KIEWIT MUTUAL FUND
SUPPLEMENT DATED SEPTEMBER 25, 1997
TO THE FUND'S PROSPECTUS
DATED FEBRUARY 28, 1997
The following tables include selected data for a K Class Share
outstanding from the effective date of the Fund's registration
statement under the Securities Act of 1933 (December 6, 1994) or
commencement of operations, whichever occurs later, through the
end of the Fund's fiscal year on June 30, 1997.* The amounts in
these tables are audited and should be read in conjunction with
the Fund's audited financial statements, the notes thereto, and
the auditor's report thereon, all of which are incorporated by
reference into the Fund's Statement of Additional Information.
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FISCAL FOR THE FISCAL DECEMBER 6, 1994+
YEAR ENDED YEAR ENDED THROUGH
JUNE 30, 1997 JUNE 30, 1996 JUNE 30, 1995
---------------------------------------------------
<S> <C> <C> <C>
MONEY MARKET PORTFOLIO
NET ASSET VALUE -
BEGINNING OF PERIOD............ $ 1.00 $ 1.00 $ 1.00
----------------------------------------------
INVESTMENT OPERATIONS:
Net investment income............ 0.05 0.05 0.03
----------------------------------------------
DISTRIBUTIONS:
From net investment income....... (0.05) (0.05) (0.03)
----------------------------------------------
NET ASSET VALUE - END OF PERIOD... $ 1.00 $ 1.00 $ 1.00
==============================================
TOTAL RETURN...................... 5.43% 5.61% 3.31%1
RATIOS (TO AVERAGE NET ASSETS)
/SUPPLEMENTAL DATA:
Expenses 2....................... 0.20% 0.20% 0.30%3
Net investment income 2.......... 5.31% 5.47% 5.82%3
Net assets at end of period (000) $415,285 $389,967 $380,708
</TABLE>
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FISCAL FOR THE FISCAL DECEMBER 6, 1994+
YEAR ENDED YEAR ENDED THROUGH
JUNE 30, 1997 JUNE 30, 1996 JUNE 30, 1995
-----------------------------------------------------
<S>
SHORT-TERM GOVERNMENT PORTFOLIO++ <C> <C> <C>
NET ASSET VALUE -
BEGINNING OF PERIOD............... $ 10.00 $ 10.15 $ 9.90
---------------------------------------------
INVESTMENT OPERATIONS:
Net investment income................ 0.60 0.60 0.35
Net realized and unrealized
gain (loss) on investments......... 0.05 (0.15) 0.25
---------------------------------------------
Total from investment operations... 0.65 0.45 0.60
---------------------------------------------
DISTRIBUTIONS:
From net investment income........... (0.60) (0.60) (0.35)
---------------------------------------------
NET ASSET VALUE - END OF PERIOD....... $ 10.05 $ 10.00 $ 10.15
=============================================
TOTAL RETURN.......................... 6.51% 4.66% 6.18%1
RATIOS (TO AVERAGE NET ASSETS)
/SUPPLEMENTAL DATA:
Expenses 2........................... 0.30% 0.30% 0.40%3
Net investment income 2.............. 5.76% 6.06% 6.17%3
Portfolio turnover................... -* 57.52% 69.57%3
Net assets at end of period (000).... $129,494 $183,316 $132,828
<FOOTNOTE>
+ Effective date of the Fund's registration statement.
++ The above per share data, for the Short-Term Government
Portfolio, has been restated to reflect a 1 for 5 reverse
stock split which occurred on September 25, 1997.
1 The total return for the period has not been annualized.
2 The annualized expense ratio for the Money Market Portfolio,
had there been no fees waived by the Manager, would have been
0.27%, 0.27% and 0.30% for the fiscal years ended June 30,
1997, 1996, and for the period ended June 30, 1995,
respectively. The annualized net investment income ratio for
the Money Market Portfolio, had there been no fees waived by
the Manager, would have been 5.24%, 5.40% and 5.82% for the
fiscal years ended June 30, 1997, 1996 and for the period
ended June 30, 1995, respectively. The annualized expense
ratio for the Short-Term Government Portfolio, had there been
no fees waived by the Manager, would have been 0.44%, 0.43%
and 0.46% for the fiscal years ended June 30, 1997, 1996, and
for the period ended June 30, 1995, respectively. The
annualized net investment income ratio for the Short-Term
Government Portfolio, had there been no fees waived by the
Manager, would have been 5.62%, 5.93% and 6.11% for the fiscal
years ended June 30, 1997, 1996 and for the period ended June
30, 1995, respectively. The expense and net investment income
ratios for the fiscal year ending June 30, 1997 include
expenses allocated from the Series.
3 Annualized.
* See Kiewit Investment Trust's Note 3 to the Financial
Statements for portfolio turnover.
</FOOTNOTE>
</TABLE>
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FISCAL FOR THE FISCAL DECEMBER 6, 1994+
YEAR ENDED YEAR ENDED THROUGH
JUNE 30, 1997 JUNE 30, 1996 JUNE 30, 1995
---------------------------------------------------
<S> <C> <C> <C>
INTERMEDIATE - TERM BOND PORTFOLIO++
NET ASSET VALUE -
BEGINNING OF PERIOD............... $ 10.05 $ 10.25 $ 9.80
---------------------------------------------------
INVESTMENT OPERATIONS:
Net investment income............... 0.65 0.65 0.40
Net realized and unrealized gain
(loss) on investments............ 0.10 (0.20) 0.45
---------------------------------------------------
Total from investment operations.. 0.75 0.45 0.85
---------------------------------------------------
DISTRIBUTIONS:
From net investment income.......... (0.65) (0.65) (0.40)
---------------------------------------------------
NET ASSET VALUE - END OF PERIOD...... $ 10.15 $ 10.05 $ 10.25
===================================================
TOTAL RETURN......................... 7.51% 4.48% 8.63%1
RATIOS (TO AVERAGE NET ASSETS)
/SUPPLEMENTAL DATA:
Expenses 4.......................... 0.50% 0.50% 0.50%3
Net investment income 4............. 6.27% 6.37% 6.72%3
Portfolio turnover.................. -* 86.06% 121.36%3
Net assets at end of period (000 $108,314 $122,952 $ 105,020
</TABLE>
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FISCAL FOR THE FISCAL DECEMBER 6, 1994+
YEAR ENDED YEAR ENDED THROUGH
JUNE 30, 1997 JUNE 30, 1996 JUNE 30, 1995
-----------------------------------------------------
<S> <C> <C> <C>
TAX-EXEMPT PORTFOLIO++
NET ASSET VALUE -
BEGINNING OF PERIOD............. $ 10.10 $ 10.10 $ 9.80
----------------------------------------------------
INVESTMENT OPERATIONS:
Net investment income............ 0.45 0.45 0.25
Net realized and unrealized gain
(loss) on investments....... 0.16 - 0.30
----------------------------------------------------
Total from investment
operations................... 0.61 0.45 0.55
----------------------------------------------------
DISTRIBUTIONS:
From net investment income....... (0.45) (0.45) (0.25)
From net realized capital gain... (0.01) - -
----------------------------------------------------
Total distributions............ (0.46) (0.45) (0.25)
----------------------------------------------------
NET ASSET VALUE - END OF PERIOD... $ 10.25 $ 10.10 $ 10.10
====================================================
TOTAL RETURN...................... 6.15% 4.55% 5.73%1
RATIOS (TO AVERAGE NET ASSETS)
/SUPPLEMENTAL DATA:
Expenses 4....................... 0.50% 0.50% 0.50%3
Net investment income 4.......... 4.31% 4.47% 4.50%3
Portfolio turnover............... -* 100.61% 92.53%3
Net assets at end of period (000) $137,903 $142,185 $135,518
<FOOTNOTE>
+ Effective date of the Fund's registration statement.
++ The above per share data, for the Intermediate-Term Bond
Portfolio and Tax-Exempt Portfolio, has been restated to
reflect a 1 for 5 reverse stock split which occurred on
September 25, 1997.
1 The total return for the period has not been annualized.
3 Annualized.
4 The annualized expense ratio for the Intermediate-Term Bond
Portfolio, had there been no fees waived by the Manager, would
have been 0.58%, 0.57% and 0.63% for the fiscal years ended
June 30, 1997, 1996, and for the period ended June 30, 1995,
respectively. The annualized net investment income ratio for
the Intermediate-Term Bond Portfolio, had there been no fees
waived by the Manager, would have been 6.19%, 6.30% and 6.59%
for the fiscal years ended June 30, 1997, 1996 and for the
period ended June 30, 1995, respectively. The annualized
expense ratio for the Tax-Exempt Portfolio, had there been no
fees waived by the Manager, would have been 0.55%, 0.54% and
0.53% for the fiscal years ended June 30, 1997, 1996, and for
the period ended June 30, 1995, respectively. The annualized
net investment income ratio for the Tax-Exempt Portfolio, had
there been no fees waived by the Manager, would have been
4.26%, 4.43% and 4.47% for the fiscal years ended June 30,
1997, 1996 and for the period ended June 30, 1995,
respectively. The expense and net investment income ratios
for the fiscal year ending June 30, 1997 include expenses
allocated from the Series.
* See Kiewit Investment Trust's Note 3 to the Financial
Statements for portfolio turnover.
</FOOTNOTE>
</TABLE>
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FISCAL FOR THE FISCAL JANUARY 5, 1995+
YEAR ENDED YEAR ENDED THROUGH
JUNE 30, 1997 JUNE 30, 1996 JUNE 30, 1995
---------------------------------------------------
<S>
EQUITY PORTFOLIO <C> <C> <C>
NET ASSET VALUE -
BEGINNING OF PERIOD................ $ 16.58 $ 14.04 $ 12.50
--------------------------------------------------
INVESTMENT OPERATIONS:
Net investment income.............. 0.13 0.13 0.11
Net realized and unrealized gain
(loss) on investments............. 4.09 2.56 1.43
--------------------------------------------------
Total from investment operations. 4.22 2.69 1.54
DISTRIBUTIONS:
From net investment income......... (0.15) (0.15) -
From net realized capital gain..... (0.09) - -
--------------------------------------------------
Total distributions.............. (0.24) (0.15) -
--------------------------------------------------
NET ASSET VALUE - END OF PERIOD..... $ 20.56 $ 16.58 $ 14.04
TOTAL RETURN........................ 25.67% 19.24% 12.32%1
RATIOS (TO AVERAGE NET ASSETS)
/SUPPLEMENTAL DATA:
Expenses 6......................... 0.80% 0.80% 0.80%3
Net investment income 6............ 0.80% 1.34% 3.06%3
Portfolio turnover................. -* 16.95% 0.00%3
Average commission rate paid....... -* $0.0637 -
Net assets at end of period (000).. $88,763 $66,137 $ 20,865
<FOOTNOTE>
+ Commencement of Operations.
1 The total return for the period has not been annualized.
3 Annualized.
6 For the period from January 5, 1995 through June 30, 1997,
Kiewit Investment Management Corp. (the "Manager") agreed to
waive all or a portion of its fee in an amount that will limit
annual operating expenses to not more than 0.80% of the
average daily net assets of the Portfolio. The annualized
expense ratio, had there been no fees waived by the Manager,
would have been 0.94%, 1.05% and 2.56% for the fiscal years
ended June 30, 1997, 1996, and for the period ended June 30,
1995, respectively. The annualized net investment income ratio
for the Equity Portfolio, had there been no fees waived by the
Manager, would have been 0.66%, 1.09% and 1.30% for the fiscal
years ended June 30, 1997, 1996 and for the period ended June
30, 1995, respectively. The expense and net investment income
ratios for the fiscal year ending June 30, 1997 include
expenses allocated from the Series.
* See Kiewit Investment Trust's Note 3 to the Financial
Statements for portfolio turnover and average commission rate
paid.
</FOOTNOTE>
</TABLE>
