<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>hw13f044.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, 2004

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      February 14, 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:

$ 18,453,951(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     37130.   3470100. SH       SOLE          2752200.       0.  717900.
AETNA INC NEW                  COM             00817Y108    283831.   2275200. SH       SOLE          1646900.       0.  628300.
AGRIUM INC                     COM             008916108     33611.   1994700. SH       SOLE          1393600.       0.  601100.
AIRTRAN HLDGS INC              COM             00949P108     43640.   4078500. SH       SOLE          3416500.       0.  662000.
ALBERTSONS INC                 COM             013104104    340226.  14247300. SH       SOLE         11525300.       0. 2722000.
ALCOA INC                      COM             013817101    223929.   7126972. SH       SOLE          4656212.       0. 2470760.
ALEXANDER & BALDWIN INC        COM             014482103     96887.   2284000. SH       SOLE          1802000.       0.  482000.
ALLIANT ENERGY CORP            COM             018802108    187805.   6566600. SH       SOLE          5382800.       0. 1183800.
ALLMERICA FINL CORP            COM             019754100    255546.   7783920. SH       SOLE          6492920.       0. 1291000.
ALLSTATE CORP                  COM             020002101    228935.   4426438. SH       SOLE          2879548.       0. 1546890.
ALLTEL CORP                    COM             020039103     14384.    244800. SH       SOLE             8400.       0.  236400.
ALTRIA GROUP INC               COM             02209S103    497882.   8148635. SH       SOLE          5766335.       0. 2382300.
AMERICAN ELEC PWR INC          COM             025537101     14148.    412000. SH       SOLE           412000.       0.       0.
AMERICAN FINL RLTY TR          COM             02607P305    130472.   8063800. SH       SOLE          6512300.       0. 1551500.
AMERICAN HOME MTG INVT CORP    COM             02660R107     67699.   1976600. SH       SOLE          1810600.       0.  166000.
AMERICREDIT CORP               COM             03060R101     61978.   2534900. SH       SOLE          2321300.       0.  213600.
AMNET MORTGAGE INC             COM             03169A108      1493.    181900. SH       SOLE           181900.       0.       0.
APARTMENT INVT & MGMT CO       CL A            03748R101    167406.   4343700. SH       SOLE          3879600.       0.  464100.
ASHLAND INC                    COM             044204105     31718.    543300. SH       SOLE           525100.       0.   18200.
ASSURANT INC                   COM             04621X108    117672.   3851800. SH       SOLE          2841600.       0. 1010200.
BJS WHOLESALE CLUB INC         COM             05548J106     24903.    854900. SH       SOLE           352100.       0.  502800.
BMC SOFTWARE INC               COM             055921100     13881.    746300. SH       SOLE           578800.       0.  167500.
BANK OF AMERICA CORPORATION    COM             060505104     29796.    634100. SH       SOLE            23800.       0.  610300.
BEARINGPOINT INC               COM             074002106    120403.  14994200. SH       SOLE         11252800.       0. 3741400.
BEAZER HOMES USA INC           COM             07556Q105    179493.   1227640. SH       SOLE           974200.       0.  253440.
BOWNE & CO INC                 COM             103043105     44276.   2723000. SH       SOLE          1903300.       0.  819700.
BROOKFIELD HOMES CORP          COM             112723101      3004.     88600. SH       SOLE            88600.       0.       0.
BUCYRUS INTL INC NEW           CL A            118759109     15585.    383500. SH       SOLE           322700.       0.   60800.
CIT GROUP INC                  COM             125581108    302603.   6604160. SH       SOLE          5272260.       0. 1331900.
CNA FINL CORP                  COM             126117100     55074.   2058824. SH       SOLE          1995024.       0.   63800.
CSX CORP                       COM             126408103    240865.   6009600. SH       SOLE          3099500.       0. 2910100.
CAESARS ENTMT INC              COM             127687101    221274.  10986780. SH       SOLE         10197180.       0.  789600.
CALLAWAY GOLF CO               COM             131193104     17122.   1268300. SH       SOLE           888200.       0.  380100.
CAPITAL LEASE FDG INC          COM             140288101     24660.   1972800. SH       SOLE          1612600.       0.  360200.
CENDANT CORP                   COM             151313103    290115.  12408700. SH       SOLE          8203500.       0. 4205200.
CENTEX CORP                    COM             152312104    210794.   3538000. SH       SOLE          1579500.       0. 1958500.
CENTRAL FGHT LINES INC NEV     COM             153491105      8798.   1396500. SH       SOLE           928400.       0.  468100.
COMERICA INC                   COM             200340107     29113.    477100. SH       SOLE            15500.       0.  461600.
COMPUTER ASSOC INTL INC        COM             204912109    565255.  18198793. SH       SOLE         13824793.       0. 4374000.
COMPUWARE CORP                 COM             205638109     33126.   5167800. SH       SOLE          3590500.       0. 1577300.
CONCORD COMMUNICATIONS INC     COM             206186108     17797.   1606200. SH       SOLE          1120900.       0.  485300.
CONSECO INC                    COM NEW         208464883    128023.   6417200. SH       SOLE          4615100.       0. 1802100.
DEL MONTE FOODS CO             COM             24522P103     91834.   8333400. SH       SOLE          7397800.       0.  935600.
DELPHI CORP                    COM             247126105    175588.  19466553. SH       SOLE         16716718.       0. 2749835.
DEX MEDIA INC                  COM             25212E100     42320.   1695500. SH       SOLE          1639600.       0.   55900.
EASTMAN KODAK CO               COM             277461109    265270.   8225426. SH       SOLE          6709226.       0. 1516200.
ELECTRONIC DATA SYS NEW        COM             285661104    858546.  37166500. SH       SOLE         27875700.       0. 9290800.
ENTERGY CORP NEW               COM             29364G103    194036.   2870780. SH       SOLE          2280880.       0.  589900.
F M C CORP                     COM NEW         302491303     34124.    706500. SH       SOLE           659600.       0.   46900.
FPL GROUP INC                  COM             302571104    568167.   7600900. SH       SOLE          5765800.       0. 1835100.
FEDERAL HOME LN MTG CORP       COM             313400301    361587.   4906200. SH       SOLE          3181600.       0. 1724600.
FIRSTENERGY CORP               COM             337932107    418387.  10589395. SH       SOLE          8260997.       0. 2328398.
FLYI INC                       COM             34407T104      6514.   3680100. SH       SOLE          3223200.       0.  456900.
FOOT LOCKER INC                COM             344849104     52042.   1932500. SH       SOLE          1872400.       0.   60100.
FOUNDATION COAL HLDGS INC      COM             35039W100     21247.    921400. SH       SOLE           643700.       0.  277700.
FREESCALE SEMICONDUCTOR INC    COM CL A        35687M107     73361.   4116800. SH       SOLE          2370700.       0. 1746100.
FURNITURE BRANDS INTL INC      COM             360921100     61808.   2467400. SH       SOLE          2124400.       0.  343000.
GIANT INDS INC                 COM             374508109     10707.    403900. SH       SOLE           280700.       0.  123200.
GOVERNMENT PPTYS TR INC        COM             38374W107     23599.   2393400. SH       SOLE          2019000.       0.  374400.
GROUP 1 AUTOMOTIVE INC         COM             398905109     15967.    506900. SH       SOLE           355800.       0.  151100.
HCA INC                        COM             404119109    148635.   3719600. SH       SOLE          2161900.       0. 1557700.
HARTFORD FINL SVCS GROUP INC   COM             416515104     30122.    434600. SH       SOLE            15900.       0.  418700.
HAYES LEMMERZ INTL INC         COM NEW         420781304     13766.   1559000. SH       SOLE          1048700.       0.  510300.
HEALTH NET INC                 COM             42222G108    140629.   4871100. SH       SOLE          3671200.       0. 1199900.
HEWLETT PACKARD CO             COM             428236103     38983.   1859000. SH       SOLE            59200.       0. 1799800.
IKON OFFICE SOLUTIONS INC      COM             451713101     53729.   4647800. SH       SOLE          4183100.       0.  464700.
INTL PAPER CO                  COM             460146103     27712.    659800. SH       SOLE            18000.       0.  641800.
INTERPUBLIC GROUP COS INC      COM             460690100     32932.   2457600. SH       SOLE            87800.       0. 2369800.
JPMORGAN & CHASE & CO          COM             46625H100     67961.   1742140. SH       SOLE            61700.       0. 1680440.
JACK IN THE BOX INC            COM             466367109      2555.     69300. SH       SOLE            69300.       0.       0.
JAMESON INNS INC               COM             470457102      8171.   4147917. SH       SOLE          2897117.       0. 1250800.
JONES APPAREL GROUP INC        COM             480074103    177807.   4862100. SH       SOLE          4137100.       0.  725000.
KMG AMER CORP                  COM             482563103     18434.   1675800. SH       SOLE          1256200.       0.  419600.
KB HOME                        COM             48666K109       960.      9200. SH       SOLE             9200.       0.       0.
KELLY SVCS INC                 CL A            488152208     41000.   1358500. SH       SOLE           943500.       0.  415000.
KEYCORP NEW                    COM             493267108    132637.   3912600. SH       SOLE          3134000.       0.  778600.
KRAFT FOODS INC                CL A            50075N104    176807.   4965100. SH       SOLE          2795200.       0. 2169900.
LNR PPTY CORP                  COM             501940100    115308.   1832900. SH       SOLE          1462000.       0.  370900.
LA QUINTA CORP                 PAIRED CTF      50419U202     61052.   6716400. SH       SOLE          5943700.       0.  772700.
LEAR CORP                      COM             521865105    194726.   3191700. SH       SOLE          2922800.       0.  268900.
LENNAR CORP                    CL A            526057104    347486.   6130660. SH       SOLE          5229560.       0.  901100.
LENNAR CORP                    CL B            526057302     44521.    852736. SH       SOLE           789036.       0.   63700.
LINCOLN NATL CORP IND          COM             534187109     56656.   1213700. SH       SOLE          1172800.       0.   40900.
LOCKHEED MARTIN CORP           COM             539830109    288432.   5192300. SH       SOLE          3676600.       0. 1515700.
LODGIAN INC                    COM PAR $.01    54021P403     15745.   1280109. SH       SOLE           882409.       0.  397700.
LOEWS CORP                     CAROLNA GP STK  540424207     20265.    700000. SH       SOLE           676000.       0.   24000.
LONGVIEW FIBRE CO              COM             543213102     43482.   2397000. SH       SOLE          1682600.       0.  714400.
LUBRIZOL CORP                  COM             549271104     61379.   1665200. SH       SOLE          1382000.       0.  283200.
MGM MIRAGE                     COM             552953101     81069.   1114500. SH       SOLE            39100.       0. 1075400.
MI DEVS INC                    CL A SUB VTG    55304X104    162643.   5390900. SH       SOLE          4392700.       0.  998200.
M/I HOMES INC                  COM             55305B101     22380.    406100. SH       SOLE           264400.       0.  141700.
MAC-GRAY CORP                  COM             554153106       671.     82900. SH       SOLE            40300.       0.   42600.
MAGELLAN HEALTH SVCS INC       COM NEW         559079207     12899.    377600. SH       SOLE           377600.       0.       0.
MAGNA ENTMT CORP               CL A            559211107     18389.   3054700. SH       SOLE          2135100.       0.  919600.
MANDALAY RESORT GROUP          COM             562567107     54813.    778260. SH       SOLE           695860.       0.   82400.
MCDONALDS CORP                 COM             580135101     30034.    936800. SH       SOLE            31900.       0.  904900.
MERCK & CO INC                 COM             589331107     48374.   1505100. SH       SOLE            57000.       0. 1448100.
METLIFE INC                    COM             59156R108    552297.  13633590. SH       SOLE          9224890.       0. 4408700.
MILLER INDS INC TENN           COM NEW         600551204       516.     45700. SH       SOLE            45700.       0.       0.
MORTGAGEIT HLDGS INC           COM             61915Q108     18259.   1017200. SH       SOLE           741700.       0.  275500.
MOSAIC CO                      COM             61945A107     58791.   3602400. SH       SOLE          3247900.       0.  354500.
NEW CENTURY FINANCIAL CORP M   COM             6435EV108    118566.   1855200. SH       SOLE          1590700.       0.  264500.
OVERSEAS SHIPHOLDING GROUP I   COM             690368105     33639.    609400. SH       SOLE           465000.       0.  144400.
PAPA JOHNS INTL INC            COM             698813102      1075.     31200. SH       SOLE            18700.       0.   12500.
PARAMETRIC TECHNOLOGY CORP     COM             699173100       954.    162000. SH       SOLE           162000.       0.       0.
PATHMARK STORES INC NEW        COM             70322A101     14987.   2579600. SH       SOLE          1849800.       0.  729800.
PETRO-CDA                      COM             71644E102     23316.    457000. SH       SOLE            19500.       0.  437500.
PLUM CREEK TIMBER CO INC       COM             729251108     85454.   2223052. SH       SOLE          1924514.       0.  298538.
POPE & TALBOT INC              COM             732827100     25029.   1462800. SH       SOLE          1026500.       0.  436300.
PRINCIPAL FINANCIAL GROUP IN   COM             74251V102    373385.   9120290. SH       SOLE          6920290.       0. 2200000.
PRUDENTIAL FINL INC            COM             744320102    372727.   6781780. SH       SOLE          4351080.       0. 2430700.
PULTE HOMES INC                COM             745867101     33399.    523500. SH       SOLE            19900.       0.  503600.
R H DONNELLEY CORP             COM NEW         74955W307     47695.    807700. SH       SOLE           555500.       0.  252200.
RAYTHEON CO                    COM NEW         755111507    237678.   6121000. SH       SOLE          4950600.       0. 1170400.
REEBOK INTL LTD                COM             758110100     47740.   1085000. SH       SOLE           997900.       0.   87100.
SPX CORP                       COM             784635104    137334.   3428200. SH       SOLE          3064400.       0.  363800.
SAFEWAY INC                    COM NEW         786514208     52491.   2659100. SH       SOLE          1145600.       0. 1513500.
ST JOE CO                      COM             790148100    162689.   2534100. SH       SOLE          2205100.       0.  329000.
ST PAUL TRAVELERS INC          COM             792860108    334704.   9028961. SH       SOLE          6213061.       0. 2815900.
SARA LEE CORP                  COM             803111103    133380.   5525260. SH       SOLE          3796660.       0. 1728600.
SEARS ROEBUCK & CO             COM             812387108    872299.  17093848. SH       SOLE         12467748.       0. 4626100.
SIERRA PAC RES NEW             COM             826428104     15451.   1471500. SH       SOLE          1012900.       0.  458600.
SOUTHERN UN CO NEW             COM             844030106    120918.   5042465. SH       SOLE          4395135.       0.  647330.
SPHERION CORP                  COM             848420105     32536.   3873300. SH       SOLE          2705600.       0. 1167700.
STAGE STORES INC               COM NEW         85254C305       419.     10100. SH       SOLE            10100.       0.       0.
SUNOCO INC                     COM             86764P109    213928.   2618136. SH       SOLE          2316579.       0.  301557.
SUNTERRA CORP                  COM NEW         86787D208      2655.    189100. SH       SOLE            92700.       0.   96400.
TARGET CORP                    COM             87612E106     32581.    627400. SH       SOLE            19600.       0.  607800.
TENET HEALTHCARE CORP          COM             88033G100    318398.  28998000. SH       SOLE         22480400.       0. 6517600.
THOMAS PPTYS GROUP INC         COM             884453101      4414.    346500. SH       SOLE           253100.       0.   93400.
TIERONE CORP                   COM             88650R108       636.     25600. SH       SOLE                0.       0.   25600.
TIMBERLAND BANCORP INC         COM             887098101      2459.    107600. SH       SOLE            92800.       0.   14800.
TYCO INTL LTD NEW              COM             902124106    286913.   8027790. SH       SOLE          5086090.       0. 2941700.
USA MOBILITY INC               COM             90341G103      6558.    185725. SH       SOLE           127498.       0.   58227.
UNILEVER PLC                   SPON ADR NEW    904767704    164518.   4162900. SH       SOLE          2950500.       0. 1212400.
UNION PAC CORP                 COM             907818108     89113.   1325100. SH       SOLE          1129400.       0.  195700.
UNIONBANCAL CORP               COM             908906100    168485.   2612980. SH       SOLE          2138880.       0.  474100.
UNITED NATL GROUP LTD          CL A            91103X102     16708.    897300. SH       SOLE           627200.       0.  270100.
UNUMPROVIDENT CORP             COM             91529Y106    419143.  23363600. SH       SOLE         20518000.       0. 2845600.
VALASSIS COMMUNICATIONS INC    COM             918866104    137131.   3916900. SH       SOLE          3116900.       0.  800000.
VALERO ENERGY CORP NEW         COM             91913Y100     72940.   1606600. SH       SOLE           395600.       0. 1211000.
WCI CMNTYS INC                 COM             92923C104    124121.   4221800. SH       SOLE          3158000.       0. 1063800.
WARNACO GROUP INC              COM NEW         934390402     76617.   3547100. SH       SOLE          2539400.       0. 1007700.
WASHINGTON MUT INC             COM             939322103    176165.   4166623. SH       SOLE          2766477.       0. 1400146.
WASTE MGMT INC DEL             COM             94106L109    239022.   7983364. SH       SOLE          5193946.       0. 2789418.
WESTLAKE CHEM CORP             COM             960413102     23413.    701000. SH       SOLE           512000.       0.  189000.
WEYERHAEUSER CO                COM             962166104    136598.   2032097. SH       SOLE          1408697.       0.  623400.
YUM BRANDS INC                 COM             988498101    284622.   6032680. SH       SOLE          4827980.       0. 1204700.
STELMAR SHIPPING LTD           COM             V8726M103     32219.    675300. SH       SOLE           480700.       0.  194600.
TEEKAY SHIPPING MARSHALL ISL   COM             Y8564W103     36246.    860740. SH       SOLE           754840.       0.  105900.


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