FILED PURSUANT TO RULE 497(E)
FILE NO.: 33-84762
FILE NO.: 811-8648
KIEWIT MUTUAL FUND
SUPPLEMENT DATED SEPTEMBER 18, 1997
TO THE FUND'S PROSPECTUS
DATED FEBRUARY 28, 1997
The following paragraphs under the caption "Management of
the Fund" on page 19 of the Prospectus have been changed as
follows:
Each Series of the Trust is co-managed by Livingston G.
Douglas and Brian J. Mosher. Mr. Douglas is the Chief Investment
Officer of the Manager; Chief Financial Officer, Vice President
and Treasurer of the Trust and the Fund; and a chartered
financial analyst. From August 1993 to July 1997, Mr. Douglas
served as a Senior Portfolio Manager and Director of Fixed-Income
Research at Investment Advisers, Inc. in Minneapolis, Minnesota.
He managed both mutual funds and large separate accounts for
institutional clients. From July 1987 to April 1993, Mr. Douglas
was a Director, Senior Portfolio Manager, and Director of
Quantitative Research at MacKay-Shields Financial Corporation in
New York City. He has written five books on fixed-income
investing.
Brian J. Mosher, co-manager of each Series of the Trust, is
a Senior Portfolio Manager and Vice President of the Manager; a
Vice President of the Trust and the Fund; and a chartered
financial analyst. From March 1989 to December 1994, Mr. Mosher
served as Investment Manager of Meridian Mutual Insurance Company
in Indianapolis, Indiana. From April 1984 to March 1989, he was
Vice President and Trust Officer of The Provident Bancorporation
of Cincinnati, Ohio.
