River Road Asset Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M Company	COM	88579Y101	28,915	211,816	SH		SOLE		180,866	0	30,950
AbbVie, Inc.	COM	00287Y109	33,653	441,700	SH		SOLE		373,490	0	68,210
ACI Worldwide, Inc.	COM	004498101	22,540	933,322	SH		SOLE		881,703	0	51,619
Advance Auto Parts, Inc.	COM	00751Y106	55,223	591,757	SH		SOLE		498,922	0	92,835
AES Corporation	COM	00130H105	76,714	5,640,761	SH		SOLE		4,288,943	0	1,351,818
Air Transport Services Group,	COM	00922R105	100,920	5,520,769	SH		SOLE		5,252,948	0	267,821
Allegheny Technologies Incorpo	COM	01741R102	17,723	2,085,035	SH		SOLE		1,984,655	0	100,380
Alphabet Inc. Class C	COM	02079K107	37,858	32,557	SH		SOLE		21,948	0	10,609
America Movil SAB de CV Sponso	COM	02364W105	151	12,811	SH		SOLE		12,811	0	0
American Express Company	COM	025816109	1,449	16,923	SH		SOLE		16,923	0	0
Amgen Inc.	COM	031162100	40,554	200,039	SH		SOLE		169,212	0	30,827
AptarGroup, Inc.	COM	038336103	564	5,670	SH		SOLE		5,670	0	0
Arcosa Inc	COM	039653100	12,994	326,985	SH		SOLE		306,282	0	20,703
Argan, Inc.	COM	04010E109	48,145	1,392,673	SH		SOLE		1,328,824	0	63,849
Armstrong World Industries, In	COM	04247X102	32,782	412,764	SH		SOLE		386,781	0	25,983
Atkore International Group Inc	COM	047649108	10,150	481,712	SH		SOLE		461,278	0	20,434
Atlantica Yield plc	COM	G0751N103	25,054	1,123,478	SH		SOLE		971,499	0	151,979
Avaya Holdings Corp.	COM	05351X101	32,076	3,964,866	SH		SOLE		3,779,940	0	184,926
Axis Capital Holdings Limited	COM	G0692U109	57,890	1,497,792	SH		SOLE		1,371,832	0	125,960
Barrett Business Services, Inc	COM	068463108	5,315	134,080	SH		SOLE		117,812	0	16,268
Berkshire Hathaway Inc. Class	COM	084670702	90,891	497,133	SH		SOLE		327,233	0	169,900
Biglari Holdings, Inc. Class A	COM	08986R408	1,242	4,181	SH		SOLE		3,913	0	268
BJ's Wholesale Club Holdings,	COM	05550J101	68,108	2,674,051	SH		SOLE		2,547,519	0	126,532
Blackstone Group Inc. Class A	COM	09260D107	501	10,989	SH		SOLE		10,989	0	0
Booking Holdings Inc.	COM	09857L108	1,854	1,378	SH		SOLE		1,378	0	0
Bristol-Myers Squibb Company	COM	110122108	59,302	1,063,905	SH		SOLE		899,466	0	164,439
Brookfield Asset Management In	COM	112585104	40,688	919,497	SH		SOLE		603,979	0	315,518
Cannae Holdings, Inc.	COM	13765N107	152,636	4,557,671	SH		SOLE		4,102,545	0	455,126
CDK Global Inc	COM	12508E101	31,802	968,097	SH		SOLE		925,433	0	42,664
Cedar Fair, L.P.	COM	150185106	7,329	399,639	SH		SOLE		334,268	0	65,371
Chubb Limited	COM	H1467J104	35,511	317,941	SH		SOLE		231,467	0	86,474
Cinemark Holdings, Inc.	COM	17243V102	6,787	666,014	SH		SOLE		633,538	0	32,476
Cisco Systems, Inc.	COM	17275R102	46,620	1,185,948	SH		SOLE		996,677	0	189,271
CNA Financial Corporation	COM	126117100	18,404	592,901	SH		SOLE		494,670	0	98,231
Colfax Corporation	COM	194014106	19,284	973,959	SH		SOLE		926,571	0	47,388
Comcast Corporation Class A	COM	20030N101	114,274	3,323,849	SH		SOLE		2,483,471	0	840,378
Comfort Systems USA, Inc.	COM	199908104	37,453	1,024,699	SH		SOLE		974,729	0	49,970
Computer Programs and Systems,	COM	205306103	24,079	1,082,193	SH		SOLE		1,008,543	0	73,650
Constellation Brands, Inc. Cla	COM	21036P108	329	2,295	SH		SOLE		2,295	0	0
Copart, Inc.	COM	217204106	249	3,637	SH		SOLE		3,637	0	0
Core-Mark Holding Company, Inc	COM	218681104	20,281	709,857	SH		SOLE		676,455	0	33,402
Corning Inc	COM	219350105	45,991	2,239,092	SH		SOLE		1,913,264	0	325,828
CorVel Corporation	COM	221006109	549	10,066	SH		SOLE		10,066	0	0
Cracker Barrel Old Country Sto	COM	22410J106	5,731	68,861	SH		SOLE		65,718	0	3,143
CSG Systems International, Inc	COM	126349109	8,873	212,028	SH		SOLE		178,294	0	33,734
Cubic Corporation	COM	229669106	75,210	1,820,622	SH		SOLE		1,575,186	0	245,436
Discovery, Inc. Class C	COM	25470F302	73,863	4,211,099	SH		SOLE		3,394,991	0	816,108
Dollar Tree, Inc.	COM	256746108	2,221	30,232	SH		SOLE		30,232	0	0
Dominion Energy Inc	COM	25746U109	54,212	750,967	SH		SOLE		641,673	0	109,294
DXC Technology Co.	COM	23355L106	8,392	643,058	SH		SOLE		643,058	0	0
Enterprise Products Partners L	COM	293792107	20,083	1,404,401	SH		SOLE		1,173,034	0	231,367
EVERTEC, Inc.	COM	30040P103	7,457	328,080	SH		SOLE		284,352	0	43,728
Evolution Petroleum Corporatio	COM	30049A107	3,544	1,357,889	SH		SOLE		1,168,388	0	189,501
Expedia Group, Inc.	COM	30212P303	14,116	250,863	SH		SOLE		250,863	0	0
Extended Stay America, Inc.	COM	30224P200	44,083	6,030,473	SH		SOLE		5,644,412	0	386,061
Fastenal Company	COM	311900104	26,739	855,655	SH		SOLE		735,216	0	120,439
FGL Holdings Class A	COM	G3402M102	7,021	716,410	SH		SOLE		618,517	0	97,893
Fidelity National Financial, I	COM	31620R303	39,313	1,580,087	SH		SOLE		1,437,784	0	142,303
First Citizens BancShares, Inc	COM	31946M103	6,401	19,231	SH		SOLE		16,640	0	2,591
Forward Air Corporation	COM	349853101	14,109	278,557	SH		SOLE		257,484	0	21,073
GCI Liberty, Inc. Class A	COM	36164V305	111,816	1,962,715	SH		SOLE		1,713,745	0	248,970
Genuine Parts Company	COM	372460105	7,879	117,015	SH		SOLE		99,180	0	17,835
GrafTech International Ltd.	COM	384313508	76,971	9,479,245	SH		SOLE		8,014,108	0	1,465,137
Harsco Corporation	COM	415864107	13,990	2,007,158	SH		SOLE		1,914,447	0	92,711
HollyFrontier Corporation	COM	436106108	20,378	831,434	SH		SOLE		783,655	0	47,779
Home Depot, Inc.	COM	437076102	9,321	49,920	SH		SOLE		42,182	0	7,738
Hostess Brands, Inc. Class A	COM	44109J106	125,522	11,775,079	SH		SOLE		9,793,564	0	1,981,515
Illinois Tool Works Inc.	COM	452308109	21,028	147,958	SH		SOLE		128,005	0	19,953
Ingles Markets, Incorporated C	COM	457030104	31,620	874,459	SH		SOLE		817,166	0	57,293
Insperity, Inc.	COM	45778Q107	30,610	820,647	SH		SOLE		780,877	0	39,770
Interpublic Group of Companies	COM	460690100	26,419	1,631,798	SH		SOLE		1,455,047	0	176,751
Iron Mountain, Inc.	COM	46284V101	36,504	1,533,784	SH		SOLE		1,322,727	0	211,057
iShares Russell 1000 Value ETF	COM	464287598	322	3,245	SH		SOLE		3,245	0	0
Ituran Location and Control Lt	COM	M6158M104	11,561	813,571	SH		SOLE		742,517	0	71,054
J. Alexander's Holdings, Inc.	COM	46609J106	3,190	832,955	SH		SOLE		711,234	0	121,721
Kimberly-Clark Corporation	COM	494368103	57,246	447,686	SH		SOLE		383,781	0	63,905
Kinder Morgan Inc Class P	COM	49456B101	85,802	6,163,944	SH		SOLE		4,581,848	0	1,582,096
Lazard Ltd Class A	COM	G54050102	12,143	515,396	SH		SOLE		461,071	0	54,325
Liberty Broadband Corp. Class	COM	530307305	93,155	841,359	SH		SOLE		678,787	0	162,572
Liberty Latin America Ltd. Cla	COM	G9001E102	10,757	1,022,520	SH		SOLE		1,022,520	0	0
Liberty Latin America Ltd. Cla	COM	G9001E128	35,898	3,498,852	SH		SOLE		3,259,243	0	239,609
Liberty Media Corp. Series C L	COM	531229607	33,170	1,049,023	SH		SOLE		692,445	0	356,578
Liberty TripAdvisor Holdings I	COM	531465102	1,630	905,562	SH		SOLE		781,753	0	123,809
LKQ Corporation	COM	501889208	66,512	3,242,887	SH		SOLE		2,762,401	0	480,486
LyondellBasell Industries NV	COM	N53745100	21,464	432,488	SH		SOLE		374,635	0	57,853
Madison Square Garden Co. Clas	COM	55825T103	1,745	8,254	SH		SOLE		8,254	0	0
Magellan Midstream Partners, L	COM	559080106	15,856	434,533	SH		SOLE		366,376	0	68,157
Marathon Petroleum Corporation	COM	56585A102	15,080	638,425	SH		SOLE		551,385	0	87,040
Marcus & Millichap, Inc.	COM	566324109	4,995	184,326	SH		SOLE		159,828	0	24,498
McKesson Corporation	COM	58155Q103	40,292	297,885	SH		SOLE		191,774	0	106,111
Medtronic PLC	COM	G5960L103	12,624	139,985	SH		SOLE		120,652	0	19,333
Modine Manufacturing Company	COM	607828100	2,320	713,732	SH		SOLE		618,405	0	95,327
Motorcar Parts of America, Inc	COM	620071100	7,202	572,530	SH		SOLE		518,805	0	53,725
MSC Industrial Direct Co., Inc	COM	553530106	25,640	466,429	SH		SOLE		438,914	0	27,515
MSG Networks Inc. Class A	COM	553573106	4,543	445,418	SH		SOLE		408,393	0	37,025
Murphy USA, Inc.	COM	626755102	28,551	338,447	SH		SOLE		319,454	0	18,993
NCR Corporation	COM	62886E108	66,376	3,750,064	SH		SOLE		3,183,933	0	566,131
Newmark Group, Inc. Class A	COM	65158N102	6,051	1,423,845	SH		SOLE		1,354,306	0	69,539
NextEra Energy, Inc.	COM	65339F101	229	953	SH		SOLE		953	0	0
Nielsen Holdings Plc	COM	G6518L108	18,927	1,509,317	SH		SOLE		1,509,317	0	0
nVent Electric plc	COM	G6700G107	27,307	1,618,646	SH		SOLE		1,543,355	0	75,291
Oaktree Specialty Lending Corp	COM	67401P108	19,498	6,017,989	SH		SOLE		5,590,647	0	427,342
Omnicom Group Inc	COM	681919106	27,199	495,437	SH		SOLE		423,343	0	72,094
Oracle Corporation	COM	68389X105	25,901	535,919	SH		SOLE		457,607	0	78,312
Park Aerospace Corp.	COM	70014A104	8,255	655,176	SH		SOLE		568,314	0	86,862
PBF Energy, Inc. Class A	COM	69318G106	7,258	1,025,086	SH		SOLE		973,787	0	51,299
PepsiCo, Inc.	COM	713448108	37,075	308,697	SH		SOLE		262,993	0	45,704
Pfizer Inc.	COM	717081103	37,986	1,163,794	SH		SOLE		990,518	0	173,276
PICO Holdings, Inc.	COM	693366205	5,318	683,600	SH		SOLE		577,929	0	105,671
PNC Financial Services Group,	COM	693475105	30,058	314,022	SH		SOLE		269,788	0	44,234
Premier Inc. Class A	COM	74051N102	144,261	4,408,958	SH		SOLE		3,714,490	0	694,468
Progressive Corporation	COM	743315103	52,789	714,914	SH		SOLE		465,036	0	249,878
QUALCOMM Incorporated	COM	747525103	27,673	409,065	SH		SOLE		344,684	0	64,381
Quest Diagnostics Incorporated	COM	74834L100	14,679	182,796	SH		SOLE		155,992	0	26,804
Raytheon Company	COM	755111507	1,597	12,178	SH		SOLE		12,178	0	0
Resideo Technologies, Inc.	COM	76118Y104	9,269	1,915,064	SH		SOLE		1,824,877	0	90,187
Resources Connection, Inc.	COM	76122Q105	8,170	744,763	SH		SOLE		708,790	0	35,973
Royal Gold, Inc.	COM	780287108	329	3,749	SH		SOLE		3,749	0	0
RPM International Inc.	COM	749685103	10,197	171,375	SH		SOLE		148,752	0	22,623
Ryman Hospitality Properties,	COM	78377T107	11,474	320,061	SH		SOLE		281,825	0	38,236
Sabre Corp.	COM	78573M104	10,803	1,821,681	SH		SOLE		1,745,831	0	75,850
Sandstorm Gold Ltd.	COM	80013R206	408	81,427	SH		SOLE		81,427	0	0
Seaboard Corporation	COM	811543107	309	110	SH		SOLE		110	0	0
Sensient Technologies Corporat	COM	81725T100	16,764	385,284	SH		SOLE		335,998	0	49,286
Six Flags Entertainment Corpor	COM	83001A102	10,670	850,853	SH		SOLE		799,151	0	51,702
SP Plus Corporation	COM	78469C103	8,309	400,424	SH		SOLE		346,967	0	53,457
Starbucks Corporation	COM	855244109	2,893	44,000	SH		SOLE		44,000	0	0
Stock Yards Bancorp, Inc.	COM	861025104	5,842	201,939	SH		SOLE		161,316	0	40,623
Target Corporation	COM	87612E106	49,418	531,553	SH		SOLE		453,960	0	77,593
TJX Companies Inc	COM	872540109	8,918	186,531	SH		SOLE		156,839	0	29,692
TPI Composites, Inc.	COM	87266J104	13,857	937,579	SH		SOLE		890,739	0	46,840
Tractor Supply Company	COM	892356106	448	5,304	SH		SOLE		5,304	0	0
Trimas Corporation	COM	896215209	5,983	259,007	SH		SOLE		224,647	0	34,360
TriNet Group, Inc.	COM	896288107	10,078	267,596	SH		SOLE		255,253	0	12,343
Truist Financial Corporation	COM	89832Q109	41,522	1,346,360	SH		SOLE		1,143,711	0	202,649
U.S. Bancorp	COM	902973304	42,427	1,231,550	SH		SOLE		1,040,591	0	190,959
UniFirst Corporation	COM	904708104	103,699	686,338	SH		SOLE		563,304	0	123,034
Unilever PLC Sponsored ADR	COM	904767704	45,931	908,273	SH		SOLE		775,249	0	133,024
United Parcel Service, Inc. Cl	COM	911312106	42,730	457,392	SH		SOLE		384,857	0	72,535
UnitedHealth Group Incorporate	COM	91324P102	51,754	207,529	SH		SOLE		135,068	0	72,461
US Ecology, Inc.	COM	91734M103	14,847	488,384	SH		SOLE		465,716	0	22,668
Vail Resorts, Inc.	COM	91879Q109	335	2,265	SH		SOLE		2,265	0	0
Valero Energy Corporation	COM	91913Y100	12,568	277,076	SH		SOLE		243,478	0	33,598
Ventas, Inc.	COM	92276F100	23,335	870,724	SH		SOLE		751,403	0	119,321
Verizon Communications Inc.	COM	92343V104	61,060	1,136,423	SH		SOLE		960,626	0	175,797
Verra Mobility Corp. Class A	COM	92511U102	3,428	480,103	SH		SOLE		416,566	0	63,537
Viad Corp	COM	92552R406	22,879	1,077,655	SH		SOLE		1,025,735	0	51,920
Vonage Holdings Corp.	COM	92886T201	24,619	3,405,107	SH		SOLE		3,290,299	0	114,808
W. R. Berkley Corporation	COM	084423102	430	8,242	SH		SOLE		8,242	0	0
Walgreens Boots Alliance Inc	COM	931427108	47,791	1,044,603	SH		SOLE		745,743	0	298,860
Walt Disney Company	COM	254687106	28,389	293,880	SH		SOLE		196,722	0	97,158
Watsco, Inc.	COM	942622200	508	3,215	SH		SOLE		3,215	0	0
Webster Financial Corporation	COM	947890109	5,009	218,751	SH		SOLE		190,448	0	28,303
Wells Fargo & Company	COM	949746101	16,380	570,725	SH		SOLE		469,078	0	101,647
WesBanco, Inc.	COM	950810101	10,090	425,757	SH		SOLE		337,774	0	87,983
White Mountains Insurance Grou	COM	G9618E107	70,325	77,280	SH		SOLE		72,814	0	4,466
Williams Companies, Inc.	COM	969457100	23,497	1,660,590	SH		SOLE		1,421,509	0	239,081
World Fuel Services Corporatio	COM	981475106	22,739	903,048	SH		SOLE		862,705	0	40,343
Yelp Inc	COM	985817105	32,093	1,779,952	SH		SOLE		1,694,417	0	85,535