<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>hw13f082.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: June 30, 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      August 13, 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:

127

Form 13F Information Table Value Total:

$17,720,686 (thousands)


List of Other Included Managers:

NONE

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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

ALCATEL-LUCENT                 SPONSORED ADR   013904305    270795.  44833660. SH       SOLE         30089000.       0.14744660.
ALTRIA GROUP INC               COM             02209S103     37138.   1806331. SH       SOLE          1549231.       0.  257100.
AMERICAN EXPRESS CO            COM             025816109     34687.    920820. SH       SOLE           453700.       0.  467120.
ASBURY AUTOMOTIVE GROUP INC    COM             043436104      3951.    307441. SH       SOLE           159941.       0.  147500.
ASTRAZENECA PLC                SPONSORED ADR   046353108    390988.   9193220. SH       SOLE          6027200.       0. 3166020.
AUTONATION INC                 COM             05329W102    135698.  13542700. SH       SOLE         11195300.       0. 2347400.
BMC SOFTWARE INC               COM             055921100    231016.   6417100. SH       SOLE          5368500.       0. 1048600.
BANK OF AMERICA CORPORATION    COM             060505104    446495.  18705285. SH       SOLE         11917741.       0. 6787544.
BAUER EDDIE HLDGS INC          COM             071625107       347.     83500. SH       SOLE            45600.       0.   37900.
BOWNE & CO INC                 COM             103043105      1497.    117400. SH       SOLE                0.       0.  117400.
BRISTOL MYERS SQUIBB CO        COM             110122108    308820.  15042380. SH       SOLE          9803900.       0. 5238480.
CIT GROUP INC                  COM             125581108     20465.   3005100. SH       SOLE          2493600.       0.  511500.
CNA FINL CORP                  COM             126117100     49159.   1954624. SH       SOLE          1661224.       0.  293400.
CA INC                         COM             12673P105    921239.  39897747. SH       SOLE         26984448.       0.12913299.
CALIFORNIA COASTAL CMNTYS IN   COM NEW         129915203      2805.    734200. SH       SOLE           430800.       0.  303400.
CAPLEASE INC                   COM             140288101     28863.   3853500. SH       SOLE          2179400.       0. 1674100.
CAPITAL ONE FINL CORP          COM             14040H105     82507.   2170660. SH       SOLE          1697500.       0.  473160.
CENTEX CORP                    COM             152312104    121543.   9090740. SH       SOLE          5634500.       0. 3456240.
CHEVRON CORP NEW               COM             166764100     32247.    325300. SH       SOLE           230000.       0.   95300.
CITADEL BROADCASTING CORP      COM             17285T106     27622.  22641100. SH       SOLE         20179800.       0. 2461300.
CITIGROUP INC                  COM             172967101    350315.  20901860. SH       SOLE         13455400.       0. 7446460.
COMERICA INC                   COM             200340107    160917.   6278460. SH       SOLE          4794500.       0. 1483960.
CON-WAY INC                    COM             205944101       747.     15799. SH       SOLE            15799.       0.       0.
CONSECO INC                    COM NEW         208464883    142216.  14336281. SH       SOLE         10010841.       0. 4325440.
CORINTHIAN COLLEGES INC        COM             218868107      5123.    441300. SH       SOLE           220300.       0.  221000.
DISCOVER FINL SVCS             COM             254709108     23582.   1790600. SH       SOLE          1468100.       0.  322500.
DOW CHEM CO                    COM             260543103    446115.  12779000. SH       SOLE          8023700.       0. 4755300.
EASTMAN CHEM CO                COM             277432100    312239.   4534400. SH       SOLE          3675300.       0.  859100.
ELECTRONIC DATA SYS NEW        COM             285661104    483988.  19642370. SH       SOLE         14124850.       0. 5517520.
EMBRAER-EMPRESA BRASILEIRA D   SP ADR COM SHS  29081M102     74046.   2794180. SH       SOLE          1833400.       0.  960780.
EMPLOYERS HOLDINGS INC         COM             292218104     33349.   1611078. SH       SOLE           846678.       0.  764400.
ENTERGY CORP NEW               COM             29364G103    191303.   1587840. SH       SOLE           913300.       0.  674540.
EXELON CORP                    COM             30161N101    334131.   3714220. SH       SOLE          2519900.       0. 1194320.
FPL GROUP INC                  COM             302571104    324518.   4948430. SH       SOLE          3603950.       0. 1344480.
FEDERAL HOME LN MTG CORP       COM             313400301    503466.  30699170. SH       SOLE         19822850.       0.10876320.
FEDERAL NATL MTG ASSN          COM             313586109     66100.   3388000. SH       SOLE          2798500.       0.  589500.
FEDEX CORP                     COM             31428X106     81417.   1033340. SH       SOLE           428100.       0.  605240.
FIFTH THIRD BANCORP            COM             316773100     10180.   1000000. SH       SOLE           848700.       0.  151300.
FIRST HORIZON NATL CORP        COM             320517105     86911.  11697297. SH       SOLE          9034497.       0. 2662800.
FOOT LOCKER INC                COM             344849104     60251.   4839400. SH       SOLE          4148600.       0.  690800.
FOUNDATION COAL HLDGS INC      COM             35039W100     36824.    415710. SH       SOLE           217900.       0.  197810.
GAP INC DEL                    COM             364760108    283796.  17024360. SH       SOLE         10966000.       0. 6058360.
GENWORTH FINL INC              COM CL A        37247D106    460935.  25880660. SH       SOLE         17867100.       0. 8013560.
GREAT ATLANTIC & PAC TEA INC   COM             390064103      2138.     93671. SH       SOLE            19358.       0.   74313.
GREAT PLAINS ENERGY INC        COM             391164100     89455.   3538586. SH       SOLE          2506286.       0. 1032300.
GROUP 1 AUTOMOTIVE INC         COM             398905109      3451.    173683. SH       SOLE            37483.       0.  136200.
HANOVER INS GROUP INC          COM             410867105    196705.   4628360. SH       SOLE          3655060.       0.  973300.
HEIDRICK & STRUGGLES INTL IN   COM             422819102      4702.    170107. SH       SOLE            86007.       0.   84100.
HOME DEPOT INC                 COM             437076102    505173.  21570141. SH       SOLE         13636675.       0. 7933466.
HOME FED BANCORP INC MD        COM             43710G105      2749.    278811. SH       SOLE            57411.       0.  221400.
HUDSON HIGHLAND GROUP INC      COM             443792106     39891.   3810000. SH       SOLE          2659600.       0. 1150400.
IDEARC INC                     COM             451663108     32488.  13824695. SH       SOLE         10500335.       0. 3324360.
IKON OFFICE SOLUTIONS INC      COM             451713101    112226.   9949095. SH       SOLE          7736995.       0. 2212100.
INTERPUBLIC GROUP COS INC      COM             460690100    238007.  27675210. SH       SOLE         16454310.       0.11220900.
JP MORGAN CHASE & CO           COM             46625H100    357017.  10405620. SH       SOLE          6910760.       0. 3494860.
JOHNSON & JOHNSON              COM             478160104    132374.   2057420. SH       SOLE          1192400.       0.  865020.
JONES APPAREL GROUP INC        COM             480074103    226467.  16470351. SH       SOLE         13557551.       0. 2912800.
K-SWISS INC                    CL A            482686102      3552.    241618. SH       SOLE           124918.       0.  116700.
KELLY SVCS INC                 CL A            488152208     20128.   1041300. SH       SOLE           542100.       0.  499200.
KEYCORP NEW                    COM             493267108    164477.  14979726. SH       SOLE         10019522.       0. 4960204.
KING PHARMACEUTICALS INC       COM             495582108     88861.   8487200. SH       SOLE          6628300.       0. 1858900.
KORN FERRY INTL                COM NEW         500643200      1488.     94600. SH       SOLE                0.       0.   94600.
LAWSON SOFTWARE INC NEW        COM             52078P102     11902.   1637100. SH       SOLE           867000.       0.  770100.
LENNAR CORP                    CL B            526057302     18123.   1632704. SH       SOLE          1460004.       0.  172700.
LEXINGTON REALTY TRUST         COM             529043101     13603.    998000. SH       SOLE           531800.       0.  466200.
LILLY ELI & CO                 COM             532457108    383891.   8316540. SH       SOLE          5476100.       0. 2840440.
LIMITED BRANDS INC             COM             532716107    270397.  16047300. SH       SOLE         11645900.       0. 4401400.
LINCARE HLDGS INC              COM             532791100     52176.   1837200. SH       SOLE          1445300.       0.  391900.
LIZ CLAIBORNE INC              COM             539320101      7552.    533700. SH       SOLE           423400.       0.  110300.
LODGIAN INC                    COM PAR $.01    54021P403     19577.   2500309. SH       SOLE          1529409.       0.  970900.
MI DEVS INC                    CL A SUB VTG    55304X104    126889.   5642000. SH       SOLE          4396400.       0. 1245600.
MADDEN STEVEN LTD              COM             556269108      3635.    197782. SH       SOLE            91382.       0.  106400.
MAGNA INTL INC                 CL A            559222401     21522.    363300. SH       SOLE           313300.       0.   50000.
MANPOWER INC                   COM             56418H100     79148.   1359000. SH       SOLE          1157200.       0.  201800.
METLIFE INC                    COM             59156R108    294323.   5577470. SH       SOLE          3841310.       0. 1736160.
MICROSOFT CORP                 COM             594918104    626538.  22774930. SH       SOLE         14491850.       0. 8283080.
MILLER INDS INC TENN           COM NEW         600551204     22148.   2223698. SH       SOLE          1577398.       0.  646300.
NATIONAL CITY CORP             COM             635405103     70542.  14788640. SH       SOLE          9011500.       0. 5777140.
NATIONAL SEMICONDUCTOR CORP    COM             637640103      4192.    204100. SH       SOLE           138400.       0.   65700.
NESS TECHNOLOGIES INC          COM             64104X108      3803.    375800. SH       SOLE           178600.       0.  197200.
NORTHROP GRUMMAN CORP          COM             666807102    268867.   4018940. SH       SOLE          2470900.       0. 1548040.
NOVELL INC                     COM             670006105     36722.   6234700. SH       SOLE          4615600.       0. 1619100.
ON SEMICONDUCTOR CORP          COM             682189105     56893.   6204300. SH       SOLE          4478800.       0. 1725500.
ORACLE CORP                    COM             68389X105    117028.   5572740. SH       SOLE          2205500.       0. 3367240.
PHH CORP                       COM NEW         693320202     54953.   3580000. SH       SOLE          2697000.       0.  883000.
PMA CAP CORP                   CL A            693419202      7783.    845100. SH       SOLE           473100.       0.  372000.
PACCAR INC                     COM             693718108    201612.   4819800. SH       SOLE          2990600.       0. 1829200.
PACIFIC SUNWEAR CALIF INC      COM             694873100     11206.   1313659. SH       SOLE           350159.       0.  963500.
PATNI COMPUTER SYS             SPONS ADR       703248203      7276.    724700. SH       SOLE           368700.       0.  356000.
PENNEY J C INC                 COM             708160106    233440.   6432620. SH       SOLE          4054100.       0. 2378520.
PFIZER INC                     COM             717081103    367012.  21008100. SH       SOLE         13706000.       0. 7302100.
PHILIP MORRIS INTL INC         COM             718172109    314413.   6365931. SH       SOLE          4184931.       0. 2181000.
PHILLIPS VAN HEUSEN CORP       COM             718592108     12096.    330300. SH       SOLE           171100.       0.  159200.
PORTLAND GEN ELEC CO           COM NEW         736508847     56703.   2517900. SH       SOLE          1770600.       0.  747300.
PULTE HOMES INC                COM             745867101       352.     36600. SH       SOLE            36600.       0.       0.
QUIKSILVER INC                 COM             74838C106     31045.   3161400. SH       SOLE          1798100.       0. 1363300.
R H DONNELLEY CORP             COM NEW         74955W307     13996.   4665226. SH       SOLE          2604359.       0. 2060867.
RENT A CTR INC NEW             COM             76009N100    103162.   5015175. SH       SOLE          4025275.       0.  989900.
ROYAL DUTCH SHELL PLC          SPON ADR B      780259107    709992.   8862720. SH       SOLE          5675300.       0. 3187420.
RUSS BERRIE & CO               COM             782233100      3094.    388200. SH       SOLE           216900.       0.  171300.
SAFEWAY INC                    COM NEW         786514208    196838.   6894500. SH       SOLE          4547000.       0. 2347500.
SCHERING PLOUGH CORP           COM             806605101    187304.   9512640. SH       SOLE          3798400.       0. 5714240.
SOTHEBYS                       COM             835898107     27236.   1032852. SH       SOLE           536252.       0.  496600.
SOVEREIGN BANCORP INC          COM             845905108      7461.   1013700. SH       SOLE           861100.       0.  152600.
SPHERION CORP                  COM             848420105     16597.   3592519. SH       SOLE          1845319.       0. 1747200.
SUNOCO INC                     COM             86764P109    222238.   5461740. SH       SOLE          3939700.       0. 1522040.
SUNTRUST BKS INC               COM             867914103      7795.    215200. SH       SOLE           182800.       0.   32400.
TELLABS INC                    COM             879664100     18777.   4038000. SH       SOLE          3184900.       0.  853100.
TRAVELERS COMPANIES INC        COM             89417E109     66640.   1535480. SH       SOLE           621500.       0.  913980.
TRONOX INC                     CL A            897051108      1613.    510300. SH       SOLE           228900.       0.  281400.
TRONOX INC                     COM CL B        897051207      2263.    749500. SH       SOLE           361300.       0.  388200.
UNISYS CORP                    COM             909214108      4703.   1190700. SH       SOLE           969400.       0.  221300.
UNITED AMER INDEMNITY LTD      CL A            90933T109     27061.   2024014. SH       SOLE          1078695.       0.  945319.
U STORE IT TR                  COM             91274F104     26567.   2223184. SH       SOLE          1171184.       0. 1052000.
UNUM GROUP                     COM             91529Y106    369257.  18056570. SH       SOLE         13032050.       0. 5024520.
VALASSIS COMMUNICATIONS INC    COM             918866104     53090.   4240414. SH       SOLE          3113714.       0. 1126700.
WACHOVIA CORP NEW              COM             929903102    633636.  40800780. SH       SOLE         25659100.       0.15141680.
WAL MART STORES INC            COM             931142103    180454.   3210920. SH       SOLE          1885500.       0. 1325420.
WARNACO GROUP INC              COM NEW         934390402     23895.    542200. SH       SOLE           284700.       0.  257500.
WASHINGTON MUT INC             COM             939322103    490761.  99545845. SH       SOLE         68435890.       0.31109955.
WEBSTER FINL CORP CONN         COM             947890109     23545.   1265869. SH       SOLE           669169.       0.  596700.
WESTWOOD ONE INC               COM             961815107     14779.  11918170. SH       SOLE          7375470.       0. 4542700.
COVIDIEN LTD                   COM             G2552X108     57728.   1205430. SH       SOLE           491475.       0.  713955.
QUANTA CAPITAL HLDGS LTD       SHS             G7313F106       491.    186000. SH       SOLE           186000.       0.       0.
TYCO INTL LTD BERMUDA          SHS             G9143X208    394403.   9850233. SH       SOLE          6242237.       0. 3607996.
TYCO ELECTRONICS LTD           COM NEW         G9144P105    335370.   9362638. SH       SOLE          5970362.       0. 3392276.
XL CAP LTD                     CL A            G98255105    160466.   7804780. SH       SOLE          5396200.       0. 2408580.

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