<DOCUMENT>
<TYPE>13F-HR
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<FILENAME>hw13f093.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: September 30, 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      November 12, 2009


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:

143

Form 13F Information Table Value Total:

$14,259,434 (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       426.     44100. SH       SOLE            44100.       0.       0.
ALCOA INC                      COM             013817101     31276.   2383809. SH       SOLE           948256.       0. 1435553.
ALCATEL-LUCENT                 SPONSORED ADR   013904305     32319.   7198001. SH       SOLE          2248600.       0. 4949401.
ALLSTATE CORP                  COM             020002101    235000.   7674737. SH       SOLE          4469184.       0. 3205553.
AMERICAN EXPRESS CO            COM             025816109     43758.   1290811. SH       SOLE           383300.       0.  907511.
AUTONATION INC                 COM             05329W102       184.     10200. SH       SOLE            10200.       0.       0.
BMC SOFTWARE INC               COM             055921100    132066.   3518953. SH       SOLE          2579353.       0.  939600.
BANK OF AMERICA CORPORATION    COM             060505104    484373.  28627269. SH       SOLE         15809931.       0.12817338.
BOEING CO                      COM             097023105     56514.   1043657. SH       SOLE           556655.       0.  487002.
BOULDER TOTAL RETURN FD INC    COM             101541100       694.     57800. SH       SOLE            57800.       0.       0.
BRISTOL MYERS SQUIBB CO        COM             110122108    259185.  11509085. SH       SOLE          6515919.       0. 4993166.
CNA FINL CORP                  COM             126117100     56727.   2349924. SH       SOLE          1821524.       0.  528400.
CA INC                         COM             12673P105    543014.  24693659. SH       SOLE         14827711.       0. 9865948.
CAPLEASE INC                   COM             140288101     10127.   2512800. SH       SOLE           981100.       0. 1531700.
CAPITAL ONE FINL CORP          COM             14040H105     42972.   1202700. SH       SOLE           925600.       0.  277100.
CARNIVAL CORP                  PAIRED CTF      143658300     43382.   1303548. SH       SOLE           393900.       0.  909648.
CARPENTER TECHNOLOGY CORP      COM             144285103     25619.   1095300. SH       SOLE           456300.       0.  639000.
CITIGROUP INC                  COM             172967101    237838.  49140178. SH       SOLE         26253750.       0.22886428.
CITY NATL CORP                 COM             178566105      5298.    136100. SH       SOLE            43700.       0.   92400.
COMCAST CORP NEW               CL A SPL        20030N200    228769.  14226902. SH       SOLE          8417587.       0. 5809315.
COMERICA INC                   COM             200340107    100819.   3397995. SH       SOLE          2249800.       0. 1148195.
CON-WAY INC                    COM             205944101     20337.    530704. SH       SOLE           353904.       0.  176800.
CONOCOPHILLIPS                 COM             20825C104    348415.   7715131. SH       SOLE          3802902.       0. 3912229.
CONSECO INC                    COM NEW         208464883     45699.   8688104. SH       SOLE          5903504.       0. 2784600.
CUMMINS INC                    COM             231021106    228171.   5091972. SH       SOLE          2720935.       0. 2371037.
DIAMOND HILL FINL TRNDS FD I   COM             25264C101       706.     91100. SH       SOLE            91100.       0.       0.
EASTMAN CHEM CO                COM             277432100     75310.   1406606. SH       SOLE           994106.       0.  412500.
EBAY INC                       COM             278642103    101279.   4291465. SH       SOLE          2039604.       0. 2251861.
EDISON INTL                    COM             281020107    215775.   6425710. SH       SOLE          3792851.       0. 2632859.
EMBRAER-EMPRESA BRASILEIRA D   SP ADR COM SHS  29081M102    218867.   9540827. SH       SOLE          6213364.       0. 3327463.
EMPLOYERS HOLDINGS INC         COM             292218104     13480.    870793. SH       SOLE           334893.       0.  535900.
ENTERGY CORP NEW               COM             29364G103     42168.    528029. SH       SOLE           157600.       0.  370429.
EXELON CORP                    COM             30161N101    307730.   6201740. SH       SOLE          3454240.       0. 2747500.
FPL GROUP INC                  COM             302571104    224046.   4056597. SH       SOLE          2287286.       0. 1769311.
FEDEX CORP                     COM             31428X106     92353.   1227775. SH       SOLE           365100.       0.  862675.
FIFTH THIRD BANCORP            COM             316773100     78139.   7713671. SH       SOLE          5859671.       0. 1854000.
FIRST HORIZON NATL CORP        COM             320517105     15099.   1141243. SH       SOLE           399141.       0.  742102.
FORTUNE BRANDS INC             COM             349631101     31778.    739368. SH       SOLE           537968.       0.  201400.
GAP INC DEL                    COM             364760108    116786.   5457290. SH       SOLE          3080893.       0. 2376397.
GENWORTH FINL INC              COM CL A        37247D106    177998.  14895205. SH       SOLE          8815837.       0. 6079368.
GOODYEAR TIRE & RUBR CO        COM             382550101     23403.   1374200. SH       SOLE          1063600.       0.  310600.
GREAT PLAINS ENERGY INC        COM             391164100     73179.   4076805. SH       SOLE          2558805.       0. 1518000.
GREAT PLAINS ENERGY INC        UNIT 06/15/2042 391164803      2022.     31900. SH       SOLE            31900.       0.       0.
JOHN HANCOCK BK &THRIFT OPP    SH BEN INT NEW  409735206       483.     34200. SH       SOLE            34200.       0.       0.
HANOVER INS GROUP INC          COM             410867105     55341.   1339000. SH       SOLE           850200.       0.  488800.
HARLEY DAVIDSON INC            COM             412822108     36796.   1599809. SH       SOLE          1078209.       0.  521600.
HAWK CORP                      CL A            420089104      3432.    250174. SH       SOLE            95574.       0.  154600.
HEIDRICK & STRUGGLES INTL IN   COM             422819102      9632.    414089. SH       SOLE           156789.       0.  257300.
HEWLETT PACKARD CO             COM             428236103     45469.    963126. SH       SOLE           285700.       0.  677426.
HOME DEPOT INC                 COM             437076102    223348.   8383949. SH       SOLE          4557653.       0. 3826296.
HOME FED BANCORP INC MD        COM             43710G105      1953.    171000. SH       SOLE                0.       0.  171000.
HONEYWELL INTL INC             COM             438516106     62051.   1670275. SH       SOLE           806400.       0.  863875.
HUDSON HIGHLAND GROUP INC      COM             443792106     11858.   3900500. SH       SOLE          2440600.       0. 1459900.
HYPERCOM CORP                  COM             44913M105      4501.   1452000. SH       SOLE           551900.       0.  900100.
IMS HEALTH INC                 COM             449934108     41373.   2695300. SH       SOLE          1839300.       0.  856000.
INFOGROUP INC                  COM             45670G108     16319.   2328000. SH       SOLE           926900.       0. 1401100.
INTERPUBLIC GROUP COS INC      COM             460690100    129573.  17230388. SH       SOLE          8889110.       0. 8341278.
JPMORGAN CHASE & CO            COM             46625H100    529110.  12074623. SH       SOLE          6630151.       0. 5444472.
JACK IN THE BOX INC            COM             466367109      5979.    291806. SH       SOLE            88306.       0.  203500.
JOHNSON & JOHNSON              COM             478160104     31171.    511922. SH       SOLE           149500.       0.  362422.
JONES APPAREL GROUP INC        COM             480074103    158815.   8857521. SH       SOLE          5956421.       0. 2901100.
KSW INC                        COM             48268R106       248.     64500. SH       SOLE            64500.       0.       0.
KAYNE ANDERSON ENERGY DEV CO   COM             48660Q102       275.     20800. SH       SOLE            20800.       0.       0.
KEYCORP NEW                    COM             493267108    211908.  32601187. SH       SOLE         20750074.       0.11851113.
KING PHARMACEUTICALS INC       COM             495582108     94890.   8810600. SH       SOLE          5999000.       0. 2811600.
KORN FERRY INTL                COM NEW         500643200      1256.     86100. SH       SOLE                0.       0.   86100.
KRAFT FOODS INC                CL A            50075N104     42464.   1616439. SH       SOLE           527500.       0. 1088939.
LAKES ENTMNT INC               COM             51206P109      1948.    579700. SH       SOLE           331100.       0.  248600.
LASALLE HOTEL PPTYS            COM SH BEN INT  517942108      1323.     67300. SH       SOLE                0.       0.   67300.
LAWSON SOFTWARE INC NEW        COM             52078P102     20190.   3235500. SH       SOLE          1224500.       0. 2011000.
LILLY ELI & CO                 COM             532457108    354149.  10722033. SH       SOLE          5922365.       0. 4799668.
LIMITED BRANDS INC             COM             532716107    266308.  15674389. SH       SOLE          9986543.       0. 5687846.
LINCARE HLDGS INC              COM             532791100     53528.   1712900. SH       SOLE          1184500.       0.  528400.
LOCKHEED MARTIN CORP           COM             539830109    107748.   1379972. SH       SOLE           757072.       0.  622900.
LORILLARD INC                  COM             544147101    107441.   1446046. SH       SOLE           822800.       0.  623246.
MI DEVS INC                    CL A SUB VTG    55304X104     70217.   5220600. SH       SOLE          3906000.       0. 1314600.
MAGNA INTL INC                 CL A            559222401     38068.    895300. SH       SOLE           687800.       0.  207500.
MANPOWER INC                   COM             56418H100     57016.   1005400. SH       SOLE           681100.       0.  324300.
MARSHALL & ILSLEY CORP NEW     COM             571837103      2984.    369812. SH       SOLE            21812.       0.  348000.
MAXIM INTEGRATED PRODS INC     COM             57772K101      1575.     86800. SH       SOLE            86800.       0.       0.
MCDONALDS CORP                 COM             580135101     23336.    408897. SH       SOLE           121400.       0.  287497.
MERCK & CO INC                 COM             589331107     88529.   2798898. SH       SOLE          1508841.       0. 1290057.
METLIFE INC                    COM             59156R108    164720.   4326759. SH       SOLE          2535360.       0. 1791399.
MICROSOFT CORP                 COM             594918104    319825.  12434864. SH       SOLE          6915419.       0. 5519445.
MILLER INDS INC TENN           COM NEW         600551204     16661.   1514598. SH       SOLE           862798.       0.  651800.
MIRANT CORP NEW                COM             60467R100     30214.   1838950. SH       SOLE          1189150.       0.  649800.
NATIONAL SEMICONDUCTOR CORP    COM             637640103     35250.   2470200. SH       SOLE          1916200.       0.  554000.
NESS TECHNOLOGIES INC          COM             64104X108      7881.    998900. SH       SOLE           369800.       0.  629100.
NORTHROP GRUMMAN CORP          COM             666807102    229136.   4427747. SH       SOLE          2454127.       0. 1973620.
NOVELL INC                     COM             670006105     29382.   6514900. SH       SOLE          4188200.       0. 2326700.
ON SEMICONDUCTOR CORP          COM             682189105     30702.   3721400. SH       SOLE          2421300.       0. 1300100.
ORACLE CORP                    COM             68389X105     61780.   2964499. SH       SOLE           886900.       0. 2077599.
OVERHILL FARMS INC             COM             690212105      8746.   1445700. SH       SOLE           828100.       0.  617600.
PHH CORP                       COM NEW         693320202     54633.   2753700. SH       SOLE          1812600.       0.  941100.
PMA CAP CORP                   CL A            693419202      3380.    594000. SH       SOLE           233000.       0.  361000.
PNC FINL SVCS GROUP INC        COM             693475105    335485.   6904410. SH       SOLE          4107905.       0. 2796505.
PPG INDS INC                   COM             693506107    241667.   4151649. SH       SOLE          2505396.       0. 1646253.
PACCAR INC                     COM             693718108    258686.   6859886. SH       SOLE          4030425.       0. 2829461.
PATNI COMPUTER SYS             SPONS ADR       703248203      1375.     74300. SH       SOLE                0.       0.   74300.
PENNEY J C INC                 COM             708160106    215053.   6371934. SH       SOLE          3594953.       0. 2776981.
PFIZER INC                     COM             717081103    132800.   8024186. SH       SOLE          4646813.       0. 3377373.
PHILIP MORRIS INTL INC         COM             718172109    187553.   3848030. SH       SOLE          1946182.       0. 1901848.
PORTLAND GEN ELEC CO           COM NEW         736508847     66736.   3384200. SH       SOLE          2234800.       0. 1149400.
PRUDENTIAL FINL INC            COM             744320102     45558.    912803. SH       SOLE           294500.       0.  618303.
QUIKSILVER INC                 COM             74838C106     20400.   7418100. SH       SOLE          3127300.       0. 4290800.
RPM INTL INC                   COM             749685103     49786.   2692600. SH       SOLE          1792200.       0.  900400.
REGIONS FINANCIAL CORP NEW     COM             7591EP100    113706.  18310181. SH       SOLE         13243981.       0. 5066200.
RENT A CTR INC NEW             COM             76009N100     69593.   3686085. SH       SOLE          2433885.       0. 1252200.
ROYAL DUTCH SHELL PLC          SPON ADR B      780259107    533567.   9567268. SH       SOLE          5313691.       0. 4253577.
SAFEWAY INC                    COM NEW         786514208    358917.  18200676. SH       SOLE         10788030.       0. 7412646.
SCHERING PLOUGH CORP           COM             806605101    134150.   4748658. SH       SOLE          2363699.       0. 2384959.
SPHERION CORP                  COM             848420105      8417.   1355400. SH       SOLE           477500.       0.  877900.
STONE ENERGY CORP              COM             861642106      9054.    555100. SH       SOLE           194700.       0.  360400.
SUN MICROSYSTEMS INC           COM NEW         866810203     33773.   3715400. SH       SOLE          2817600.       0.  897800.
SUNTRUST BKS INC               COM             867914103     58822.   2608499. SH       SOLE          1539300.       0. 1069199.
SUPERVALU INC                  COM             868536103     18361.   1219200. SH       SOLE           932100.       0.  287100.
SYMANTEC CORP                  COM             871503108     12786.    776300. SH       SOLE           603100.       0.  173200.
SYNOVUS FINL CORP              COM             87161C105      6914.   1843629. SH       SOLE           698429.       0. 1145200.
TERADATA CORP DEL              COM             88076W103      1789.     65000. SH       SOLE                0.       0.   65000.
TERRITORIAL BANCORP INC        COM             88145X108       254.     16200. SH       SOLE             5600.       0.   10600.
TEXAS INSTRS INC               COM             882508104       393.     16600. SH       SOLE            16600.       0.       0.
TIBCO SOFTWARE INC             COM             88632Q103      7016.    739300. SH       SOLE           272600.       0.  466700.
TIDEWATER INC                  COM             886423102     10176.    216100. SH       SOLE           137900.       0.   78200.
TIME WARNER CABLE INC          COM             88732J207     83701.   1942473. SH       SOLE           853400.       0. 1089073.
TRAVELERS COMPANIES INC        COM             89417E109    165740.   3366650. SH       SOLE          1891975.       0. 1474675.
TREE COM INC                   COM             894675107       209.     27700. SH       SOLE            27700.       0.       0.
UFP TECHNOLOGIES INC           COM             902673102       657.    103900. SH       SOLE           103900.       0.       0.
UNITED AMER INDEMNITY LTD      CL A            90933T109     28214.   3817896. SH       SOLE          1867475.       0. 1950421.
U STORE IT TR                  COM             91274F104     10223.   1635668. SH       SOLE           625468.       0. 1010200.
UNIVERSAL STAINLESS & ALLOY    COM             913837100      1742.     95443. SH       SOLE            39843.       0.   55600.
UNUM GROUP                     COM             91529Y106     50734.   2366340. SH       SOLE          1647040.       0.  719300.
VALASSIS COMMUNICATIONS INC    COM             918866104    117218.   6555831. SH       SOLE          4325731.       0. 2230100.
VODAFONE GROUP PLC NEW         SPONS ADR NEW   92857W209    335948.  14931036. SH       SOLE          8036323.       0. 6894713.
WAL MART STORES INC            COM             931142103     29446.    599831. SH       SOLE           172600.       0.  427231.
WARNACO GROUP INC              COM NEW         934390402      8553.    195000. SH       SOLE            32600.       0.  162400.
WEBSTER FINL CORP CONN         COM             947890109     15182.   1217497. SH       SOLE           363197.       0.  854300.
WELLS FARGO & CO NEW           COM             949746101    477191.  16933670. SH       SOLE          9224650.       0. 7709020.
WESTAR ENERGY INC              COM             95709T100     50031.   2564400. SH       SOLE          1665800.       0.  898600.
WISCONSIN ENERGY CORP          COM             976657106    121193.   2683035. SH       SOLE          1923735.       0.  759300.
ZIMMER HLDGS INC               COM             98956P102     53594.   1002687. SH       SOLE           410800.       0.  591887.
XL CAP LTD                     CL A            G98255105    263092.  15068260. SH       SOLE          8593139.       0. 6475121.
TYCO INTERNATIONAL LTD         SHS             H89128104    230354.   6680808. SH       SOLE          3683806.       0. 2997002.
TYCO ELECTRONICS LTD SWITZER   SHS             H8912P106    355610.  15960965. SH       SOLE          9479869.       0. 6481096.

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