<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>hw13f051.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, 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      May 9, 2005


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:

150

Form 13F Information Table Value Total:

$ 19,252,692 (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     38160.   4653600. SH       SOLE          3544300.       0. 1109300.
AETNA INC NEW                  COM             00817Y108    208328.   2779560. SH       SOLE          2083160.       0.  696400.
AGRIUM INC                     COM             008916108     37259.   2041600. SH       SOLE          1425500.       0.  616100.
AIRTRAN HLDGS INC              COM             00949P108     43178.   4771100. SH       SOLE          4423700.       0.  347400.
ALBERTSONS INC                 COM             013104104    387020.  18741911. SH       SOLE         15163111.       0. 3578800.
ALCOA INC                      COM             013817101    248352.   8172166. SH       SOLE          5361406.       0. 2810760.
ALEXANDER & BALDWIN INC        COM             014482103     70250.   1705100. SH       SOLE          1401600.       0.  303500.
ALLIANT ENERGY CORP            COM             018802108    177227.   6617900. SH       SOLE          5782500.       0.  835400.
ALLMERICA FINL CORP            COM             019754100    274292.   7629820. SH       SOLE          6512020.       0. 1117800.
ALLSTATE CORP                  COM             020002101    252112.   4663563. SH       SOLE          3074773.       0. 1588790.
ALLTEL CORP                    COM             020039103     15025.    273937. SH       SOLE            12937.       0.  261000.
ALTRIA GROUP INC               COM             02209S103    546676.   8360236. SH       SOLE          5933636.       0. 2426600.
AMERICAN ELEC PWR INC          COM             025537101     14033.    412000. SH       SOLE           412000.       0.       0.
AMERICAN FINL RLTY TR          COM             02607P305    107927.   7377100. SH       SOLE          6602500.       0.  774600.
AMERICAN HOME MTG INVT CORP    COM             02660R107     52033.   1816800. SH       SOLE          1774500.       0.   42300.
AMERICREDIT CORP               COM             03060R101     79626.   3397000. SH       SOLE          3182200.       0.  214800.
AMNET MORTGAGE INC             COM             03169A108      1639.    181900. SH       SOLE           181900.       0.       0.
APARTMENT INVT & MGMT CO       CL A            03748R101    195531.   5256200. SH       SOLE          4692100.       0.  564100.
ASHLAND INC                    COM             044204105     40043.    593500. SH       SOLE           575300.       0.   18200.
ASSURANT INC                   COM             04621X108    164515.   4881751. SH       SOLE          3851251.       0. 1030500.
BJS WHOLESALE CLUB INC         COM             05548J106     15810.    509000. SH       SOLE           349700.       0.  159300.
BMC SOFTWARE INC               COM             055921100    246098.  16406500. SH       SOLE         14723500.       0. 1683000.
BANK OF AMERICA CORPORATION    COM             060505104     32125.    728449. SH       SOLE            37249.       0.  691200.
BEARINGPOINT INC               COM             074002106    135095.  15404200. SH       SOLE         12821500.       0. 2582700.
BEAZER HOMES USA INC           COM             07556Q105    133157.   2670620. SH       SOLE          2395700.       0.  274920.
BOWNE & CO INC                 COM             103043105     40770.   2710800. SH       SOLE          1891100.       0.  819700.
BROOKFIELD HOMES CORP          COM             112723101      3757.     89000. SH       SOLE            89000.       0.       0.
BUCYRUS INTL INC NEW           CL A            118759109     10667.    273100. SH       SOLE           273100.       0.       0.
CIT GROUP INC                  COM             125581108    256818.   6758375. SH       SOLE          5391775.       0. 1366600.
CNA FINL CORP                  COM             126117100     61396.   2188024. SH       SOLE          2124224.       0.   63800.
CSX CORP                       COM             126408103    227296.   5457293. SH       SOLE          3147993.       0. 2309300.
CAESARS ENTMT INC              COM             127687101    241881.  12222380. SH       SOLE         11188580.       0. 1033800.
CALLAWAY GOLF CO               COM             131193104     16160.   1262500. SH       SOLE           882400.       0.  380100.
CAPITAL LEASE FDG INC          COM             140288101     27238.   2465000. SH       SOLE          2002700.       0.  462300.
CENDANT CORP                   COM             151313103    288581.  14049704. SH       SOLE          9495704.       0. 4554000.
CENTEX CORP                    COM             152312104    215576.   3764209. SH       SOLE          1779809.       0. 1984400.
CENTRAL FGHT LINES INC NEV     COM             153491105      4947.   1389700. SH       SOLE           921600.       0.  468100.
COMERICA INC                   COM             200340107     30452.    552876. SH       SOLE            25676.       0.  527200.
COMPUTER ASSOC INTL INC        COM             204912109    653831.  24126599. SH       SOLE         17732615.       0. 6393984.
COMPUWARE CORP                 COM             205638109      7527.   1045400. SH       SOLE           773600.       0.  271800.
CONCORD COMMUNICATIONS INC     COM             206186108     13339.   1318100. SH       SOLE           995800.       0.  322300.
CONSECO INC                    COM NEW         208464883    143044.   7005116. SH       SOLE          5177516.       0. 1827600.
DEL MONTE FOODS CO             COM             24522P103     97984.   9030800. SH       SOLE          8009200.       0. 1021600.
DELPHI CORP                    COM             247126105     96805.  21608153. SH       SOLE         19621618.       0. 1986535.
DEX MEDIA INC                  COM             25212E100     42021.   2034900. SH       SOLE          1979000.       0.   55900.
EASTMAN KODAK CO               COM             277461109    315299.   9686609. SH       SOLE          7827309.       0. 1859300.
ELECTRONIC DATA SYS NEW        COM             285661104    952134.  46063569. SH       SOLE         34986469.       0.11077100.
ENTERGY CORP NEW               COM             29364G103    236228.   3343165. SH       SOLE          2676265.       0.  666900.
F M C CORP                     COM NEW         302491303     39874.    746000. SH       SOLE           699100.       0.   46900.
FPL GROUP INC                  COM             302571104    666845.  16608852. SH       SOLE         12743252.       0. 3865600.
FEDERAL HOME LN MTG CORP       COM             313400301    385375.   6097705. SH       SOLE          4083405.       0. 2014300.
FIELDSTONE INVT CORP           COM             31659U300     53270.   3668700. SH       SOLE          2781800.       0.  886900.
FIRSTENERGY CORP               COM             337932107    463995.  11060672. SH       SOLE          8686674.       0. 2373998.
FOOT LOCKER INC                COM             344849104     59614.   2034600. SH       SOLE          1974500.       0.   60100.
FOUNDATION COAL HLDGS INC      COM             35039W100     32963.   1402100. SH       SOLE           944200.       0.  457900.
FREESCALE SEMICONDUCTOR INC    COM CL A        35687M107     77713.   4584865. SH       SOLE          2597065.       0. 1987800.
FURNITURE BRANDS INTL INC      COM             360921100     55380.   2539200. SH       SOLE          2196200.       0.  343000.
GIANT INDS INC                 COM             374508109     18368.    714700. SH       SOLE           506000.       0.  208700.
GOVERNMENT PPTYS TR INC        COM             38374W107     24694.   2479300. SH       SOLE          2063600.       0.  415700.
GROUP 1 AUTOMOTIVE INC         COM             398905109     21027.    799500. SH       SOLE           563500.       0.  236000.
HCA INC                        COM             404119109    218135.   4071962. SH       SOLE          2400562.       0. 1671400.
HARTFORD FINL SVCS GROUP INC   COM             416515104     30851.    449992. SH       SOLE            23992.       0.  426000.
HAYES LEMMERZ INTL INC         COM NEW         420781304      8066.   1551100. SH       SOLE          1040800.       0.  510300.
HEALTH NET INC                 COM             42222G108    164592.   5031845. SH       SOLE          3829445.       0. 1202400.
HEWLETT PACKARD CO             COM             428236103     42500.   1937083. SH       SOLE            91583.       0. 1845500.
HUNTSMAN CORP                  COM             447011107     15328.    657300. SH       SOLE           638200.       0.   19100.
IKON OFFICE SOLUTIONS INC      COM             451713101     49361.   4991000. SH       SOLE          4526300.       0.  464700.
INTL PAPER CO                  COM             460146103     26347.    716139. SH       SOLE            32939.       0.  683200.
INTERPUBLIC GROUP COS INC      COM             460690100     34566.   2814809. SH       SOLE           152909.       0. 2661900.
JPMORGAN & CHASE & CO          COM             46625H100     62159.   1796502. SH       SOLE            93762.       0. 1702740.
JAMESON INNS INC               COM             470457102      8629.   5870217. SH       SOLE          4306417.       0. 1563800.
JONES APPAREL GROUP INC        COM             480074103    202611.   6049900. SH       SOLE          5436900.       0.  613000.
KMG AMER CORP                  COM             482563103     16550.   1697400. SH       SOLE          1213400.       0.  484000.
KB HOME                        COM             48666K109      2208.     18800. SH       SOLE            18800.       0.       0.
KELLY SVCS INC                 CL A            488152208     54399.   1889500. SH       SOLE          1325800.       0.  563700.
KEYCORP NEW                    COM             493267108    165522.   5100834. SH       SOLE          4159534.       0.  941300.
KRAFT FOODS INC                CL A            50075N104    204196.   6178409. SH       SOLE          3735009.       0. 2443400.
LA QUINTA CORP                 PAIRED CTF      50419U202     49798.   5858600. SH       SOLE          5234800.       0.  623800.
LAWSON SOFTWARE INC            COM             520780107     14814.   2510900. SH       SOLE          1775200.       0.  735700.
LEAR CORP                      COM             521865105    255172.   5752300. SH       SOLE          5297800.       0.  454500.
LENNAR CORP                    CL A            526057104    362115.   6388760. SH       SOLE          5355560.       0. 1033200.
LENNAR CORP                    CL B            526057302     59382.   1126570. SH       SOLE          1062870.       0.   63700.
LINCOLN NATL CORP IND          COM             534187109     58673.   1299800. SH       SOLE          1258900.       0.   40900.
LOCKHEED MARTIN CORP           COM             539830109    372744.   6104560. SH       SOLE          4325460.       0. 1779100.
LODGIAN INC                    COM PAR $.01    54021P403     23207.   2264109. SH       SOLE          1612409.       0.  651700.
LOEWS CORP                     CAROLNA GP STK  540424207     24173.    730300. SH       SOLE           706300.       0.   24000.
LONGVIEW FIBRE CO              COM             543213102     59587.   3176300. SH       SOLE          2228000.       0.  948300.
LUBRIZOL CORP                  COM             549271104     67914.   1671100. SH       SOLE          1505000.       0.  166100.
LYON WILLIAM HOMES             COM             552074106     22826.    297600. SH       SOLE           209800.       0.   87800.
MGM MIRAGE                     COM             552953101     70434.    994543. SH       SOLE            52143.       0.  942400.
MI DEVS INC                    CL A SUB VTG    55304X104    179905.   5666300. SH       SOLE          4832700.       0.  833600.
M/I HOMES INC                  COM             55305B101     18295.    373900. SH       SOLE           249700.       0.  124200.
MAC-GRAY CORP                  COM             554153106       701.     82900. SH       SOLE            40300.       0.   42600.
MAGELLAN HEALTH SVCS INC       COM NEW         559079207      3575.    105000. SH       SOLE           105000.       0.       0.
MAGNA ENTMT CORP               CL A            559211107     19087.   3108600. SH       SOLE          2175300.       0.  933300.
MANDALAY RESORT GROUP          COM             562567107     29765.    422260. SH       SOLE           398960.       0.   23300.
MCDONALDS CORP                 COM             580135101     30198.    969734. SH       SOLE            48034.       0.  921700.
MERCK & CO INC                 COM             589331107     60356.   1864556. SH       SOLE            92656.       0. 1771900.
METLIFE INC                    COM             59156R108    596143.  15246628. SH       SOLE         10253628.       0. 4993000.
MICROMUSE INC                  COM             595094103      1929.    425800. SH       SOLE           302600.       0.  123200.
MILLER INDS INC TENN           COM NEW         600551204       591.     45700. SH       SOLE            45700.       0.       0.
MORTGAGEIT HLDGS INC           COM             61915Q108     17374.   1089300. SH       SOLE           799100.       0.  290200.
MOSAIC CO                      COM             61945A107    117588.   6892610. SH       SOLE          4625210.       0. 2267400.
NEW CENTURY FINANCIAL CORP M   COM             6435EV108    206298.   4406200. SH       SOLE          3824900.       0.  581300.
OVERSEAS SHIPHOLDING GROUP I   COM             690368105     30971.    492300. SH       SOLE           347900.       0.  144400.
PHH CORP                       COM NEW         693320202    107982.   4937440. SH       SOLE          3611750.       0. 1325690.
PAPA JOHNS INTL INC            COM             698813102      1073.     30900. SH       SOLE            18400.       0.   12500.
PARAMETRIC TECHNOLOGY CORP     COM             699173100       906.    162000. SH       SOLE           162000.       0.       0.
PATHMARK STORES INC NEW        COM             70322A101     16191.   2566000. SH       SOLE          1836200.       0.  729800.
PETRO-CDA                      COM             71644E102     29879.    516408. SH       SOLE            31408.       0.  485000.
PLUM CREEK TIMBER CO INC       COM             729251108    100579.   2817352. SH       SOLE          2459514.       0.  357838.
POPE & TALBOT INC              COM             732827100     25607.   1456600. SH       SOLE          1020300.       0.  436300.
PRINCIPAL FINANCIAL GROUP IN   COM             74251V102    392691.  10202414. SH       SOLE          7874114.       0. 2328300.
PRUDENTIAL FINL INC            COM             744320102    403833.   7035418. SH       SOLE          4559618.       0. 2475800.
PULTE HOMES INC                COM             745867101     40865.    555005. SH       SOLE            29305.       0.  525700.
R H DONNELLEY CORP             COM NEW         74955W307     37218.    640700. SH       SOLE           547900.       0.   92800.
RAYTHEON CO                    COM NEW         755111507    239963.   6200583. SH       SOLE          4953483.       0. 1247100.
REEBOK INTL LTD                COM             758110100     51937.   1172400. SH       SOLE          1085300.       0.   87100.
SPX CORP                       COM             784635104    182919.   4226400. SH       SOLE          3768600.       0.  457800.
SAFEWAY INC                    COM NEW         786514208     55814.   3012092. SH       SOLE          1245492.       0. 1766600.
ST JOE CO                      COM             790148100    177019.   2630300. SH       SOLE          2528500.       0.  101800.
ST PAUL TRAVELERS INC          COM             792860108    355151.   9669231. SH       SOLE          6656331.       0. 3012900.
SARA LEE CORP                  COM             803111103    147245.   6644622. SH       SOLE          4446222.       0. 2198400.
SAXON CAP INC NEW              COM             80556T106      7958.    462700. SH       SOLE           449600.       0.   13100.
SOUTHERN UN CO NEW             COM             844030106    122541.   4880165. SH       SOLE          4265135.       0.  615030.
SPHERION CORP                  COM             848420105     35530.   4743700. SH       SOLE          3338600.       0. 1405100.
STAGE STORES INC               COM NEW         85254C305       388.     10100. SH       SOLE            10100.       0.       0.
SUNOCO INC                     COM             86764P109    230946.   2230936. SH       SOLE          1968579.       0.  262357.
SUNTERRA CORP                  COM NEW         86787D208      2853.    189200. SH       SOLE            92800.       0.   96400.
TARGET CORP                    COM             87612E106       360.      7200. SH       SOLE             7200.       0.       0.
TENET HEALTHCARE CORP          COM             88033G100    363531.  31529129. SH       SOLE         25010229.       0. 6518900.
THOMAS PPTYS GROUP INC         COM             884453101      4291.    345500. SH       SOLE           252100.       0.   93400.
TIERONE CORP                   COM             88650R108       602.     25600. SH       SOLE                0.       0.   25600.
TIMBERLAND BANCORP INC         COM             887098101      2379.    107600. SH       SOLE            92800.       0.   14800.
TYCO INTL LTD NEW              COM             902124106    292527.   8654648. SH       SOLE          5464348.       0. 3190300.
UNILEVER PLC                   SPON ADR NEW    904767704    283965.   7099121. SH       SOLE          4939421.       0. 2159700.
UNION PAC CORP                 COM             907818108    102006.   1463500. SH       SOLE          1237200.       0.  226300.
UNIONBANCAL CORP               COM             908906100    184642.   3014556. SH       SOLE          2468456.       0.  546100.
UNITED AMER INDEMNITY LTD      CL A            90933T109     27339.   1451140. SH       SOLE          1017853.       0.  433287.
UNUMPROVIDENT CORP             COM             91529Y106    426045.  25032000. SH       SOLE         22651500.       0. 2380500.
VALASSIS COMMUNICATIONS INC    COM             918866104    138564.   3963500. SH       SOLE          3374700.       0.  588800.
VALERO ENERGY CORP NEW         COM             91913Y100     84864.   1158230. SH       SOLE           406330.       0.  751900.
WCI CMNTYS INC                 COM             92923C104    118990.   3955800. SH       SOLE          3014300.       0.  941500.
WARNACO GROUP INC              COM NEW         934390402     74175.   3085500. SH       SOLE          2152000.       0.  933500.
WASHINGTON MUT INC             COM             939322103    178897.   4529048. SH       SOLE          2945602.       0. 1583446.
WASTE MGMT INC DEL             COM             94106L109    263523.   9134242. SH       SOLE          6170924.       0. 2963318.
WESTLAKE CHEM CORP             COM             960413102      3445.    106500. SH       SOLE           106500.       0.       0.
WEYERHAEUSER CO                COM             962166104    187461.   2736650. SH       SOLE          1795650.       0.  941000.
YUM BRANDS INC                 COM             988498101    277586.   5357767. SH       SOLE          4180967.       0. 1176800.
HILFIGER TOMMY CORP            ORD             G8915Z102     12397.   1059600. SH       SOLE           748100.       0.  311500.

</TABLE>

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