North American Construction Group Ltd. (NOA)

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Institutional Investors' Holdings

Filing Period:

No.	Name	Shares	Value	% Port
1.	Bank Of Montreal N	2,704,392	$38,409,113	0.01%
2.	National Bank Of Canada	1,324,603	$18,699,865	0.02%
3.	Cibc Asset Management Inc	1,179,482	$16,763,043	0.05%
4.	Polar Asset Management Partners Inc.	921,721	$13,094,628	0.15%
5.	Aegis Financial Corp	841,934	$11,964,501	4.58%