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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 32289
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<PAGE> PAGE 21
071 D000400 46
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<PAGE> PAGE 22
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074 V020400 0.00
074 W000400 0.0000
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024 000500 N
028 A010500 569
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<PAGE> PAGE 23
046 000500 N
047 000500 Y
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062 A000500 N
062 B000500 0.0
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063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
<PAGE> PAGE 24
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 Y
070 C010500 N
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 8931
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<PAGE> PAGE 25
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<PAGE> PAGE 26
074 R040500 35
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SIGNATURE KENNETH D. GASKINS, ESQ.
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE KIEWIT MUTUAL
FUNDS MONEY MARKET MUTUAL FUND'S SEMI-ANNUAL REPORT DATED DECEMBER 31, 1996 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE SEMI-ANNUAL REPORT DATE
DECEMBER 31, 1996
</LEGEND>
<CIK> 0000927413
<NAME> KIEWIT MUTUAL FUND
<SERIES>
<NUMBER> 1
<NAME> MONEY MARKET
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 399,853
<INVESTMENTS-AT-VALUE> 399,853
<RECEIVABLES> 807
<ASSETS-OTHER> 26
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 400,686
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,051
<TOTAL-LIABILITIES> 2,051
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 394,651
<SHARES-COMMON-STOCK> 3,986
<SHARES-COMMON-PRIOR> 3,900
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 398,635
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,519
<OTHER-INCOME> 0
<EXPENSES-NET> 494
<NET-INVESTMENT-INCOME> 13,025
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13,025
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,025)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,108,912
<NUMBER-OF-SHARES-REDEEMED> (1,112,806)
<SHARES-REINVESTED> 12,562
<NET-CHANGE-IN-ASSETS> 8,668
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 494
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 634
<AVERAGE-NET-ASSETS> 490,290
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE KIEWIT MUTUAL
FUNDS SHORT-TERM GOVERNMENT PORTFOLIO'S SEMI-ANNUAL REPORT DATED DECEMBER 31,
1996 AND IS QULIFIED IN ITS ENTIRETY BY REFERENCE TO THE SEMI-ANNUAL REPORT
DATED DECEMBER 31, 1996.
</LEGEND>
<CIK> 0000927413
<NAME> KIEWIT MUTUAL FUND
<SERIES>
<NUMBER> 2
<NAME> SHORT-TERM GOVERNMENT PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 139,567
<INVESTMENTS-AT-VALUE> 139,341
<RECEIVABLES> 2,222
<ASSETS-OTHER> 23
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 141,586
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 846
<TOTAL-LIABILITIES> 846
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 139,959
<SHARES-COMMON-STOCK> 700
<SHARES-COMMON-PRIOR> 915
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 307
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (226)
<NET-ASSETS> 140,740
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,471
<OTHER-INCOME> 0
<EXPENSES-NET> 270
<NET-INVESTMENT-INCOME> 5,201
<REALIZED-GAINS-CURRENT> 408
<APPREC-INCREASE-CURRENT> 112
<NET-CHANGE-FROM-OPS> 5,721
<EQUALIZATION> 1
<DISTRIBUTIONS-OF-INCOME> (5,201)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 125
<NUMBER-OF-SHARES-REDEEMED> 48,421
<SHARES-REINVESTED> 5,199
<NET-CHANGE-IN-ASSETS> (42,576)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (102)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 270
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 377
<AVERAGE-NET-ASSETS> 178,681
<PER-SHARE-NAV-BEGIN> 2.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> .01
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.01
<EXPENSE-RATIO> .30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE KIEWIT
INTERMEDIATE-TERM BOND PORTFOLIO'S SEMI-ANNUAL REPORT DATED DECEMBER
31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE SEMI-ANNUAL REPORT
DATED DECEMBER 31, 1996.
</LEGEND>
<CIK> 0000927413
<NAME> KIEWIT MUTUAL FUND
<SERIES>
<NUMBER> 3
<NAME> INTERMEDIATE-TERM BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 114,551
<INVESTMENTS-AT-VALUE> 115,419
<RECEIVABLES> 2,737
<ASSETS-OTHER> 21
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,177
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 747
<TOTAL-LIABILITIES> 747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 116,388
<SHARES-COMMON-STOCK> 576
<SHARES-COMMON-PRIOR> 612
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (401)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 868
<NET-ASSETS> 117,431
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,202
<OTHER-INCOME> 0
<EXPENSES-NET> 314
<NET-INVESTMENT-INCOME> 3,888
<REALIZED-GAINS-CURRENT> 62
<APPREC-INCREASE-CURRENT> 1,763
<NET-CHANGE-FROM-OPS> 5,713
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,888)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 941
<NUMBER-OF-SHARES-REDEEMED> 3,751
<SHARES-REINVESTED> 12,038
<NET-CHANGE-IN-ASSETS> (5,521)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (463)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 251
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 354
<AVERAGE-NET-ASSETS> 124,539
<PER-SHARE-NAV-BEGIN> 2.01
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> .03
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.04
<EXPENSE-RATIO> .5
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE KIEWIT MUTUAL
FUND TAX-EXEMPT PORTFOLIO'S SEMI-ANNUAL REPORT DATED DECEMBER 31, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE SEMI-ANNUAL REPORT DATED DECEMBER
31, 1996.
</LEGEND>
<CIK> 0000927413
<NAME> KIEWIT MUTUAL FUND
<SERIES>
<NUMBER> 4
<NAME> TAX-EXEMPT PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 133,742
<INVESTMENTS-AT-VALUE> 135,162
<RECEIVABLES> 2,213
<ASSETS-OTHER> 22
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137,397
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 608
<TOTAL-LIABILITIES> 608
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,431
<SHARES-COMMON-STOCK> 670
<SHARES-COMMON-PRIOR> 704
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 268
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,420
<NET-ASSETS> 136,789
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,550
<OTHER-INCOME> 0
<EXPENSES-NET> 364
<NET-INVESTMENT-INCOME> 3,186
<REALIZED-GAINS-CURRENT> 289
<APPREC-INCREASE-CURRENT> 1,412
<NET-CHANGE-FROM-OPS> 4,887
<EQUALIZATION> 1
<DISTRIBUTIONS-OF-INCOME> (3,186)
<DISTRIBUTIONS-OF-GAINS> (174)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 10000
<SHARES-REINVESTED> 3076
<NET-CHANGE-IN-ASSETS> (5,396)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 153
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 291
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 385
<AVERAGE-NET-ASSETS> 144,402
<PER-SHARE-NAV-BEGIN> 2.02
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.04
<EXPENSE-RATIO> .5
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE KIEWIT MUTUAL
FUND EQUITY PORTFOLIO'S SEMI-ANNUAL REPORT DATED DECEMBER 31, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE SEMI-ANNUAL REPORT DATED DECEMBER
31, 1996.
</LEGEND>
<CIK> 0000927413
<NAME> KIEWIT MUTUAL FUND
<SERIES>
<NUMBER> 5
<NAME> EQUITY
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 62,287
<INVESTMENTS-AT-VALUE> 76,453
<RECEIVABLES> 431
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76,886
<PAYABLE-FOR-SECURITIES> 1,290
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72
<TOTAL-LIABILITIES> 1362
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,810
<SHARES-COMMON-STOCK> 42
<SHARES-COMMON-PRIOR> 40
<ACCUMULATED-NII-CURRENT> 7
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 543
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,122
<NET-ASSETS> 75,524
<DIVIDEND-INCOME> 429
<INTEREST-INCOME> 150
<OTHER-INCOME> 0
<EXPENSES-NET> 281
<NET-INVESTMENT-INCOME> 298
<REALIZED-GAINS-CURRENT> 771
<APPREC-INCREASE-CURRENT> 5,283
<NET-CHANGE-FROM-OPS> 6,352
<EQUALIZATION> (1)
<DISTRIBUTIONS-OF-INCOME> (642)
<DISTRIBUTIONS-OF-GAINS> (369)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,092
<NUMBER-OF-SHARES-REDEEMED> 2,049
<SHARES-REINVESTED> 1,004
<NET-CHANGE-IN-ASSETS> 9,387
<ACCUMULATED-NII-PRIOR> 352
<ACCUMULATED-GAINS-PRIOR> 142
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 246
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 335
<AVERAGE-NET-ASSETS> 69,775
<PER-SHARE-NAV-BEGIN> 16.58
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 1.47
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.85
<EXPENSE-RATIO> .8
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
