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	1,420,790	$18,874,852	0.01%
2.	National Bank Of Canada	1,396,384	$18,556,464	0.01%
3.	Cibc Asset Management Inc	1,354,606	$18,166,287	0.04%
4.	Aegis Financial Corp	1,038,177	$13,802,346	2.18%
5.	Morgan Stanley	766,612	$10,195,939	0%