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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2002

Commission File No. 0-10810

KIEWIT ROYALTY TRUST(Exact name of Registrant as specified in its charter)

|                                                                                                                          |  |                                     
|------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------
|Nebraska                                                                                                                  |  | 47-6131402                          
|                                                                                                                          |  |                                     
|(State or other jurisdiction of
incorporation or organization)                                                            |  | (I.R.S. Employer Identification No.)
|                                                                                                                         
|Trust Division
U.S. Bank National Association
1700 Farnam Street
Omaha, Nebraska
(Address of Principal Executive Offices) |  | 68102
Zip Code                      

(402) 348-6000
(Registrants Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes

                     No

There were 12,633,432 Units of Beneficial Interest outstanding as of
August 12, 2002.





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KIEWIT ROYALTY TRUST

FORM 10-Q

For the Quarter Ended June 30, 2002

INDEX

|          |  |                                                                                               |    |  |   |      |  | 
|--------- |  | --------------------------------------------------------------------------------------------- | -- |  | - | ---- |  | 
|Part I    |  | Financial Information                                                                         |    |  |   |     
|          |  |                                                                                               |    |  |   | Page
|          |  |                                                                                               |    |  |   |      |  | 
|          |  | Item 1.         Financial Statements                                                          |    |  | 3 |     
|          |  | Item 2.
Managements Discussion and Analysis of Financial Condition and Results of Operations |    |  | 6 |     
|          |  | Item 3. Quantitative and Qualitative Disclosures About Market Risk                            |    |  | 8 |     
|Part II   |  | Other Information                                                                             |    |  |   |     
|          |  | Item 1.         Legal Proceedings                                                             |    |  | 9 |     
|          |  | Item 2.         Changes in Securities and Use of Proceeds                                     |    |  | 9 |     
|          |  | Item 3.         Defaults Upon Senior Securities                                               |    |  | 9 |     
|          |  | Item 4.         Submission of Matters to a Vote of Security Holders                           |    |  | 9 |     
|          |  | Item 5.         Other Information                                                             |    |  | 9 |     
|          |  | Item 6.         Exhibits and Reports on Form 8-K                                              |    |  | 9 |     
|Signature |  |                                                                                               | 10 | 

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PART I  FINANCIAL INFORMATION

Item 1. Financial Statements.

KIEWIT ROYALTY TRUST
STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
unaudited as of June 30, 2002 and audited as of December 31, 2001

|                                                                                 |  |               |          |                   |  |   |           |  
|-------------------------------------------------------------------------------- |  | ------------- | -------- | ----------------- |  | - | --------- | -
|ASSETS                                                                           |  | June 30, 2002 |          | December 31, 2001
|                                                                                 |  |               |          |                  
|                                                                                 |  | (unaudited)   |          |                   |  |  
|Cash equivalents                                                                 |  | $             | 141,867  |                   |  | $ | 188,882   |  
|Trust reserves                                                                   |  |               | 783,317  |                   |  |   | 783,317   |  
|                                                                                 |  |               |          |                   |  |   |           |  
|Royalty and overriding
royalty interests in coal
leases                          |  |               | 167,817  |                   |  |   | 167,817   |  
|Less accumulated amortization                                                    |  |               | (133,957 | )                 |  |   | (130,431  | )
|                                                                                 |  |               |          |                   |  |   |           |  
|Net royalty and overriding
royalty interests in coal leases                      |  |               | 33,860   |                   |  |   | 37,386    |  
|                                                                                 |  |               |          |                   |  |   |           |  
|Total Assets                                                                     |  | $             | 959,044  |                   |  | $ | 1,009,585 |  
|                                                                                 |  |               |          |                   |  |   |           |  
|LIABILITIES AND TRUST CORPUS                                                     |  |               |          |                   |  |   |           |  
|Distributions payable to unit holders                                            |  | $             | 141,867  |                   |  | $ | 188,882   |  
|Trust reserves payable                                                           |  |               | 783,317  |                   |  |   | 783,317   |  
|Trust corpus: 12,633,432 units of
beneficial interest authorized and
outstanding |  |               | 33,860   |                   |  |   | 37,386    |  
|                                                                                 |  |               |          |                   |  |   |           |  
|Total Liabilities and Trust Corpus                                               |  | $             | 959,044  |                   |  | $ | 1,009,585 |  
|                                                                                 |  |               |          |                   |  |   |           |  

The accompanying notes are an integral part
of the financial statements.

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KIEWIT ROYALTY TRUST
STATEMENTS OF DISTRIBUTABLE INCOME
(unaudited)

|                              |  |                            |           |                          |  |      |           |      |  |   |           |   |  |   |           |  
|----------------------------- |  | -------------------------- | --------- | ------------------------ |  | ---- | --------- | ---- |  | - | --------- | - |  | - | --------- | -
|                              |  | Three Months Ended June 30 |           | Six Months Ended June 30
|                              |  |                            |           |                         
|                              |  | 2002                       |           | 2001                     |  | 2002 |           | 2001
|                              |  |                            |           |                          |  |      |           |     
|Royalty income                |  | $                          | 178,528   |                          |  | $    | 304,251   |      |  | $ | 2,276,575 |   |  | $ | 1,992,732 |  
|Interest income               |  |                            | 4,798     |                          |  |      | 3,886     |      |  |   | 14,305    |   |  |   | 18,522    |  
|Trust expenses                |  |                            | (41,459   | )                        |  |      | (13,872   | )    |  |   | (71,786   | ) |  |   | (33,854   | )
|                              |  |                            |           |                          |  |      |           |      |  |   |           |   |  |   |           |  
|Distributable income          |  | $                          | 141,867   |                          |  | $    | 294,265   |      |  | $ | 2,219,094 |   |  | $ | 1,977,400 |  
|                              |  |                            |           |                          |  |      |           |      |  |   |           |   |  |   |           |  
|Distributable income
per unit |  | $                          | 0.0112295 |                          |  | $    | 0.0232926 |      |  | $ | 0.1756525 |   |  | $ | 0.1565212 |  
|                              |  |                            |           |                          |  |      |           |      |  |   |           |   |  |   |           |  

STATEMENTS OF CHANGES IN TRUST CORPUS
(unaudited)

|                                  |  |                          |            |      |  |   |            |  
|--------------------------------- |  | ------------------------ | ---------- | ---- |  | - | ---------- | -
|                                  |  | Six Months Ended June 30
|                                  |  |                         
|                                  |  | 2002                     |            | 2001
|                                  |  |                          |            |     
|Trust corpus as of January 1      |  | $                        | 37,386     |      |  | $ | 43,453     |  
|Amortization of royalty interests |  |                          | (3,526     | )    |  |   | (3,882     | )
|Distributable income              |  |                          | 2,219,094  |      |  |   | 1,977,400  |  
|Distributions to unit holders     |  |                          | (2,219,094 | )    |  |   | (1,977,400 | )
|                                  |  |                          |            |      |  |   |            |  
|Trust corpus as of June 30        |  | $                        | 33,860     |      |  | $ | 39,571     |  
|                                  |  |                          |            |      |  |   |            |  

The accompanying notes are an integral part
of the financial statements.

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KIEWIT ROYALTY TRUST
NOTES TO FINANCIAL STATEMENTS
as of June 30, 2002 and December 31, 2001

Basis of Presentation

The accompanying unaudited financial statements have been prepared in
accordance with the instructions for Form 10-Q and do not necessarily include
all of the information and footnotes required by accounting principles
generally accepted in the United States of America for complete financial
statements. In the Trustees opinion, all adjustments necessary for a fair
presentation have been included. For further information, refer to the
financial statements and footnotes included in the Trusts annual report on
Form 10-K for the year ended December 31, 2001.

Summary of Significant Accounting Policies

(a)  Basis of Accounting:

The accompanying unaudited financial statements have been prepared on the
following basis:



| |                                                        
| | -------------------------------------------------------
| | (1) Royalty income is recorded on a cash receipt basis.



| |                                                                                    
| | -----------------------------------------------------------------------------------
| | (2) Trust administration expenses are recorded in the month in which
they are paid.



| |                                                                                                                                                                                                                      
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (3) Amortization of the net royalty and overriding royalty
interests, which is calculated on a units-of-production basis, is
charged directly to trust corpus since such amount does not affect
distributable income.

The preparation of financial statements requires estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.

While these statements differ from financial statements prepared in
accordance with accounting principles generally accepted in the United States
of America, the cash basis of reporting revenues is considered to be the most
meaningful because Quarterly Distributions to Unit Holders are based on net
cash receipts.

(b)  Cash Equivalents:

Cash equivalents consist of money market funds, which are recorded at
cost plus interest.

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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations.

a.     Material Changes in Financial Condition.

Kiewit Royalty Trust is a royalty trust with royalty and overriding
royalty interests in certain coal leases. The Trust was formed for the
purposes of (1) administering the income received from such coal leases and (2)
distributing such income (together with interest earned thereon less payment of
or provision for obligations) to the holders of the Units of Beneficial
Interest.

b.     Material Changes in Results of Operations.

During the three and six months ended June 30, 2002, the Trust received a
total of $ 178,528 and $2,276,575, respectively, of royalty and overriding
royalty payments. The following schedule reflects the royalty and overriding
royalty payments received by the Trust in respect of leases at the following
mines:

|             |  |                            |         |                          |  |      |         |      |  |   |           |  |  |   |           | 
|------------ |  | -------------------------- | ------- | ------------------------ |  | ---- | ------- | ---- |  | - | --------- |  |  | - | --------- | 
|             |  | Three Months Ended June 30 |         | Six Months Ended June 30
|             |  |                            |         |                         
|Mine         |  | 2002                       |         | 2001                     |  | 2002 |         | 2001
|             |  |                            |         |                          |  |      |         |     
|Decker       |  | $                          | 128,528 |                          |  | $    | 254,251 |      |  | $ | 2,226,575 |  |  | $ | 1,941,332 | 
|Big Horn     |  |                            |        |                          |  |      |        |      |  |   |          |  |  |   | 1,400     | 
|Spring Creek |  |                            | 50,000  |                          |  |      | 50,000  |      |  |   | 50,000    |  |  |   | 50,000    | 
|             |  |                            |         |                          |  |      |         |      |  |   |           |  |  |   |           | 
|             |  | $                          | 178,528 |                          |  | $    | 304,251 |      |  | $ | 2,276,575 |  |  | $ | 1,992,732 | 
|             |  |                            |         |                          |  |      |         |      |  |   |           |  |  |   |           | 

| | i.   Decker Mine.
| | -----------------

| | Royalty and overriding royalty amounts received by the Trust from the
Decker Mine increased to $2,226,575 during the first six months of 2002
compared to $1,941,332 during the same period in 2001. For the second quarter
of 2002, the payments received from the Decker Mine decreased to $128,528
compared to $254,251 received during the same period in 2001. These changes in
royalty and overriding royalty amounts received were due to changes in the
relative amounts of coal mined under leases bearing high and low overriding
royalty rates per ton, which are a normal result of the execution of a mining
plan encompassing several coal leases bearing different royalty rates.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | ii.   Big Horn Mine.
| | --------------------



| | No royalties were received from the Big Horn Mine during the first six
months of 2002 or 2001. The Big Horn Mine has reached the end of its
production cycle and it is foreseen that the Trust will receive no further
payments deriving from coal production from the Big Horn Mine. Also, the Big
Horn Mine will no longer receive rental payments due to the leases being
terminated by the lessee. In the past, the amount of such rental payments was
included in the figure representing receipt of royalty and overriding royalty
payments. During the first six months of 2002, the Big Horn Mine received no
rental payments. During the first six months of 2001, the Big Horn Mine
received $1,400 in rental payments.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | iii.   Spring Creek Mine.
| | -------------------------



| | The Trust
received $50,000 from the Spring Creek Mine during the first six
months of 2002 as well as the first six months of
2001. Royalties with respect to this mine are typically paid by the mine
operators on an annual basis during the second half of the calendar year;
however, in 2001 and 2002 the Spring Creek Mine made a $50,000 payment immediately prior
to the end of the second quarter in each of such years.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | iv.   Trust Expenses.
| | ---------------------



| | Trust expenses increased to $71,786 in the first six months of 2002, as
compared to $33,854 for the same period in 2001. For the second quarter of
2002, trust expenses were $41,459, as compared to $13,872 for the same period
in 2001. This increase was due principally to an increase in trustees fees
for the current year as well as an increase in legal fees related to trust
operations, trust ownership transfers and the Trust Reserve discussed below.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | v.   Trust
Reserve.
| | -------------------



| | On June 29, 2001, the Trustee received notification from the operator of
the Spring Creek Mine of alleged overpayments aggregating approximately
$476,000 related to the Trusts overriding royalty interest that were remitted
during the period from 1996 to 2000. As a result, the Trustee is holding the
$783,317 royalty payment received from the Spring Creek Mine on July 31, 2001
in reserve in connection with this matter. In April 2002, the Trust filed a
complaint in federal district court seeking a declaratory judgment and
accounting against Spring Creek Coal Company, the operator of the Spring Creek
Mine, in connection with this matter. The Spring Creek Coal Company has not
yet filed its reply to the Trusts complaint. The ultimate outcome of this
issue is uncertain at this time. For a more detailed discussion of the legal
action instituted by the Trust, see Legal Proceedings.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not Applicable.

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PART II  OTHER INFORMATION.

Item 1. Legal Proceedings.

In April 2002, the Trust filed a complaint in the Federal District Court
for the District of Montana, Billings Division, seeking a declaratory judgment
and accounting against Spring Creek Coal Company, the operator of the Spring
Creek Mine. The suit seeks adjudication of a reimbursement request to the
Trust from Spring Creek Coal Company and an accounting of all coal overriding
royalties that Spring Creek Coal Company should have paid to the Trust under
certain agreements between the parties. Spring Creek Coal Company has not yet
filed its reply to the Trusts complaint. The outcome of the suit is uncertain
at this time.

There are no other material pending legal proceedings to which the Trust
is a party or which any of its property is the subject.

Item 2. Changes in Securities and Use of Proceeds.

Not Applicable.

Item 3. Defaults Upon Senior Securities.

Not Applicable.

Item 4. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 5. Other Information.

Not Applicable.

Item 6. Exhibits and Reports on Form 8-K.



| |            
| | -----------
| | a. Exhibits

|    |  |                                                                                                                                                                                                                                                        
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|4.1 |  | Kiewit Royalty Trust Indenture
dated May 17, 1982, as amended June 9, 1982 and June
23, 1982 (filed as Exhibit 4.1 to the Trusts Form 10-K
filed with the Securities and Exchange Commission on
March 28, 2002, and incorporated herein by reference).
|   
|4.2 |  | Order dated September 23, 1994, of
the County Court of Douglas County, Nebraska (filed as
Exhibit 4.2 to the Trusts Form 10-K filed with the
Securities and Exchange Commission on March 28, 2002,
and incorporated herein by reference).             

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|     |  |                                                                                                               
|---- |  | --------------------------------------------------------------------------------------------------------------
|99.1 |  | Certification Pursuant to 18 U.S.C. 1350,
As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|    



| |                                                                                     
| | ------------------------------------------------------------------------------------
| | b. Reports on Form 8-K.                                                             
|
| | No reports on Form 8-K were filed during the quarter for which this report
is filed.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

|       |  |                 |  |                                   |  |                                                                                                           
|------ |  | --------------- |  | --------------------------------- |  | ----------------------------------------------------------------------------------------------------------
|       |  |                 |  | KIEWIT ROYALTY TRUST
(Registrant)
|      
|       |  |                 |  | By:                               |  | U. S. Bank National Association
in its capacity as Trustee and not in its individual capacity or otherwise
|      
|       |  |                 |  |                                   |  | /s/ Susan K. Rosburg
Susan K. Rosburg
Trust Officer                                                       
|      
|Dated: |  | August 14, 2002 |  |                                   | 

10