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UNITED STATESSECURITIES 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 March 31, 2002

Commission File No. 0-10810

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

|                                                                                                                          |  |                                                
|------------------------------------------------------------------------------------------------------------------------- |  | -----------------------------------------------
|Nebraska
(State or other jurisdiction of
incorporation or organization)                                                   |  | 47-6131402
(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
X   No

There were 12,633,432
Units of Beneficial Interest outstanding as of May
14, 2002.





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KIEWIT ROYALTY TRUST

FORM 10-Q

For the Quarter Ended March 31, 2002

INDEX

|           |  |                                                                                               |  |     
|---------- |  | --------------------------------------------------------------------------------------------- |  | ----
|           |  |                                                                                               |  | Page
|Part I     |  | Financial Information                                                                         |  |     
|          
|           |  | 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                            |  | 7   
|          
|Part II    |  | Other Information                                                                             |  |     
|          
|           |  | Item 1. Legal Proceedings                                                                     |  | 8   
|          
|           |  | Item 2. Changes in Securities and Use of Proceeds                                             |  | 8   
|          
|           |  | Item 3. Defaults Upon Senior Securities                                                       |  | 8   
|          
|           |  | Item 4. Submission of Matters to a Vote of Security Holders                                   |  | 8   
|          
|           |  | Item 5. Other Information                                                                     |  | 8   
|          
|           |  | Item 6. Exhibits and Reports on Form 8-K                                                      |  | 8   
|          
|Signatures |  |                                                                                               |  | 9   

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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 March 31, 2002 and audited as of December 31, 2001

|                                                                                 |  |                           |           |                   |  |   |           |  
|-------------------------------------------------------------------------------- |  | ------------------------- | --------- | ----------------- |  | - | --------- | -
|ASSETS                                                                           |  | March
31, 2002(unaudited) |           | December 31, 2001
|                                                                                 |  |                           |           |                  
|                                                                                 |  |                           |           |                   |  |  
|Cash equivalents                                                                 |  | $                         | 1,293,911 |                   |  | $ | 188,882   |  
|Trust reserves                                                                   |  |                           | 783,317   |                   |  |   | 783,317   |  
|Royalty and overriding
royalty interests in coal
leases                          |  |                           | 167,817   |                   |  |   | 167,817   |  
|Less accumulated amortization                                                    |  |                           | (134,788  | )                 |  |   | (130,431  | )
|                                                                                 |  |                           |           |                   |  |   |           |  
|Net royalty and overriding
royalty interests in coal leases                      |  |                           | 33,029    |                   |  |   | 37,386    |  
|                                                                                 |  |                           |           |                   |  |   |           |  
|Total Assets                                                                     |  | $                         | 2,110,257 |                   |  | $ | 1,009,585 |  
|                                                                                 |  |                           |           |                   |  |   |           |  
|LIABILITIES AND TRUST CORPUS                                                     |  |                           |           |                   |  |   |           |  
|Distributions payable to unit
holders                                            |  | $                         | 1,293,911 |                   |  | $ | 188,882   |  
|Trust reserves payable                                                           |  |                           | 783,317   |                   |  |   | 783,317   |  
|Trust corpus: 12,633,432 units of
beneficial interest authorized
and outstanding |  |                           | 33,029    |                   |  |   | 37,386    |  
|                                                                                 |  |                           |           |                   |  |   |           |  
|Total Liabilities and Trust Corpus                                               |  | $                         | 2,110,257 |                   |  | $ | 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 March 31
|                              |  |                            
|                              |  | 2002                        |           | 2001
|                              |  |                             |           |     
|Royalty income                |  | $                           | 2,098,047 |      |  | $ | 1,688,481 |  
|Interest income               |  |                             | 9,507     |      |  |   | 14,636    |  
|Trust expenses                |  |                             | (30,327   | )    |  |   | (19,982   | )
|                              |  |                             |           |      |  |   |           |  
|Distributable income          |  | $                           | 2,077,227 |      |  | $ | 1,683,135 |  
|                              |  |                             |           |      |  |   |           |  
|Distributable income per unit |  | $                           | 0.164423  |      |  | $ | 0.133229  |  
|                              |  |                             |           |      |  |   |           |  

STATEMENTS OF CHANGES IN TRUST CORPUS
(unaudited)

|                                  |  |                             |            |      |  |   |            |  
|--------------------------------- |  | --------------------------- | ---------- | ---- |  | - | ---------- | -
|                                  |  | Three Months Ended March 31
|                                  |  |                            
|                                  |  | 2002                        |            | 2001
|                                  |  |                             |            |     
|Trust corpus as of January 1      |  | $                           | 37,386     |      |  | $ | 43,453     |  
|Amortization of royalty interests |  |                             | (4,357     | )    |  |   | (2,762     | )
|Distributable income              |  |                             | 2,077,227  |      |  |   | 1,683,135  |  
|Distributions to unit holders     |  |                             | (2,077,227 | )    |  |   | (1,683,135 | )
|                                  |  |                             |            |      |  |   |            |  
|Trust corpus as of March 31       |  | $                           | 33,029     |      |  | $ | 40,691     |  
|                                  |  |                             |            |      |  |   |            |  

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

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KIEWIT ROYALTY TRUST
NOTES TO FINANCIAL STATEMENTS
as of March 31, 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 months ended March 31, 2002, the Trust received a total
of $2,098,047 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 March 31
|             |  |                            
|Mine         |  | 2002                        |           | 2001
|             |  |                             |           |     
|Decker       |  | $                           | 2,098,047 |      |  | $ | 1,687,081 | 
|Big Horn     |  |                             |          |      |  |   | 1,400     | 
|Spring Creek |  |                             |          |      |  |   |          | 
|             |  |                             |           |      |  |   |           | 
|             |  | $                           | 2,098,047 |      |  | $ | 1,688,481 | 
|             |  |                             |           |      |  |   |           | 



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



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Royalty and overriding royalty amounts received by the Trust from the
Decker Mine increased to $2,098,047 during the first three months of 2002
compared to $1,687,081 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 three
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 three months of 2002, the Big Horn Mine received no
rental payments. During the first three months of 2001, the Big Horn Mine
received $1,400 in rental payments.



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



| |                                                                                                                                                                                                                                                                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | No royalties were received from the Spring Creek Mine during the first
three months of 2002 and 2001 because 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.                                                                                                                                                      
|
| | iv.     Trust Expenses.                                                                                                                                                                                                                                                                                                                                                                                        
|
| | Trust expenses increased to $30,327 in the first three months of 2002, as
compared to $19,982 for the same period in 2001. This increase was due
principally to 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. The $783,317 royalty
payment received from the Spring Creek Mine on July 31, 2001 is being held 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 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.               

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not Applicable.

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PART II  OTHER INFORMATION.

Item 1. Legal Proceedings.

On April 25, 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.
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).             

b.     Reports on Form 8-K.

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

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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: May 14, 2002

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