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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 For the quarterly period ended March 31, 2005 Commission File No. 000-10810 KIEWIT ROYALTY TRUST  Nebraska
(State or other jurisdiction of
    
    47-6131402
(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)
 (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 þ No o Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Exchange Act) Yes o No þ




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KIEWIT ROYALTY TRUST FORM 10-Q For the Quarter Ended March 31, 2005  
 INDEX 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
    
    
    8Certification of Trust OfficerSection 906 Certification of Trust OfficerCertification of Trust OfficerSection 906 Certification of Trust OfficerCertificationCertification




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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, 2005 and audited as of December 31, 2004 March 31, 2005
    
    
    December 31, 2004(unaudited)ASSETSCash and cash equivalents
    
    $
    2,469,050
    
    
    $
    403,538Trust reserves
    
    
    
    
    
    
    783,317Royalty and overriding royalty interests in coal leases
    
    
    167,817
    
    
    
    167,817Less accumulated amortization
    
    
    (144,884
    )
    
    
    (142,726
    )Net royalty and overriding royalty interests in coal leases
    
    
    22,933
    
    
    
    25,091Total Assets
    
    $
    2,491,983
    
    
    $
    1,211,946LIABILITIES AND TRUST CORPUSDistributions payable to unit holders
    
    $
    2,469,050
    
    
    $
    403,538Trust reserves payable
    
    
    
    
    
    
    783,317Trust corpus: 12,633,432 units of beneficial interest
authorized and outstanding
    
    
    22,933
    
    
    
    25,091Total Liabilities and Trust Corpus
    
    $
    2,491,983
    
    
    $
    1,211,946
 The accompanying notes are an integral part
of the financial statements. 1




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KIEWIT ROYALTY TRUST
STATEMENTS OF DISTRIBUTABLE INCOME
(unaudited) Three Months Ended March 312005
    
    
    2004Royalty income
    
    $
    1,711,110
    
    
    $
    1,521,771Royalty income recognized on
settlement of litigation
    
    
    783,317
    
    
    
    Interest income
    
    
    11,576
    
    
    
    4,279Trust expenses
    
    
    (36,953
    )
    
    
    (17,803
    )Distributable income
    
    $
    2,469,050
    
    
    $
    1,508,247Distributable income per unit
    
    $
    0.1954378
    
    
    $
    0.1193854
 STATEMENTS OF CHANGES IN TRUST CORPUS
(unaudited) Three Months Ended March 312005
    
    
    2004Trust corpus as of January 1
    
    $
    25,091
    
    
    $
    26,225Amortization of royalty interests
    
    
    (2,158
    )
    
    
    (754
    )Distributable income
    
    
    2,469,050
    
    
    
    1,508,247Distributions to unit holders
    
    
    (2,469,050
    )
    
    
    (1,508,247
    )Trust corpus as of March 31
    
    $
    22,933
    
    
    $
    25,471
 The accompanying notes are an integral part
of the financial statements. 2




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KIEWIT ROYALTY TRUST
NOTES TO FINANCIAL STATEMENTS
as of March 31, 2005 and December 31, 2004 Basis of Presentation The accompanying 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, 2004. 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.(4)
    Distributions to Unit Holders are recognized when declared by the Trustee. 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: The Trust considers all highly liquid financial instruments with original maturities of three
months or less when purchased to be cash equivalents. 
 Item 2. Trustees Discussion and Analysis of Financial Condition and Results of Operations. a. Material Changes in Financial Condition. Kiewit Royalty Trust (the 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. 3




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b. Material Changes in Results of Operations. During the three-month period ended March 31, 2005 and 2004, the Trust received a total of
$1,711,110 and $1,521,771, 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 March 312005
    
    
    2004Decker
    
    $
    1,711,110
    
    
    $
    1,521,771Spring Creek
    
    
    
    
    
    
    Total
    
    $
    1,711,110
    
    
    $
    1,521,771
 i. Decker Mine. Royalty and overriding royalty amounts received by the Trust from the Decker Mine increased to
$1,711,110 during the first three months of 2005 as compared to $1,521,771 received during the same
period in 2004. 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. ii. Spring Creek Mine. No royalties were received from the Spring Creek Mine during the first three months of 2005 or
2004 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. iii. Trust Expenses. Trust expenses increased to $36,953 in the first three months of 2005, as compared to $17,803
for the same period in 2004. The change in trust expenses is related to the change in audit, legal
and administrative fees. iv. Trust Reserve. On June 29, 2001, the Trustee received notification from the operator of the Spring Creek Mine
initially alleging overpayments aggregating approximately $476,000 related to the Trusts
overriding royalty interest that were remitted during the period from 1996 to 2000. Accordingly,
the $783,317 royalty payment received from the Spring Creek Mine on July 31, 2001, was 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. On October 28, 2002, the Spring
Creek Coal Company filed an answer and a counterclaim to the Trusts complaint alleging that the
Trust does not own an overriding royalty interest in certain portions of lands encompassed by Lease
M-069782 at Spring Creek Mine. The Spring Creek Coal Company was seeking the return of $790,776 in
allegedly mistaken payments made by it to the Trust under this lease. In December 2004, the parties
reached a settlement and the case was dismissed with prejudice. As a result of the settlement, the
Trustee distributed the $783,317 which was held in trust reserves to the Unit Holders during the
first quarter of 2005. This amount is included in the statements of distributable income. For a
more detailed discussion of the legal action instituted by the Trust, see Legal Proceedings. 4




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c. Critical Accounting Policies and Estimates. The Trusts financial statements reflect the selection and application of accounting policies which
require the Trust to make significant estimates and assumptions. The following are some of the more
critical judgment areas in the application of accounting policies that currently affect the Trusts
financial condition and results of operations: Royalty income and interest income are recognized in the month in which amounts are received by the
Trust. Trust expenses, consisting principally of routine general and administrative costs, include
payments made during the accounting period. Reserves for liabilities which are contingent or uncertain in amount may also be established if
considered necessary. Net royalty and overriding royalty interests that are producing properties are amortized using the
unit-of-production method. This amortization is shown as a reduction of Trust corpus. Distributions to Unit Holders are recognized when declared by the Trustee. The financial statements of the Trust differ from financial statements prepared in conformity with
accounting principles generally accepted in the United States of America because of the following: Royalty income is recognized in the month received rather than in the month of production. Expenses are not accrued. Amortization of the net royalty and overriding royalty interests is shown as a reduction to Trust
corpus and not as a charge to operating results. Reserves may be established for contingencies that would not be recorded under accounting
principles generally accepted in the United States of America. d. Forward-Looking Statements. This Form 10-Q includes forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, which are intended to be covered by the safe harbor created
thereby. All statements other than statements of historical fact included in this Form 10-Q are
forward-looking statements. Such statements include, without limitation, certain statements
regarding the Trusts financial position, industry conditions and other matters contained in this
Item 2. Although the Trustee believes that the expectations reflected in such forward-looking
statements are reasonable, such expectations are subject to numerous risks and uncertainties and
the Trustee can give no assurance that they will prove correct. There are many factors, none of
which is within the Trustees control, that may cause such expectations not to be realized,
including, among other things, factors identified in the Trusts most recent Form 10-K affecting
coal prices (including, without limitation, the domestic and foreign supply of coal and the price
of foreign imports, market demand, the price and availability of alternative fuels and the effect
of governmental regulations) and recoverability of Tons Under Lease and Current Economic Tons,
general economic conditions, and other changes in the domestic and international coal markets. 
 Item 3. Quantitative and Qualitative Disclosures About Market Risk. Not Applicable. 
 Item 4. Controls and Procedures. a. As of the end of the period covered by this Form 10-Q, the officer of the Trustee conducted
an evaluation of the Trusts disclosure controls and procedures (as defined in Rules 13a-15(e) of
the Securities Exchange Act of 1934). Based upon this evaluation, the officer of the Trustee
concluded that the Trusts disclosure controls and procedures are effective in timely alerting him
of any material information relating to the Trust that is required to be disclosed by the Trust in
the reports it files or submits under the Securities Exchange Act of 1934. b. There was no significant change in the Trusts internal control over financial reporting
(as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) that occurred during the
Trusts most recently completed fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the Trusts internal control over financial reporting. 5




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PART II  OTHER INFORMATION. 
 Item 1. Legal Proceedings. On June 29, 2001, the Trustee received notification from the operator of the Spring Creek Mine
initially alleging overpayments aggregating approximately $476,000 related to the Trusts
overriding royalty interest that were remitted during the period from 1996 to 2000. Accordingly,
the $783,317 royalty payment received from the Spring Creek Mine on July 31, 2001, was being held
in reserve in connection with this matter. In April 2002, the Trust filed a complaint in 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 was seeking 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. On October 28, 2002, the Spring Creek Coal Company filed an answer
and a counterclaim to the Trusts complaint alleging that the Trust does not own an overriding
royalty interest in certain portions of land encompassed by Lease M-069782 at Spring Creek Mine.
During the discovery phase of the lawsuit, the Spring Creek Coal Company indicated that it was
seeking the return of $790,776 in allegedly mistaken payments made by it to the Trust under this
lease. In December 2004, the parties reached a settlement and the case was dismissed with
prejudice. Under the terms of the settlement, the Trust received approximately $207,380, in 2004,
of royalty payments that had been suspended since the third quarter of 2000. The final amount is
subject to adjustment based on an independent audit of royalty payments from the subject lease
which is to be completed in the second quarter and will be included in the Trusts 2005 royalty
income. In addition, the Trustee distributed the $783,317, which was held in trust reserves, to the
Unit Holders during the first quarter of 2005. There are no other pending material legal
proceedings to which the Trust is a party or which any of its property is the subject. 
 Item 2. Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities 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. 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.
    6




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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 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
 Dated: May 20, 2005 7