOME DEPOT INC                 COM             437076102    173244.   4095600. SH       SOLE          2912700.       0. 1182900.
IKON OFFICE SOLUTIONS INC      COM             451713101    220314.  15460600. SH       SOLE         13939800.       0. 1520800.
INTL PAPER CO                  COM             460146103     60724.   1756565. SH       SOLE           684265.       0. 1072300.
INTERPUBLIC GROUP COS INC      COM             460690100     72954.   7631201. SH       SOLE          3064301.       0. 4566900.
JP MORGAN CHASE & CO           COM             46625H100    637008.  15297993. SH       SOLE         10263853.       0. 5034140.
JAMESON INNS INC               COM             470457102     13940.   5689717. SH       SOLE          4127617.       0. 1562100.
JONES APPAREL GROUP INC        COM             480074103    396162.  11200500. SH       SOLE         10225600.       0.  974900.
KMG AMER CORP                  COM             482563103     13972.   1632300. SH       SOLE          1141400.       0.  490900.
KELLY SVCS INC                 CL A            488152208     62027.   2286300. SH       SOLE          1594100.       0.  692200.
KEYCORP NEW                    COM             493267108    240151.   6525833. SH       SOLE          5358133.       0. 1167700.
KRAFT FOODS INC                CL A            50075N104    344681.  11371873. SH       SOLE          7369073.       0. 4002800.
LENNAR CORP                    CL A            526057104    548622.   9086160. SH       SOLE          7823660.       0. 1262500.
LENNAR CORP                    CL B            526057302    164110.   2941560. SH       SOLE          2814600.       0.  126960.
LINCOLN NATL CORP IND          COM             534187109     57642.   1055900. SH       SOLE          1028500.       0.   27400.
LIVE NATION INC                COM             538034109     19437.    979700. SH       SOLE           681100.       0.  298600.
LOCKHEED MARTIN CORP           COM             539830109    633995.   8438645. SH       SOLE          6168245.       0. 2270400.
LODGIAN INC                    COM PAR $.01    54021P403     44288.   3188509. SH       SOLE          2383609.       0.  804900.
LOEWS CORP                     CAROLNA GP STK  540424207     33411.    706820. SH       SOLE           682820.       0.   24000.
LONGVIEW FIBRE CO              COM             543213102     50695.   1961900. SH       SOLE          1375900.       0.  586000.
LUBRIZOL CORP                  COM             549271104    100809.   2352600. SH       SOLE          2168200.       0.  184400.
LYON WILLIAM HOMES             COM             552074106     10008.    104600. SH       SOLE            73300.       0.   31300.
MI DEVS INC                    CL A SUB VTG    55304X104    241509.   6920040. SH       SOLE          6011040.       0.  909000.
MAGNA ENTMT CORP               CL A            559211107     29469.   4340100. SH       SOLE          3021200.       0. 1318900.
MAGNA INTL INC                 CL A            559222401    278038.   3673376. SH       SOLE          2793776.       0.  879600.
MCDONALDS CORP                 COM             580135101     37084.   1079283. SH       SOLE           414083.       0.  665200.
MERCK & CO INC                 COM             589331107    151333.   4295582. SH       SOLE          1706582.       0. 2589000.
METLIFE INC                    COM             59156R108    736439.  15225110. SH       SOLE         10963810.       0. 4261300.
MICROSOFT CORP                 COM             594918104    427095.  15696265. SH       SOLE         11113765.       0. 4582500.
MILLER INDS INC TENN           COM NEW         600551204     23248.    911678. SH       SOLE           774778.       0.  136900.
MORTGAGEIT HLDGS INC           COM             61915Q108     26151.   2414680. SH       SOLE          1828880.       0.  585800.
MOSAIC CO                      COM             61945A107    279999.  19512157. SH       SOLE         12827457.       0. 6684700.
NEW CENTURY FINANCIAL CORP M   COM             6435EV108    216934.   4713900. SH       SOLE          4204200.       0.  509700.
NORTHROP GRUMMAN CORP          COM             666807102     82315.   1205377. SH       SOLE           449777.       0.  755600.
NOVELL INC                     COM             670006105     31120.   4052100. SH       SOLE          3677700.       0.  374400.
OVERSEAS SHIPHOLDING GROUP I   COM             690368105     34893.    728001. SH       SOLE           508401.       0.  219600.
PHH CORP                       COM NEW         693320202     54145.   2027888. SH       SOLE          1397818.       0.  630070.
PMA CAP CORP                   CL A            693419202      5193.    510100. SH       SOLE           359000.       0.  151100.
PATHMARK STORES INC NEW        COM             70322A101     19410.   1855600. SH       SOLE          1302900.       0.  552700.
PETRO-CDA                      COM             71644E102     83271.   1749767. SH       SOLE           630167.       0. 1119600.
PIONEER COS INC                COM NEW         723643300     33553.   1100100. SH       SOLE           797000.       0.  303100.
PLUM CREEK TIMBER CO INC       COM             729251108    131287.   3555035. SH       SOLE          3152797.       0.  402238.
PRINCIPAL FINANCIAL GROUP IN   COM             74251V102     36732.    752700. SH       SOLE           752700.       0.       0.
PRUDENTIAL FINL INC            COM             744320102    270177.   3563874. SH       SOLE          2534474.       0. 1029400.
PUBLIC SVC ENTERPRISE GROUP    COM             744573106    410701.   6413190. SH       SOLE          4559490.       0. 1853700.
PULTE HOMES INC                COM             745867101    236734.   6161731. SH       SOLE          3617331.       0. 2544400.
R H DONNELLEY CORP             COM NEW         74955W307     62923.   1080596. SH       SOLE           974994.       0.  105602.
RAYTHEON CO                    COM NEW         755111507    321823.   7020576. SH       SOLE          5534976.       0. 1485600.
RENT A CTR INC NEW             COM             76009N100      3906.    152800. SH       SOLE           139100.       0.   13700.
SPDR TR                        UNIT SER 1      78462F103       493.      3800. SH       SOLE             3800.       0.       0.
SPX CORP                       COM             784635104    338576.   6338000. SH       SOLE          5740300.       0.  597700.
SAFEWAY INC                    COM NEW         786514208    268537.  10690154. SH       SOLE          6766354.       0. 3923800.
ST JOE CO                      COM             790148100    342099.   5443966. SH       SOLE          4366966.       0. 1077000.
ST PAUL TRAVELERS INC          COM             792860108    707476.  16929305. SH       SOLE         12042987.       0. 4886318.
SARA LEE CORP                  COM             803111103    211849.  11848393. SH       SOLE          8208193.       0. 3640200.
SAXON CAP INC NEW              COM             80556T106     44370.   4249984. SH       SOLE          4138784.       0.  111200.
SOTHEBYS HLDGS INC             CL A            835898107      7260.    250000. SH       SOLE           174500.       0.   75500.
SOUTHERN UN CO NEW             COM             844030106     80731.   3251344. SH       SOLE          2816327.       0.  435016.
SPHERION CORP                  COM             848420105     23742.   2282900. SH       SOLE          1642800.       0.  640100.
SUNTERRA CORP                  COM NEW         86787D208     20646.   1445788. SH       SOLE          1007088.       0.  438700.
TENET HEALTHCARE CORP          COM             88033G100    297336.  40289401. SH       SOLE         31862501.       0. 8426900.
TESORO CORP                    COM             881609101    246267.   3603550. SH       SOLE          3285650.       0.  317900.
THOMAS PPTYS GROUP INC         COM             884453101      8980.    659800. SH       SOLE           466200.       0.  193600.
TIMBERLAND BANCORP INC         COM             887098101      3034.    107600. SH       SOLE            92800.       0.   14800.
TOLL BROTHERS INC              COM             889478103     79597.   2298500. SH       SOLE          2238700.       0.   59800.
TRIPLE CROWN MEDIA INC         COM             89675K102       188.     31940. SH       SOLE            11730.       0.   20210.
TRONOX INC                     CL A            897051108      6575.    387700. SH       SOLE           270300.       0.  117400.
TYCO INTL LTD NEW              COM             902124106    944982.  35155586. SH       SOLE         25038286.       0.10117300.
UNILEVER PLC                   SPON ADR NEW    904767704    436948.  10639104. SH       SOLE          7471204.       0. 3167900.
UNION PAC CORP                 COM             907818108     32280.    345800. SH       SOLE           345800.       0.       0.
UNIONBANCAL CORP               COM             908906100    228603.   3258306. SH       SOLE          2665606.       0.  592700.
UNITED AMER INDEMNITY LTD      CL A            90933T109     39597.   1729119. SH       SOLE          1204632.       0.  524487.
UNUMPROVIDENT CORP             COM             91529Y106    542076.  26468570. SH       SOLE         24130970.       0. 2337600.
VALASSIS COMMUNICATIONS INC    COM             918866104    151065.   5143500. SH       SOLE          4477000.       0.  666500.
WCI CMNTYS INC                 COM             92923C104    172227.   6190780. SH       SOLE          4765280.       0. 1425500.
WARNACO GROUP INC              COM NEW         934390402     68057.   2835700. SH       SOLE          1880400.       0.  955300.
WASHINGTON MUT INC             COM             939322103    232819.   5462668. SH       SOLE          3733722.       0. 1728946.
WASTE MGMT INC DEL             COM             94106L109    334864.   9486239. SH       SOLE          6750421.       0. 2735818.
WEYERHAEUSER CO                COM             962166104    271808.   3752699. SH       SOLE          2611999.       0. 1140700.
YUM BRANDS INC                 COM             988498101    348596.   7134587. SH       SOLE          5650787.       0. 1483800.
QUANTA CAPITAL HLDGS LTD       SHS             G7313F106      4606.   1535300. SH       SOLE          1073100.       0.  462200.
HILFIGER TOMMY CORP            ORD             G8915Z102      8388.    509300. SH       SOLE           369700.       0.  139600.

</TABLE>

</TEXT>
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