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

OMB Number:		3235-0006
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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	23,477	134,314	SH		SOLE		104,206	0	30,108
AbbVie, Inc.	COM	00287Y109	33,837	315,787	SH		SOLE		244,743	0	71,044
ACI Worldwide, Inc.	COM	004498101	28,239	734,828	SH		SOLE		721,595	0	13,233
Advance Auto Parts, Inc.	COM	00751Y106	142,628	905,519	SH		SOLE		637,698	0	267,821
AES Corporation	COM	00130H105	123,930	5,273,604	SH		SOLE		2,702,708	0	2,570,896
Air Transport Services Group,	COM	00922R105	206,441	6,587,127	SH		SOLE		5,778,926	0	808,201
Alphabet Inc. Class C	COM	02079K107	2,481	1,416	SH		SOLE		1,416	0	0
America Movil SAB de CV Sponso	COM	02364W105	186	12,786	SH		SOLE		12,786	0	0
American Equity Investment Lif	COM	025676206	63,274	2,287,562	SH		SOLE		2,216,246	0	71,316
Amgen Inc.	COM	031162100	29,277	127,336	SH		SOLE		98,797	0	28,539
Api Group Corporation	COM	00187Y100	419	23,080	SH		SOLE		23,080	0	0
Ares Management Corporation	COM	03990B101	618	13,128	SH		SOLE		13,128	0	0
Argan, Inc.	COM	04010E109	76,057	1,709,537	SH		SOLE		1,651,898	0	57,639
Armstrong World Industries, In	COM	04247X102	85,754	1,152,767	SH		SOLE		1,109,943	0	42,824
Atkore International Group Inc	COM	047649108	61,034	1,484,653	SH		SOLE		1,428,097	0	56,556
Atlantica Sustainable Infrastr	COM	G0751N103	36,019	948,356	SH		SOLE		732,813	0	215,543
Avaya Holdings Corp.	COM	05351X101	122,110	6,376,499	SH		SOLE		5,075,829	0	1,300,670
Axalta Coating Systems Ltd.	COM	G0750C108	30,944	1,083,865	SH		SOLE		1,045,769	0	38,096
Axis Capital Holdings Limited	COM	G0692U109	160,110	3,177,409	SH		SOLE		2,234,192	0	943,217
Barrett Business Services, Inc	COM	068463108	9,838	144,232	SH		SOLE		127,964	0	16,268
Berkshire Hathaway Inc. Class	COM	084670702	183,434	791,109	SH		SOLE		369,578	0	421,531
BJ's Wholesale Club Holdings,	COM	05550J101	183,961	4,934,566	SH		SOLE		3,911,127	0	1,023,439
Black Hills Corporation	COM	092113109	21,040	342,392	SH		SOLE		265,693	0	76,699
Bristol-Myers Squibb Company	COM	110122108	129,906	2,094,239	SH		SOLE		1,148,224	0	946,015
Cannae Holdings, Inc.	COM	13765N107	198,586	4,485,787	SH		SOLE		3,781,559	0	704,228
Cass Information Systems, Inc.	COM	14808P109	7,117	182,902	SH		SOLE		131,830	0	51,072
CDK Global, Inc.	COM	12508E101	79,467	1,533,215	SH		SOLE		1,463,171	0	70,044
Centene Corporation	COM	15135B101	346	5,766	SH		SOLE		5,766	0	0
Central Garden & Pet Company	COM	153527106	304	7,867	SH		SOLE		7,867	0	0
Check Point Software Technolog	COM	M22465104	211	1,588	SH		SOLE		1,588	0	0
Chubb Limited	COM	H1467J104	123,043	799,399	SH		SOLE		416,229	0	383,170
Cisco Systems, Inc.	COM	17275R102	134,072	2,996,019	SH		SOLE		1,558,628	0	1,437,391
CNA Financial Corporation	COM	126117100	52,555	1,348,956	SH		SOLE		1,230,378	0	118,578
Colfax Corporation	COM	194014106	29,813	779,620	SH		SOLE		747,560	0	32,060
Comcast Corporation Class A	COM	20030N101	196,091	3,742,197	SH		SOLE		2,045,017	0	1,697,180
Comfort Systems USA, Inc.	COM	199908104	81,835	1,554,021	SH		SOLE		1,499,765	0	54,256
Computer Programs and Systems,	COM	205306103	31,228	1,163,498	SH		SOLE		1,102,009	0	61,489
Core Laboratories NV	COM	N22717107	5,963	224,924	SH		SOLE		216,946	0	7,978
CoreCivic, Inc.	COM	21871N101	365	55,661	SH		SOLE		55,661	0	0
Corning Inc	COM	219350105	55,577	1,543,815	SH		SOLE		1,196,935	0	346,880
CSG Systems International, Inc	COM	126349109	9,587	212,717	SH		SOLE		165,612	0	47,105
Cubic Corporation	COM	229669106	114,054	1,838,399	SH		SOLE		1,416,737	0	421,662
Cushman & Wakefield Plc	COM	G2717B108	7,303	492,474	SH		SOLE		437,670	0	54,804
CVS Health Corporation	COM	126650100	2,981	43,644	SH		SOLE		43,644	0	0
Discovery, Inc. Class C	COM	25470F302	113,478	4,332,868	SH		SOLE		2,894,607	0	1,438,261
Dollar Tree, Inc.	COM	256746108	3,734	34,559	SH		SOLE		34,559	0	0
DXC Technology Co.	COM	23355L106	42,012	1,631,539	SH		SOLE		1,554,237	0	77,302
Enterprise Products Partners L	COM	293792107	17,928	915,172	SH		SOLE		668,854	0	246,318
ePlus inc.	COM	294268107	97,380	1,107,217	SH		SOLE		1,059,538	0	47,679
Evolution Petroleum Corporatio	COM	30049A107	3,903	1,369,458	SH		SOLE		1,195,447	0	174,011
Extended Stay America, Inc.	COM	30224P200	84,189	5,684,612	SH		SOLE		5,490,881	0	193,731
Fidelity National Financial, I	COM	31620R303	226,394	5,791,602	SH		SOLE		3,949,350	0	1,842,252
Fomento Economico Mexicano SAB	COM	344419106	398	5,256	SH		SOLE		5,256	0	0
General Dynamics Corporation	COM	369550108	16,319	109,654	SH		SOLE		86,976	0	22,678
Genuine Parts Company	COM	372460105	19,788	197,032	SH		SOLE		152,947	0	44,085
GMS Inc.	COM	36251C103	10,597	347,671	SH		SOLE		309,609	0	38,062
GrafTech International Ltd.	COM	384313508	78,206	7,336,389	SH		SOLE		7,077,950	0	258,439
Hackett Group, Inc.	COM	404609109	4,833	335,880	SH		SOLE		241,663	0	94,217
Harsco Corporation	COM	415864107	45,433	2,526,842	SH		SOLE		2,449,460	0	77,382
Hawaiian Electric Industries,	COM	419870100	285	8,059	SH		SOLE		8,059	0	0
HollyFrontier Corporation	COM	436106108	41,776	1,616,079	SH		SOLE		1,557,327	0	58,752
Home Depot, Inc.	COM	437076102	15,230	57,337	SH		SOLE		44,475	0	12,862
Hostess Brands, Inc. Class A	COM	44109J106	208,238	14,223,876	SH		SOLE		10,461,639	0	3,762,237
Huntington Ingalls Industries,	COM	446413106	102,118	599,005	SH		SOLE		437,997	0	161,008
IDACORP, Inc.	COM	451107106	23,256	242,176	SH		SOLE		187,180	0	54,996
Ingles Markets, Incorporated C	COM	457030104	38,079	892,609	SH		SOLE		847,484	0	45,125
Insperity, Inc.	COM	45778Q107	31,556	387,575	SH		SOLE		349,918	0	37,657
Intercontinental Exchange, Inc	COM	45866F104	524	4,541	SH		SOLE		4,541	0	0
Interpublic Group of Companies	COM	460690100	19,350	822,691	SH		SOLE		646,902	0	175,789
Iron Mountain, Inc.	COM	46284V101	29,112	987,525	SH		SOLE		771,380	0	216,145
Ituran Location and Control Lt	COM	M6158M104	18,085	949,353	SH		SOLE		881,299	0	68,054
J. Alexander's Holdings, Inc.	COM	46609J106	6,238	855,634	SH		SOLE		751,323	0	104,311
Jones Lang LaSalle Incorporate	COM	48020Q107	45,833	308,908	SH		SOLE		308,908	0	0
Kimberly-Clark Corporation	COM	494368103	35,445	262,884	SH		SOLE		203,702	0	59,182
Kinder Morgan Inc Class P	COM	49456B101	30,214	2,210,255	SH		SOLE		1,713,881	0	496,374
KKR & Co. Inc.	COM	48251W104	4,705	116,197	SH		SOLE	��	116,197	0	0
Lazard Ltd Class A	COM	G54050102	11,531	272,600	SH		SOLE		220,001	0	52,599
Liberty Broadband Corp. Class	COM	530307305	248,923	1,571,783	SH		SOLE		824,175	0	747,608
Liberty Latin America Ltd. Cla	COM	G9001E102	15,586	1,400,374	SH		SOLE		1,400,374	0	0
Liberty Latin America Ltd. Cla	COM	G9001E128	46,707	4,211,626	SH		SOLE		4,006,547	0	205,079
Liberty Media Corp. Series C L	COM	531229888	447	17,970	SH		SOLE		17,970	0	0
Liberty Media Corp. Series C L	COM	531229607	90,873	2,088,546	SH		SOLE		955,818	0	1,132,728
Liberty TripAdvisor Holdings I	COM	531465102	3,358	773,669	SH		SOLE		683,399	0	90,270
LKQ Corporation	COM	501889208	163,937	4,652,004	SH		SOLE		3,410,012	0	1,241,992
Madison Square Garden Entertai	COM	55826T102	1,844	17,555	SH		SOLE		17,555	0	0
Madison Square Garden Sports C	COM	55825T103	1,719	9,339	SH		SOLE		9,339	0	0
Magellan Midstream Partners, L	COM	559080106	6,100	143,743	SH		SOLE		103,462	0	40,281
Magna International Inc.	COM	559222401	21,421	302,557	SH		SOLE		249,515	0	53,042
Marathon Petroleum Corporation	COM	56585A102	15,901	384,450	SH		SOLE		298,817	0	85,633
McKesson Corporation	COM	58155Q103	61,744	355,013	SH		SOLE		160,036	0	194,977
MEDNAX, Inc.	COM	58502B106	27,894	1,136,681	SH		SOLE		1,096,306	0	40,375
Medtronic PLC	COM	G5960L103	17,721	151,278	SH		SOLE		117,118	0	34,160
Merck & Co., Inc.	COM	58933Y105	20,866	255,089	SH		SOLE		203,060	0	52,029
Molson Coors Beverage Company	COM	60871R209	19,198	424,833	SH		SOLE		424,833	0	0
MSC Industrial Direct Co., Inc	COM	553530106	21,014	249,006	SH		SOLE		239,205	0	9,801
Murphy USA, Inc.	COM	626755102	30,805	235,386	SH		SOLE		226,066	0	9,320
NCR Corporation	COM	62886E108	175,080	4,660,091	SH		SOLE		3,606,026	0	1,054,065
Newmark Group, Inc. Class A	COM	65158N102	16,280	2,233,158	SH		SOLE		2,163,619	0	69,539
News Corporation Class A	COM	65249B109	439	24,451	SH		SOLE		24,451	0	0
Nielsen Holdings Plc	COM	G6518L108	42,699	2,045,950	SH		SOLE		2,045,950	0	0
NortonLifeLock Inc.	COM	668771108	14,651	705,064	SH		SOLE		544,287	0	160,777
Novartis AG Sponsored ADR	COM	66987V109	211	2,233	SH		SOLE		2,233	0	0
nVent Electric plc	COM	G6700G107	28,242	1,212,634	SH		SOLE		1,170,909	0	41,725
NVR, Inc.	COM	62944T105	298	73	SH		SOLE		73	0	0
Oaktree Specialty Lending Corp	COM	67401P108	36,671	6,583,597	SH		SOLE		6,259,165	0	324,432
Oracle Corporation	COM	68389X105	22,251	343,966	SH		SOLE		267,083	0	76,883
ORBCOMM Inc.	COM	68555P100	18,425	2,483,203	SH		SOLE		2,204,316	0	278,887
Park Aerospace Corp.	COM	70014A104	10,031	748,018	SH		SOLE		664,156	0	83,862
PBF Energy, Inc. Class A	COM	69318G106	9,507	1,338,965	SH		SOLE		1,290,756	0	48,209
PepsiCo, Inc.	COM	713448108	29,122	196,374	SH		SOLE		152,663	0	43,711
Perspecta, Inc.	COM	715347100	60,798	2,524,840	SH		SOLE		2,437,536	0	87,304
Pfizer Inc.	COM	717081103	27,396	744,257	SH		SOLE		579,002	0	165,255
PNC Financial Services Group,	COM	693475105	30,244	202,977	SH		SOLE		157,902	0	45,075
Premier Inc. Class A	COM	74051N102	226,267	6,446,357	SH		SOLE		4,835,495	0	1,610,862
Progressive Corporation	COM	743315103	56,654	572,956	SH		SOLE		266,243	0	306,713
Qualcomm Inc	COM	747525103	30,492	200,158	SH		SOLE		155,623	0	44,535
Quest Diagnostics Incorporated	COM	74834L100	13,723	115,155	SH		SOLE		91,358	0	23,797
Sandstorm Gold Ltd.	COM	80013R206	288	40,115	SH		SOLE		40,115	0	0
SAP SE Sponsored ADR	COM	803054204	202	1,547	SH		SOLE		1,547	0	0
Sensient Technologies Corporat	COM	81725T100	14,757	200,046	SH		SOLE		159,299	0	40,747
SP Plus Corporation	COM	78469C103	26,999	936,484	SH		SOLE		886,527	0	49,957
Starbucks Corporation	COM	855244109	1,057	9,876	SH		SOLE		9,876	0	0
Stock Yards Bancorp, Inc.	COM	861025104	6,634	163,882	SH		SOLE		124,371	0	39,511
Target Corporation	COM	87612E106	53,332	302,114	SH		SOLE		233,136	0	68,978
Texas Pacific Land Trust	COM	882610108	2,288	3,147	SH		SOLE		3,147	0	0
Trimas Corporation	COM	896215209	31,514	995,083	SH		SOLE		932,533	0	62,550
Truist Financial Corporation	COM	89832Q109	41,338	862,459	SH		SOLE		665,118	0	197,341
U.S. Bancorp	COM	902973304	38,461	825,527	SH		SOLE		647,613	0	177,914
UniFirst Corporation	COM	904708104	128,369	606,399	SH		SOLE		583,596	0	22,803
Unilever PLC Sponsored ADR	COM	904767704	112,736	1,867,721	SH		SOLE		1,043,530	0	824,191
United Parcel Service, Inc. Cl	COM	911312106	53,408	317,148	SH		SOLE		244,651	0	72,497
UnitedHealth Group Incorporate	COM	91324P102	2,561	7,302	SH		SOLE		7,302	0	0
US Ecology, Inc.	COM	91734M103	44,086	1,213,485	SH		SOLE		1,167,998	0	45,487
Verizon Communications Inc.	COM	92343V104	45,475	774,049	SH		SOLE		599,921	0	174,128
Viad Corp	COM	92552R406	51,026	1,410,738	SH		SOLE		1,364,818	0	45,920
Vonage Holdings Corp.	COM	92886T201	42,370	3,290,897	SH		SOLE		3,166,135	0	124,762
Walgreens Boots Alliance Inc	COM	931427108	10,220	256,275	SH		SOLE		200,330	0	55,945
White Mountains Insurance Grou	COM	G9618E107	161,511	161,404	SH		SOLE		155,346	0	6,058
Whole Earth Brands Inc Class A	COM	96684W100	32,006	2,936,296	SH		SOLE		2,720,358	0	215,938
Williams Companies, Inc.	COM	969457100	21,450	1,069,807	SH		SOLE		829,903	0	239,904
World Fuel Services Corporatio	COM	981475106	99,239	3,184,818	SH		SOLE		2,028,775	0	1,156,043
Yelp Inc	COM	985817105	51,306	1,570,421	SH		SOLE		1,509,401	0	61,020