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                                    FORM 10-Q


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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

                      For the quarter ended June 30, 2000

                           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         (I.R.S. Employer Identification No.)
 incorporation or organization)


                                 Trust Division
                         U.S. Bank National Association
                               1700 Farnam Street
                              Omaha, Nebraska 68102
                     --------------------------------------
                    (Address of Principal Executive Offices)

                                 (402) 348-6000
             ------------------------------------------------------
                (Registrant's telephone no. 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
                                               -----     ----

                    APPLICABLE ONLY TO CORPORATE REGISTRANTS

        Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.

        As of August 14, 2000, there were 12,633,432 Units of Beneficial
Interest of the registrant outstanding.



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                         PART I - FINANCIAL INFORMATION

ITEM 1.         FINANCIAL STATEMENTS.

                              KIEWIT ROYALTY TRUST
                STATEMENT OF ASSETS, LIABILITIES AND TRUST CORPUS
                    as of June 30, 2000 and December 31, 1999

<TABLE>
<CAPTION>

ASSETS                                                        2000             1999
------                                                      ---------        ---------

<S>                                                        <C>              <C>
Cash equivalents                                            $ 187,356        $ 253,524
                                                            ---------        ---------
Royalty and overriding
royalty interests in coal
leases                                                        167,817          167,817

Less accumulated amortization                                (115,768)        (111,175)
                                                            ---------        ---------

Net royalty and overriding
royalty interests in coal leases                               52,049           56,642
                                                            ---------        ---------

Total Assets                                                $ 239,405        $ 310,166
                                                            =========        =========



LIABILITIES AND TRUST CORPUS
----------------------------

Distributions payable to Unit Holders                       $ 187,356        $ 253,524

Trust corpus: 12,633,432 units of beneficial interest
authorized and outstanding                                     52,049           56,642
                                                            ---------        ---------

Total Liabilities and Trust Corpus                          $ 239,405        $ 310,166
                                                            =========        =========
</TABLE>


                   The accompanying notes are an integral part
                           of the financial statements



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                              KIEWIT ROYALTY TRUST
                        STATEMENT OF DISTRIBUTABLE INCOME
        for the three months and six months ended June 30, 2000 and 1999


<TABLE>
<CAPTION>
                                                          Three Months Ended June 30             Six Months Ended June 30
                                                        ------------------------------        ------------------------------

                                                           2000               1999               2000               1999
                                                           ----               ----               ----               ----

<S>                                                    <C>                <C>                <C>                <C>
Royalty income                                          $   204,119        $   253,698        $ 2,362,585        $ 2,028,179

Interest income                                               6,057              4,899             24,312             17,535

Trust expenses                                              (22,820)           (11,928)           (42,013)           (30,389)
                                                        -----------        -----------        -----------        -----------

Distributable income                                    $   187,356        $   246,669        $ 2,344,884        $ 2,015,325

Distributable income per
unit (12,633,432 Units
Outstanding)                                            $  .0148302        $  .0195251        $  .1856094        $   .159523
</TABLE>



                      STATEMENT OF CHANGES IN TRUST CORPUS
                for the six months ended June 30, 2000 and 1999


<TABLE>
<CAPTION>
                                                                   Six Months Ended June 30
                                                                ------------------------------

                                                                   2000               1999
                                                                   ----               ----

<S>                                                             <C>                <C>
Trust corpus as of January 1                                    $    56,642        $    69,115

Amortization of royalty interests                                    (4,593)            (6,816)

Distributable income                                              2,344,884          2,015,325

Distributions to Unit Holders                                    (2,344,884)        (2,015,325)
                                                                -----------        -----------


Trust corpus as of June 30                                      $    52,049        $    62,299
                                                                ===========        ===========
</TABLE>


                   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, 2000 and December 31, 1999

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 generally accepted accounting
principles 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, 1999.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

        (a)     The royalty income recorded for a month is the amount received
                from the lease holder for such month.

        (b)     Trust administration expenses are recorded in the month they
                accrue.

This basis for reporting royalty income is thought to be the most meaningful
because distributions to unit holders for a month are based on net cash receipts
for such month. However, these statements differ from financial statements
prepared in accordance with accounting principles generally accepted in the
United States because under such principles royalty income for a month would be
based on production for such month without regard to when royalty payments are
received. In addition, amortization of the net royalty and overriding royalty
interests, which is calculated on a units-of-production basis by lease, is
charged directly to trust corpus, since such amount does not affect
distributable income.




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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 six months ended June 30, 2000 the Trust received a
total of $2,362,585 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:

<TABLE>
<CAPTION>
                                                             Three Months Ended June 30        Six Months Ended June 30
                                                             --------------------------        ------------------------

Mine                                                            2000             1999             2000             1999
----                                                            ----             ----             ----             ----

<S>                                                         <C>              <C>              <C>              <C>
Decker                                                       $  154,844       $  204,967       $2,254,218       $1,917,149

Big Horn                                                     $   49,275           48,731          108,367          111,030

Spring Creek                                                    - - -            - - -            - - -            - - -
                                                             ----------       ----------       ----------       ----------

                                                             $  204,119       $  253,698       $2,362,585       $2,028,179
                                                             ==========       ==========       ==========       ==========
</TABLE>

                i.      DECKER MINE.

                        The amount of royalties and overriding royalties
received by the Trust with respect to the Decker Mine increased to $2,254,218
during the first six months of 2000 compared to $1,917,149 during the same
period in 1999. For the second quarter of 2000, the payments received by the
Trust decreased to $154,844 compared to $204,967 received during the same period
in 1999. 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.

                         Overall royalties received from the Big Horn Mine
decreased to $108,367 during the first six months of 2000 from $111,030 for the
same period in 1999. Royalties from the Big Horn Mine increased to $49,275
during the second quarter of 2000 from $48,731 in 1999. 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.

                iii     SPRING CREEK MINE.

                        No royalties were received from the Spring Creek Mine
during the first six months of 2000 and 1999 because royalties are typically
paid by the mine operators on an annual basis during the second half of a
calendar year.



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                          PART II - OTHER INFORMATION.

ITEM 1.         LEGAL PROCEEDINGS.

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

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 1 to the Trust's Form 10 filed
                                with the Securities and Exchange Commission on
                                December 23, 1982, and incorporated herein by
                                reference).

                        4.2     Order dated September 23, 1994, of the County
                                Court of Douglas County, Nebraska (filed as
                                Exhibit 2 to the Trust's Form 10-Q filed with
                                the Securities and Exchange Commission on
                                November 14, 1994, and incorporated herein by
                                reference).

                        27.1    Financial Data Schedule.

                (b)     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



                                            By: /s/ Susan K. Rosburg
                                                ------------------------------
                                                Susan K. Rosburg
                                                Trust Officer


Dated:  August 14, 2000




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