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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
   KIEWIT ROYALTY TRUST
  Nebraska
    
    47-6131402(State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization)Trust Division
    
    68102U.S. Bank National Association
    
    (Zip Code)1700 Farnam StreetOmaha, Nebraska(Address of Principal ExecutiveOffices)
 
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PagePart I. Financial InformationItem 1. Financial Statements
    
    
    2Item 2. Trustees Discussion and Analysis of Financial Condition and Results of Operations
    
    
    4Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    6Item 4. Controls and Procedures
    
    
    6Part II. Other InformationItem 1. Legal Proceedings
    
    
    7Item 2. Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities
    
    
    7Item 3. Defaults Upon Senior Securities
    
    
    7Item 4. Submission of Matters to a Vote of Security Holders
    
    
    7Item 5. Other Information
    
    
    7Item 6. Exhibits and Reports on Form 8-K
    
    
    7Signature
    
    
    8CertificationCertification




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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, 2005 and audited as of December 31, 2004
 June 30,
    
    
    December 31,2005
    
    
    2004(unaudited)ASSETSCash and cash equivalents
    
    $
    170,253
    
    
    $
    403,538Trust reserves
    
    
    
    
    
    
    783,317Royalty and overriding royalty interests in coal leases
    
    
    167,817
    
    
    
    167,817Less accumulated amortization
    
    
    (144,890
    )
    
    
    (142,726
    )Net royalty and overriding royalty interests in coal leases
    
    
    22,927
    
    
    
    25,091Total Assets
    
    $
    193,180
    
    
    $
    1,211,946LIABILITIES AND TRUST CORPUSDistributions payable to unit holders
    
    $
    170,253
    
    
    $
    403,538Trust reserves payable
    
    
    
    
    
    
    783,317Trust corpus: 12,633,432 units of beneficial interest authorized and outstanding
    
    
    22,927
    
    
    
    25,091Total Liabilities and Trust Corpus
    
    $
    193,180
    
    
    $
    1,211,946
 
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KIEWIT ROYALTY TRUST
STATEMENTS OF DISTRIBUTABLE INCOME
(unaudited)
 Three Months Ended June 30
    
    
    Six Months Ended June 302005
    
    
    2004
    
    
    2005
    
    
    2004Royalty income
    
    $
    207,409
    
    
    $
    199,242
    
    
    $
    1,918,519
    
    
    $
    1,721,013Royalty income recognized on
settlement of litigation
    
    
    
    
    
    
    
    
    
    
    783,317
    
    
    
    Interest income
    
    
    1,968
    
    
    
    2,379
    
    
    
    13,544
    
    
    
    6,658Trust expenses
    
    
    (39,124
    )
    
    
    (45,328
    )
    
    
    (76,077
    )
    
    
    (63,131
    )Distributable income
    
    $
    170,253
    
    
    $
    156,293
    
    
    $
    2,639,303
    
    
    $
    1,664,540Distributable income per unit
    
    $
    0.0134764
    
    
    $
    0.0123714
    
    
    $
    0.2089142
    
    
    $
    0.1317568
 STATEMENTS OF CHANGES IN TRUST CORPUS
(unaudited)
 Six Months Ended June 302005
    
    
    2004Trust corpus as of January 1
    
    $
    25,091
    
    
    $
    26,225Amortization of royalty interests
    
    
    (2,164
    )
    
    
    (809
    )Distributable income
    
    
    2,639,303
    
    
    
    1,664,540Distributions to unit holders
    
    
    (2,639,303
    )
    
    
    (1,664,540
    )Trust corpus as of June 30
    
    $
    22,927
    
    
    $
    25,416
 
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KIEWIT ROYALTY TRUST
NOTES TO FINANCIAL STATEMENTS
as of June 30, 2005 and December 31, 2004
 Basis of Presentation
  Summary of Significant Accounting Policies
 (a) Basis of Accounting:
  (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.(4)
    
    Distributions to Unit Holders are recognized when declared by the Trustee.
   (b) Cash Equivalents:
  
 Item 2. Trustees Discussion and Analysis of Financial Condition and Results of Operations.
 Material Changes in Financial Condition.
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Material Changes in Results of Operations.
  Three Months Ended June 30
    
    
    Six Months Ended June 302005
    
    
    2004
    
    
    2005
    
    
    2004Decker
    
    $
    157,409
    
    
    $
    149,242
    
    
    $
    1,868,519
    
    
    $
    1,671,013Spring Creek
    
    
    50,000
    
    
    
    50,000
    
    
    
    50,000
    
    
    
    50,000Total
    
    $
    207,409
    
    
    $
    199,242
    
    
    $
    1,918,519
    
    
    $
    1,721,013
 Decker Mine.
  Spring Creek Mine.
  Trust Expenses
  Trust Reserve
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Critical Accounting Policies and Estimates.
            Forward-Looking Statements.
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk.
  
 Item 4. Controls and Procedures.
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PART II  OTHER INFORMATION.
 
 Item 1. Legal Proceedings.
   
 Item 2. Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities
  
 Item 3. Defaults Upon Senior Securities.
  
 Item 4. Submission of Matters to a Vote of Security Holders.
  
 Item 5. Other Information.
  
 Item 6. 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, 2003, 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, 2003, and incorporated herein by reference).31*
    
    Certification of Trust Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934.32*
    
    Certification of Trust Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
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SIGNATURE
  KIEWIT ROYALTY TRUSTBy: U.S. Bank National Association in itscapacity as Trustee and not in its individualcapacity or otherwise/s/ Ted L. HallTed L. HallVice President and Trust Officer
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