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

                                    FORM 10-Q

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

          For the quarterly period ended November 30, 2003

                                       OR

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

          For the transition period from _______ to ________


                      COMMISSION FILE NUMBER: 333-109667-01


                         TRUST CREATED FEBRUARY 25, 1986
             (Exact name of registrant as specified in its charter)


                     DELAWARE                             51-6162910
         (State or other jurisdiction of                (IRS Employer
          incorporation or organization)                Identification No.)


      3850 THREE MILE LANE, McMINNVILLE, OREGON              97128-9496
       (Address of principal executive offices)              (Zip Code)


                                 (503) 472-9361
              (Registrant's telephone number, including area code)


                                      NONE
         (Former name, former address and former fiscal year, if changed
                               since last report)


         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 12 preceding 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 /_/    No /X/

         Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act). Yes /_/   No /X/


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

            Class                         Outstanding as of November 30, 2003
         Trust equity                                Not applicable

<PAGE>

<TABLE>
<CAPTION>

                        TRUST CREATED FEBRUARY 25, 1986
                                     INDEX

                                                                                PAGE

Part I.  Financial Information

<S>                                                                              <C>
         Item 1.  Condensed Financial Statements

         Trust Created February 25, 1986:
         Condensed Balance Sheet as of November 30, 2003 and February 28, 2003..... 1

         Condensed Statements of Operations and Changes in Trust
         Equity for the Three Months and Nine Months Ended November 30, 2003
         and November 30, 2002..................................................... 2

         Condensed Statements of Cash Flows for the Nine Months Ended
         November 30, 2003 and November 30, 2002................................... 3

         Notes to Condensed Financial Statements................................... 4

         Item 2.  Management's Discussion and Analysis of Financial
         Condition And Results of Operations.......................................10

         Item 3:  Quantitative and Qualitative Disclosures about
         Market Risk...............................................................15

         Item 4:  Controls and Procedures..........................................15

Part II. Other Information

         Item 6.  Exhibits and Reports on Form 8-K.................................16
</TABLE>



<PAGE>
<TABLE>

                                           PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED FINANCIAL STATEMENTS

                                          TRUST CREATED FEBRUARY 25, 1986
                                              CONDENSED BALANCE SHEETS
                                      NOVEMBER 30, 2003 AND FEBRUARY 28, 2003
                                                   (In thousands)
<CAPTION>


                                                               (Unaudited)
                                                              November 30,          February 28,
                                                                  2003                  2003
                                                           -------------------   -------------------
                          ASSETS
<S>                                                                <C>                   <C>
Flight equipment, net                                              $   12,199            $   12,479
Notes receivable from affiliates                                          895                 1,639
Due from affiliates                                                     1,461                 1,757
                                                           -------------------   -------------------
Total assets                                                       $   14,555            $   15,875
                                                           ===================   ===================


                       LIABILITIES
Current liabilities:
Current portion of long-term debt                                   $   5,354             $   4,702
Accrued liabilities                                                       210                   124
                                                           -------------------   -------------------
Total current liabilities                                               5,564                 4,826
                                                           -------------------   -------------------

Long-term debt                                                          4,169                 9,586
Deferred rental income                                                  4,638                 3,903
                                                           -------------------   -------------------
Total liabilities                                                      14,371                18,315
                                                           -------------------   -------------------

                  TRUST EQUITY (DEFICIT)
Trust equity                                                           18,008                15,138
Less: Accounts and notes receivable from affiliate                    (17,824)              (17,578)
                                                           -------------------   -------------------
     Total trust equity (deficit)                                         184                (2,440)
                                                           -------------------   -------------------
     Total liabilities and trust equity (deficit)                  $   14,555            $   15,875
                                                           ===================   ===================


           The accompanying notes are an integral part of the condensed financial statements.
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                                                       Page 1
<PAGE>


<TABLE>
<CAPTION>

                                          TRUST CREATED FEBRUARY 25, 1986

                                         CONDENSED STATEMENT OF OPERATIONS
                           For the Three and Nine Months Ended November 30, 2003 and 2002
                                                   (In thousands)

                                                    (UNAUDITED)

                                                             Three Months Ended                 Nine Months Ended
                                                       --------------------------------  --------------------------------
                                                         November 30,     November 30,     November 30,    November 30,
                                                             2003             2002             2003            2002
                                                       --------------------------------  --------------------------------
 Operating revenues:
<S>                                                         <C>              <C>              <C>              <C>
 Rental income from affiliate                               $   1,880        $   1,880        $   5,642        $   5,642
                                                       ---------------  ---------------  ---------------  ---------------
 Depreciation                                                      93               93              280              236
 Interest expense                                                 264              282            1,066            1,182
 Interest income                                                   (4)            (103)             (62)            (361)
                                                       ---------------  ---------------  ---------------  ---------------
 Net income                                                     1,527            1,608            4,358            4,585
                                                       ---------------  ---------------  ---------------  ---------------

 Less distributions to beneficiaries of
   the 1986 Trust                                                (213)                -          (1,488)               -

 Trust equity at beginning of period                           16,694           14,184           15,138           11,207
                                                       ---------------  ---------------  ---------------  ---------------
 Trust equity at end of period                              $  18,008        $  15,792        $  18,008        $  15,792
                                                       ===============  ===============  ===============  ===============



                  The accompanying notes are an integral part of the condensed financial statements.

</TABLE>

                                                       Page 2
<PAGE>
<TABLE>

                                          TRUST CREATED FEBRUARY 25, 1986

                                         CONDENSED STATEMENT OF CASH FLOWS
                         For the Nine Months Ended November 30, 2003 and November 30, 2002
                                                   (In thousands)

                                                    (UNAUDITED)
<CAPTION>

                                                                         For the Nine Months Ended
                                                                   --------------------------------------
                                                                        November 30,       November 30,
                                                                            2003               2002
                                                                   --------------------------------------
Cash flows from operating activities:
<S>                                                                     <C>                   <C>
    Net income                                                          $     4,358           $    4,585

    Adjustments to reconcile net income to net cash provided
    by operating activities:
       Depreciation                                                             280                  236
       Change in operating assets and liabilities
       Accounts receivable from affiliates                                     (990)              (2,964)
       Accrued liabilities                                                       86                    -
       Due from affiliates                                                      296
       Deferred rental income                                                   735                  735
                                                                   -----------------     ----------------
             Net cash provided by operating activities                        4,765                2,592

Cash flows from investing activities:
    Notes receivable from affiliates                                          1,488                    -
                                                                   -----------------     ----------------
             Net cash provided by investing activities                        1,488                    -

Cash flows from financing activities:
    Payments on long-term debt                                               (4,765)              (2,592)
    Distributions to beneficiaries                                           (1,488)                   -
                                                                   -----------------     ----------------
            Net cash used in financing activities                            (6,253)              (2,592)

        Net decrease in cash                                                      -                    -
Cash, beginning of period                                                         -                    -
                                                                   -----------------     ----------------
Cash, end of period                                                       $       -             $      -
                                                                   =================     ================


             The accompanying notes are an integral part of the condensed financial statements.
</TABLE>



                                                       Page 3
<PAGE>



                         TRUST CREATED FEBRUARY 25, 1986

                     Notes to Condensed Financial Statements
                                 (In thousands)


1. UNAUDITED CONDENSED FINANCIAL STATEMENTS

         Trust created pursuant to the Trust Agreement, dated as of February
25, 1986, as amended and restated pursuant to the Amended and Restated Trust
Agreement, dated as of August 31, 1987, as amended on August 31, 1988 and as
amended and restated pursuant to the Second Amended and Restated Trust
Agreement, dated as of September 29, 1995, as amended on May 8, 2003 and
January 14, 2003, among Evergreen International Aviation, Inc. (an assignee of
Evergreen Holdings, Inc., as successor to B-747, Inc. and King Christian,
Inc.) and Delford M. Smith, as Beneficiaries, and Wilmington Trust Company,
not in its individual capacity, but solely as Owner Trustee (the "1986 Trust",
the "trust" or the "Company") is a majority owned subsidiary of Evergreen
International Aviation, Inc. ("EA") ("Parent Company") who is a wholly owned
subsidiary of Evergreen Holdings, Inc. ("Holdings"). The Company's sole
business purpose is to lease airplanes to Evergreen International Airlines,
Inc. ("EIA") who is a wholly owned subsidiary of EA. These services result in
intercompany transactions and, therefore, there are receivables/payables from
this affiliate.

         The interim unaudited condensed financial statements of the Trust
Created February 25, 1986, has been prepared in accordance with accounting
principles generally accepted in the United States of America for the interim
financial information and with instructions to Form 10-Q of Regulation S-X.
All significant intercompany balances and transactions have been eliminated in
consolidation. Accordingly, they do not 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 opinion of
management, these statements contain all adjustments, consisting of normal
recurring adjustments, necessary to present fairly the financial position,
results of operations and cash flows for the periods indicated. Results of
operations for the period presented herein are not necessarily indicative of
results of operations for the entire year.

2. OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         The 1986 Trust is a majority owned subsidiary of EA who is a wholly
owned subsidiary of Holdings. The Company's sole business purpose is to lease
planes to EIA who is a wholly owned subsidiary of EA. These services result in
inter-company transactions and, therefore, there are receivables/payables from
this affiliate.

Estimates

         The preparation of these financial statements requires us to make
estimates and judgments that affect the reported amounts of assets,
liabilities, revenues and expenses, and related disclosure of contingent
assets and liabilities. On an on-going basis, we evaluate our estimates,
including those related to impairment of property and equipment. We base our
estimates on historical experience and on various other assumptions that we
believe to be reasonable under the circumstances. Actual results may differ
from these estimates under different assumptions or conditions. The following
critical accounting policies and related judgments and estimates affect the
preparation of our financial statements.

Property and Equipment

         We have approximately $12.2 and $12.5 million of operating property
and equipment, net as of November 30, 2003 and February 28, 2003,
respectively. In addition to the original cost of these assets, their recorded
value is impacted by a number of policy elections made by us, including the
estimation of useful lives, residual values and, in fiscal 2001 and 2002,
impairment charges on aircraft.

         We record aircraft at acquisition cost upon delivery. Depreciable
life is determined by using economic analysis, reviewing existing fleet plans,
and comparing estimated lives to other airlines operating similar fleets.
Older generation aircraft are assigned lives that are consistent with our
experience and other airlines. As aircraft technology has improved, useful
life has been extended. Residual values are estimated based on our historical
experience with regard to the sale of both aircraft and spare parts, and are
established in conjunction with the estimated useful lives of the aircraft.
Residual values are based on current dollars when the aircraft are acquired
and typically reflect values for assets that have not reached the end of their
physical lives. Both depreciable lives and residual values are revised
annually to recognize changes in our fleet plans and changes in conditions.
The values reflected on our balance sheet do not necessarily reflect the fair
market value or appraised value of these assets.


                                    Page 4
<PAGE>


                        TRUST CREATED FEBRUARY 25, 1986

              Notes to Condensed Financial Statements-(Continued)
                                (In thousands)

We evaluate the recoverability of our flight equipment in accordance with FAS
144, Accounting for the Impairment or Disposal of Long-Lived Assets."
Accordingly, an impairment loss is recognized only if the carrying amount of
our flight equipment is not recoverable and exceeds its fair value. The
recoverability of the carrying amount of our flight equipment is determined by
comparing the sum of the expected future, undiscounted net cash flows to be
derived from the related assets to the net book value of the assets; an
impairment loss is then recognized as the difference between the fair value
and the net book value of the long-lived assets. The undiscounted cash flows
estimate includes only cash flows that are directly associated with and that
are expected to arise as a direct result of the use of the assets and
incorporates our own assumptions about the use of the assets. The assumptions
incorporate our internal budgets and projections based on historical use,
existing contracts currently in place as well as the existing service
potential of the assets at the date they are tested. For our flight equipment
of B747 and DC9 aircraft, each aircraft is depreciated until an economic
point in time, regardless of when the aircraft was purchased. The DC9s are
fully depreciated and the B747 is being depreciated through 2023.

If our projections of future undiscounted cash flows do not support the
recoverability of our flight equipment, an impairment charge is recorded to
reduce the carrying value of such equipment to its fair value. The
estimated magnitude of any such potential impairment charge could have a
significant impact on our financial statements; however, the exact potential
loss is not determinable as the exact resale value of our freighter aircraft
is not specifically known. The fair value of our flight equipment at any time
is based on the market conditions at the time and is affected by various
factors most of which relate to the volume of air freight cargo being moved in
the market. The fair value of an asset, for purposes of the assessment of
impairment, is the amount at which that asset could be bought or sold in a
current transaction between willing parties.

Revenue Recognition

Our principal source of revenue is from aircraft rentals to an affiliated
company.

Distributions

Distributions are made based on net income generated from certain of the
aircraft.


3. RECENT ACCOUNTING PRONOUONCEMENTS

         In June 2001, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standard (SFAS) No. 143, Accounting for
Asset Retirement Obligations, which addresses financial accounting and
reporting for certain obligations associated with the retirement of tangible
long-lived assets and the associated asset retirement costs. The provisions of
SFAS No. 143 were required to be applied by the Company beginning March 1,
2003. The impact of the adoption of this Statement has not had and the company
does not expect it to have a material impact on the financial statements.

         In November 2002, The Board issued FASB Interpretation No. 45
("FIN"), Guarantor's Accounting and Disclosure Requirements for Guarantees,
including Indirect Guarantees of Indebtedness of Others, and Interpretation of
SFAS 5, 57, and 107 and Rescission of FIN 34. The interpretation requires
certain disclosures to be made by a guarantor about its obligations under
certain guarantees that it has issued. It also clarifies that a guarantor is
required to recognize, at the inception of a guarantee, a liability for the
fair value of the obligation undertaken in issuing the guarantee. The initial
recognition and measurement provisions are applicable on a prospective basis
to guarantees issued or modified after December 31, 2002. The disclosure
requirements are effective for financial statements of interim or annual
periods after December 15, 2002. The Company adopted FIN 45 during 2003 and
there was no effect on the Company's financial statements.


                                    Page 5
<PAGE>

                        TRUST CREATED FEBRUARY 25, 1986

              Notes to Condensed Financial Statements-(Continued)
                                (In thousands)

         In January 2003, the FASB issued FASB Interpretation No. 46 (FIN 46),
Consolidation of Variable Interest Entities--an Interpretation of ARB No. 51,
Consolidated Financial Statements, and subsequently revised in December 2003,
with the issuance of FIN46-R. This interpretation addresses how variable
interest entities are to be identified and how an enterprise assesses its
interests in a variable interest entity to decide whether to consolidate that
entity. The Interpretation also requires existing unconsolidated variable
interest entities to be consolidated by their primary beneficiaries if the
entities do not effectively disperse risks among the parties involved. The
Company is required to adopt FIN 46-R as of the period ending May 31, 2005.
The Company is evaluating whether or not it is a primary beneficiary of a
variable interest entity or holds any significant interests or involvement in
a variable interest entity.

         In May 2003, the FASB issued SFAS No. 150, Accounting for Certain
Financial Instruments with Characteristics of both Liabilities and Equity.
This statement establishes standards for how an issuer classifies and measures
certain financial instruments with characteristics of both liabilities and
equity. It requires issuers to classify financial instruments within its scope
as liabilities (or an asset in some cases). Prior to SFAS No. 150, many of
these instruments may have been classified as equity. This Statement is
effective for financial instruments entered into or modified after May 31,
2003. For instruments issued prior to May 31, 2003, this standard is to be
implemented by reporting the cumulative effect of a change in accounting
principle as of July 1, 2003. The Company does not anticipate that the
adoption of the Statement will have a material impact on ongoing results of
operations, financial position or cash flows of the Company.


4. FLIGHT EQUIPMENT

Property and equipment at November 30, 2003 and February 28, 2003, which
consists of one B747 and three DC9's, is as follows:

                                       (Unaudited)
                                      November 30,          February 28,
                                          2003                  2003
                                   -------------------   -------------------

Aircraft                                   $   48,623            $   48,623
Accumulated depreciation                      (36,424)              (36,144)
                                   -------------------   -------------------
    Total                                  $   12,199            $   12,479
                                   ===================   ===================


5. RELATED PARTY TRANSACTIONS

         The Company incurred debt from a third-party creditor to acquire
various aircraft. The Company leases these aircraft to EIA. The lease has a
total term of ten years. Lease payments to be received are as follows: $375
per month for the first 17 months, $400 per month for the next ten years, $484
per month for the next 68 months, $2,802 in month 96, and $0 for the final 23
months of the lease. Revenues from the leased aircraft are included in
operating revenues in the Company's statements of operations, and are
recognized on a monthly basis, on a straight-line basis. Rental income from
affiliates for the nine months ended November 30, 2003 and November 30, 2002
were $5,642, for each year. EA makes the monthly debt payments to the
Company's third-party creditor on behalf of the Company, rather than making
monthly rent payments. The difference between the monthly rent amount and debt
payment amount is recognized in receivables from affiliates each month.
Receivables from affiliates at November 30, 2003 and February 28, 2003 were
$16,929 and $15,939, respectively. Due to the uncertainty of the future
collection of the receivables, the receivables from affiliates are classified
within Trust equity in the financial statements.

                                    Page 6
<PAGE>


                        TRUST CREATED FEBRUARY 25, 1986

              Notes to Condensed Financial Statements-(Continued)
                                (In thousands)

The Company has two separate notes receivable from two affiliates with one
entity holding a one-third interest and the other entity holding a two-thirds
interest in the Company. The notes bear interest at 4 % (8 % at February 28,
2003) and are reduced annually by each entity's ownership share of the Company's
net income. The settlement date of the notes is solely dependent on the annual
performance of the Company. Interest income from the notes for the nine months
ended November 30, 2003 and 2002 was $62 and $361, respectively. The note
receivable from Delford M. Smith is collaterized by his personal assets. As
there is no collateral for the EA note receivable and the payment is based upon
performance of the Company the balance of the note is classified within Trust
equity in the financial statements. At November 30, 2003, and February 28, 2003,
affiliated notes receivable balances were as follows:

                                      November 30,  2003  February 28, 2003
                                      ------------------  -----------------
         Due from Delford M. Smith       $  895                    $1,639
         Due from EA                        895                     1,639
                                         -------                   ------
                                         $1,790                    $3,278
                                         =======                   ======

     Due from affiliates at November 30, 2003 and February 28, 2003 were $1,461
     and $1,757, respectively. The balances represent certain net receivables
     from Evergreen entities.


6. LONG-TERM DEBT

Long-term debt consisted of the following at November 30, 2003 and February 28,
2003:

                                                 November         February
                                                 30, 2003         28, 2003
                                                 --------         --------

Note payable to Finova Capital Corporation       $  9,523          $14,288
Less current portion                               (5,354)          (4,702)
                                                -----------      ----------
                                                 $  4,169          $ 9,586
                                                ===========      ==========

Notes payable bear interest at 10.44 % and are payable in monthly payments of
principal and interest of $472 through 2005. The notes are collateralized by
three DC9's and one B747.

         At November 30, 2003, scheduled maturities of long-term debt were:

                 2004                                            $ 1,566
                 2005                                              5,059
                 2006                                              2,898
                                                                ---------
                                                                 $ 9,523
                                                                 =========


                                    Page 7
<PAGE>

                        TRUST CREATED FEBRUARY 25, 1986

              Notes to Condensed Financial Statements-(Continued)
                                (In thousands)

7. REFINANCING OF EVERGREEN INTERNATIONAL AVIATION, INC.

         On May 16, 2003, EA, a wholly owned subsidiary of Holdings, issued $215
million in aggregate principal amount of 12% Senior Second Secured Notes (the
"Notes") that will mature in 2010. The Company is a guarantor of the Notes. The
Notes were sold for 100% of their face amount. The Notes were issued pursuant to
an Indenture, dated as of May 16, 2003, by and among EA, Holdings, the
subsidiary guarantors party thereto and Bank One, N.A. The Notes are
unconditionally guaranteed, jointly and severally, by Holdings and all of EA's
subsidiaries except Evergreen Agricultural Enterprises, Inc. and its
subsidiaries, and by EA's foreign subsidiaries. The Notes are secured by a
second priority lien, subject to permitted liens, on substantially all of the
assets that secure the obligations under the new revolving credit facility. The
Notes (i) have interest payment dates of May 15 and November 15 of each year;
(ii) are senior second secured obligations, rank equally with all of EA's
existing and future senior, or unsubordinated, debt and are senior to any of
EA's future senior subordinated or unsubordinated debt; and (iii) are redeemable
after the dates and at the prices (expressed in percentages of principal amount
on the redemption date) as set forth below:


   If Redeemed during the 12-month period commencing          Redemption Price
   -------------------------------------------------          ----------------

May 15, 2007...............................................        106   %
May 15, 2008...............................................        103   %
May 15, 2009 and thereafter................................        100   %


         Concurrent with the issuance of the Notes, EA entered into a new $100
million revolving credit facility, for which PNC Capital Markets, Inc. acts as
arranger, and PNC Bank, National Association acts as agent (the "New Revolving
Credit Facility"). The New Revolving Credit Facility matures on May 16, 2006.
Upon EA's written request made at least 60 days prior to the end of the
applicable term, the term may be extended for an additional period upon the
written consent of all the lenders. EA will be obligated to pay certain early
termination fees if it terminates the revolving credit facility within 5 years
from May 16, 2003 unless we provide written notice at least 60 days prior to May
16, 2005, that we intend to refinance. The New Revolving Credit Facility has an
interest rate equal to PNC Bank's prime rate plus 1.00%, or PNC Bank's
eurodollar rate plus 3.50%. EA may choose prime rate or eurodollar pricing and
may elect interest periods of 30, 60 or 90 days for the eurodollar borrowings.
Interest on prime rate advances are payable monthly in arrears. Interest on
eurodollar borrowings are payable at the end of each applicable interest period.
Upon a default, interest will accrue at 2.0% over the applicable rate.

         Up to $100 million or such lesser amount determined in accordance with
a borrowing base formula is available under the New Revolving Credit Facility.
EA must maintain $5 million of excess availability under the New Revolving
Credit Facility, which may only be reduced with the consent of each of the
lenders under the New Revolving Credit Facility. Any amounts outstanding that
exceed the availability calculated under the borrowing base formula must be
repaid. Up to $5 million of the new revolving credit facility is available for
letters of credit.

         The obligations under the New Revolving Credit Facility are guaranteed
by all of the guarantors under the Notes including the Company. Borrowings under
the New Revolving Credit Facility are secured by a first priority security
interest in substantially all of EA's existing and hereafter acquired personal
property, including all of the capital stock or membership interests of all of
EA's subsidiaries that are guarantors under the New Revolving Credit Facility.
This security interest is subject to certain exceptions and permitted liens,
including existing liens on two B747 aircraft and three DC9 aircraft.


                                    Page 8
<PAGE>


                        TRUST CREATED FEBRUARY 25, 1986

              Notes to Condensed Financial Statements-(Continued)
                                 (In thousands)

         The New Revolving Credit Facility and the indenture governing the Notes
impose certain restrictions on EA, including restrictions that limit its
restricted subsidiaries' ability to, among other things: (i) incur additional
debt; (ii) pay dividends, acquire shares of capital stock, make payments on
subordinated debt or make investments; (iii) place limitations on distributions
from restricted subsidiaries; (iv) issue or sell capital stock of restricted
subsidiaries; (v) issue guarantees; (vi) sell or exchange assets; (vii) enter
into transactions with shareholders and affiliates; (viii) make capital
expenditures; (ix) create liens; and (x) effect mergers and other changes of
control. In addition, the New Revolving Credit Facility contains financial
covenants requiring EA to meet various financial ratios, such as a minimum
tangible net worth ratio, maximum capital expenditures, and a minimum fixed
charge coverage ratio.

         If EA or its restricted subsidiaries, including the company, violate
these covenants and are unable to obtain waivers from the lenders or
noteholders, EA's debt under these agreements would be in default and could be
accelerated by the lenders or noteholders. Cross default provisions exist in
the indenture governing the Notes whereby a default on the Notes would occur
if an event of default under issues of indebtedness of EA, any subsidiary
guarantor, including the Company, or other significant subsidiary having an
outstanding principal amount of $10 million or more in the aggregate for all
such issues of all such persons and such default causes the holder to declare
the indebtedness due and payable prior to its stated maturity and such
indebtedness is not discharged in full or such acceleration is not rescinded
or annulled within 30 days.

         Initially, EA borrowed $69.3 million under the New Revolving Credit
Facility. As of November 30, 2003, EA had approximately $70.4 million in
outstanding borrowings and $10.9 million available upon application of borrowing
base limitations as such borrowing base is available on December 1, 2003 and
subject to applicable covenants.

         EA used the net proceeds from the sale of the Notes and initial
borrowings under the New Revolving Credit Facility to, among other uses, repay
all outstanding balances, accrued interest on borrowings and letter of credit
participation fees related to its old senior credit facility, which matured on
May 7, 2003.

                                    Page 9
<PAGE>


ITEM 2  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

CRITICAL ACCOUNTING POLICIES

Property and Equipment

         We have approximately $12 million operating flight equipment, net as
of November 30, 2003 and February 28, 2003, respectively. In addition to the
original cost of these assets, their recorded value is impacted by a number of
policy elections made by us, including the estimation of useful lives,
residual values and, in fiscal 2001 and 2002, impairment charges on aircraft.

         We record aircraft at acquisition cost upon delivery. Depreciable
life is determined by using economic analysis, reviewing existing fleet plans,
and comparing estimated lives to other airlines operating similar fleets.
Older generation aircraft are assigned lives that are consistent with our
experience and other airlines. As aircraft technology has improved, useful
life has been extended. Residual values are estimated based on our historical
experience with regard to the sale of both aircraft and spare parts, and are
established in conjunction with the estimated useful lives of the aircraft.
Residual values are based on current dollars when the aircraft are acquired
and typically reflect values for assets that have not reached the end of their
physical lives. Both depreciable lives and residual values are revised
annually to recognize changes in our fleet plans and changes in conditions.
The values reflected on our balance sheet do not necessarily reflect the fair
market value or appraised value of these assets.

         We evaluate the recoverability of a long-lived asset or asset group
in accordance with FAS 144, Accounting for the Impairment or Disposal of
Long-Lived Assets." Accordingly, an impairment loss is recognized only if the
carrying amount of a long-lived asset or asset group is not recoverable and
exceeds its fair value. The recoverability of the carrying amount of
long-lived assets is determined by comparing the sum of the expected future,
undiscounted net cash flows to be derived from the related assets to the net
book value of the assets; an impairment loss is then recognized as the
difference between the fair value and the net book value of the long-lived
assets. The undiscounted cash flows estimate includes only cash flows that are
directly associated with and that are expected to arise as a direct result of
the use of the assets and incorporates our own assumptions about the use of
the assets. The assumptions incorporate our internal budgets and projections
based on historical use, existing contracts currently in place as well as the
existing service potential of the assets at the date they are tested. For our
flight equipment of B747 and DC9 aircraft, each aircraft is depreciated until
an economic point in time, regardless of when the aircraft was purchased. The
DC9s are fully depreciated and the B747 is being depreciated through 2023.

         If our projections of future undiscounted cash flows do not support
the recoverability of our long-lived assets, an impairment charge is recorded
to reduce the carrying value of such equipment to its fair value. The
estimated magnitude of any such potential impairment charge could have a
significant impact on our financial statements; however, the exact potential
loss is not determinable as the exact resale value of our freighter aircraft
is not specifically known. The fair value of our flight equipment at any time
is based on the market conditions at the time and is affected by various
factors most of which relate to the volume of air freight cargo being moved in
the market. The fair value of an asset, for purposes of the assessment of
impairment, is the amount at which that asset could be bought or sold in a
current transaction between willing parties.

Revenue Recognition

         Our principal source of revenue is from aircraft rentals to an
affiliated company, recognized on a straight-line basis over the life of the
lease agreement.

                                   Page 10

<PAGE>

ITEM 2  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS, CONTINUED

RECENT ACCOUNTING PRONOUNCEMENTS

        In June 2001, the FASB issued SFAS No. 143, Accounting for Asset
Retirement Obligations, which addresses financial accounting and reporting for
certain obligations associated with the retirement of tangible long-lived assets
and the associated asset retirement costs. The provisions of SFAS No. 143 were
required to be applied by the Company beginning March 1, 2003. The impact of the
adoption of this Statement has not had a material impact on the financial
statements.

        In November 2002, The Board issued FASB Interpretation No. 45 ("FIN"),
Guarantor's Accounting and Disclosure Requirements for Guarantees, including
Indirect Guarantees of Indebtedness of Others, and Interpretation of SFAS 5, 57,
and 107 and Rescission of FIN 34. The interpretation requires certain
disclosures to be made by a guarantor about its obligations under certain
guarantees that it has issued. It also clarifies that a guarantor is required to
recognize, at the inception of a guarantee, a liability for the fair value of
the obligation undertaken in issuing the guarantee. The initial recognition and
measurement provisions are applicable on a prospective basis to guarantees
issued or modified after December 31, 2002. The disclosure requirements are
effective for financial statements of interim or annual periods after December
15, 2002. The Company adopted FIN 45 during 2003 and there was no effect on the
Company's financial statements.

         In January 2003, the FASB issued FASB Interpretation No. 46 (FIN 46),
Consolidation of Variable Interest Entities--an Interpretation of ARB No. 51,
Consolidated Financial Statements, and subsequently revised in December 2003,
with the issuance of FIN46-R. This interpretation addresses how variable
interest entities are to be identified and how an enterprise assesses its
interests in a variable interest entity to decide whether to consolidate that
entity. The Interpretation also requires existing unconsolidated variable
interest entities to be consolidated by their primary beneficiaries if the
entities do not effectively disperse risks among the parties involved. The
Company is required to adopt FIN 46-R as of the period ending May 31, 2005.
The Company is evaluating whether or not it is a primary beneficiary of a
variable interest entity or holds any significant interests or involvement in
a variable interest entity.

        In May 2003, the FASB issued SFAS No. 150, Accounting for Certain
Financial Instruments with Characteristics of both Liabilities and Equity. This
statement establishes standards for how an issuer classifies and measures
certain financial instruments with characteristics of both liabilities and
equity. It requires issuers to classify financial instruments within its scope
as liabilities (or an asset in some cases). Prior to SFAS No. 150, many of these
instruments may have been classified as equity. This Statement is effective for
financial instruments entered into or modified after May 31, 2003. For
instruments issued prior to May 31, 2003, this standard is to be implemented by
reporting the cumulative effect of a change in accounting principle as of July
1, 2003. The impact of adoption of this Statement is not expected to have a
material effect on ongoing results of operations, financial position or cash
flows of the Company.


                                   Page 11
<PAGE>


ITEM 2  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS, CONTINUED

RESULTS OF OPERATIONS:

Three Months Ended November 30, 2003 Compared to the Three Months Ended
November 30, 2002

         The following table sets forth information with respect to the Trust
Created February 25, 1986 relating to the three months ended November 30, 2003
and November 30, 2002:

                                                Three Months Ended
                                         ---------------------------------
                                          November 30,        November 30,
                                              2003                2002
                                         ----------------------------------
                                                   (in thousands)

 Rental income from affiliate                $   1,880           $   1,880
                                        ---------------     ---------------

 Depreciation                                       93                  93

 Interest expense                                  264                 282

 Interest income                                    (4)               (103)
                                        ---------------     ---------------
 Net income                                  $   1,527           $   1,608
                                        ---------------     ---------------

Rental Income From Affiliate

         Rental income from affiliate is derived solely from rental income
related to the lease of the trust's aircraft to EIA. Rental income from
affiliate was $1.9 million for each of the three months ended November 30, 2003
and November 30, 2002, in accordance with the terms of the lease agreement.

Depreciation

         Depreciation consists of depreciation on the trust's aircraft.
Depreciation was $93 thousand for each of the three months ended November 30,
2003 and November 30, 2002

Interest Expense

         Interest expense, comprised predominantly of interest paid on the
outstanding note payable to Finova Capital Corporation, decreased $18 thousand,
or 6.4%, to $264 thousand for the three months ended November 30, 2003 from $282
thousand for the three months ended November 30, 2002, due to the reduction in
the note payable from scheduled repayments.

Interest Income

         Interest income, which is comprised predominantly of interest paid on
the outstanding notes receivable due from affiliates, decreased $99 thousand, or
96.1%, to $4 thousand for the three months ended November 30, 2003 from $103
thousand for the three months ended November 30, 2002, due to the reduction in
notes receivable from affiliate from scheduled repayments.

Net Income

         Net income decreased $81 thousand, or 5.0%, to $1.5 million for the
three months ended November 30, 2003 from $1.6 million for the three months
ended November 30, 2002, as a result of the factors discussed above.


                                   Page 12
<PAGE>

ITEM 2  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS, CONTINUED

Nine Months Ended November 30, 2003 Compared to the Nine Months Ended November
30, 2002

         The following table sets forth information with respect to The Trust
Created February 25, 1986 relating to the nine months ended November 30, 2003
and November 30, 2002:

                                                Nine Months Ended
                                        ----------------------------------
                                         November 30,         November 30,
                                             2003                2002
                                       -----------------------------------
                                                   (in thousands)

 Rental income from affiliate               $   5,642           $   5,642
                                       ---------------     ---------------

 Depreciation                                     280                 236

 Interest expense                               1,066               1,182

 Interest income                                  (62)               (361)
                                       ---------------     ---------------
 Net income                                 $   4,358           $   4,585
                                       ---------------     ---------------

Rental Income From Affiliate

         Rental income from affiliate is derived solely from rental income
related to the lease of the trust's aircraft to EIA. Rental income from
affiliate was $5.6 million for each of the nine months ended November 30, 2003
and November 30, 2002, in accordance with the terms of the lease agreement.

Depreciation

         Depreciation consists of depreciation on the trust's aircraft.
Depreciation increased $44 thousand, or 18.6%, to $280 thousand for the nine
months ended November 30, 2003 from $236 thousand for the nine months ended
November 30, 2002. This is the result of a correction of the depreciation taken
in the fiscal year ended February 28, 2002.

Interest Expense

         Interest expense, comprised predominantly of interest paid on the
outstanding note payable to Finova Capital Corporation, decreased $116 thousand,
or 9.8%, to $1.1 million for the nine months ended November 30, 2003 from $1.2
million for the nine months ended November 30, 2002, due to the reduction in the
note payable from schedule repayments.

Interest Income

         Interest income, which is comprised predominantly of interest paid on
the outstanding notes receivable due from affiliates, decreased $299 thousand,
or 82.8%, to $62 thousand for the nine months ended November 30, 2003 from $361
thousand for the nine months ended November 30, 2002, due to the reduction in
notes receivable from affiliate from schedule repayments.

Net Income

         Net income decreased $277 thousand, or 5.0%, to $4.4 million for the
nine months ended November 30, 2003 from $4.6 million for the nine months ended
November 30, 2002, as a result of the factors discussed above.


                                   Page 13
<PAGE>


ITEM 2  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS, CONTINUED

LIQUIDITY AND CAPITAL RESOURCES

         Cash flows from operating activities. In lieu of cash payments, the
lessee of the aircraft make payments directly to Finova Capital Corporation
for the required debt payments. Cash flows from operating activities is
primarily driven by net income combined with fluctuations in operating assets
and liabilities and in amounts due from affiliates. During the nine months
ended November 30, 2003, we generated cash of $4.8 million compared to $2.6
million for the nine months ended November 30, 2002, a difference of $2.2
million. The decrease in cash flows from operations was the result of a $0.9
million decrease in operating assets and liabilities offset by a $3.3 million
increase in due from affiliate.

         Cash flows from investing activities. Cash flows from investing
activities were the reduction of the note receivable from affiliates in the
amount of $1.5 million.

         Cash flows from financing activities Net cash used by financing
activities was $4.8 million for the nine months ended November 30, 2003, as a
result of the reduction of long-term debt compared to $2.6 million for the
nine months ended November 30, 2002. During the nine months ended November 30,
2003, $1.5 million was distributed to beneficiaries.

         The following table summarizes our contractual obligations as of
November 30, 2003:

                                  (in millions)
                                                    Long-term
                   Fiscal                              Debt
                   ------                           ---------

                   2004...........................  $    1.9
                   2005...........................       5.7
                   2006...........................       3.0
                   2007 and thereafter............       0.0

         Historically, the Company has met its debt obligations through rental
income. The Company anticipates the future rental income will be sufficient to
service future obligations.


                                   Page 14
<PAGE>

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         The Company has no variable rate debt, only fixed rate debt, therefore
we are not exposed to interest rate risks. We have not entered into any
obligations for trading purposes. We are not exposed to foreign currency
exchange rate risks or commodity price risks. We do not enter into futures or
swap contracts at this time.


ITEM 4.  CONTROLS AND PROCEDURES.

                  (a) Disclosure Controls and Procedures. The trust's
management, with the participation of the trust's principal executive officer
and principal financial officer, has evaluated the effectiveness of the
trust's disclosure controls and procedures (as such term is defined in Rules
13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended
(the "Exchange Act")) as of the end of the period covered by this report.
Based on such evaluation, the trust's principal executive officer and
principal financial officer have concluded that, as of the end of such period,
the trust's current controls and procedures require further enhancements to
ensure that the trust's disclosure controls and procedures are effective in
recording, processing, summarizing and reporting, on a timely basis,
information required to be disclosed by the trust in the reports that it files
or submits under the Exchange Act. At this time, management has determined
that disclosure controls and procedures may not be sufficient to ensure that
data errors and control problems are detected, and to confirm that appropriate
corrective action, including process improvements, is undertaken. In order to
review the financial condition and prepare the financial disclosures in this
document, the trust's management has been responding to recommendations from
the trust's auditors to properly and accurately account for the financial
information contained in this Form 10-Q. Detailed validation work was done by
internal personnel with respect to all condensed balance sheet account
balances to substantiate the financial information and the related disclosures
that is contained in this Form 10-Q. Additional analysis was performed on
condensed income statement amounts and compared to prior period (both year
over year and consecutive period) amounts for reasonableness. Based on this
review, management has determined that these enhancements should include: (i)
quarterly diligence by the principal executive officer and the principal
financial officer; and (ii) more timely reconciliations of certain of its
accounts to limit year-end audit adjustments. The trust is in the process of
implementing these enhancements.

                  (b) Internal Control Over Financial Reporting. Except as
described above, there have not been any changes in the trust's internal
control over financial reporting (as such term is defined in Rules 13a-15(f)
and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this
report relates that have materially affected, or are reasonably likely to
materially affect, the trust's internal control over financial reporting.


                                   Page 15
<PAGE>

                           PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

(a)   Exhibits.

      3.35     Second Amendment to the Second Amended and Restated Trust
               Agreement, dated as of January 14, 2004, among Wilmington
               Trust Company, as owner trustee, Delford M. Smith and
               Evergreen International Aviation, Inc.

      31.1     Certification of Principal Executive Officer Pursuant to Section
               302 of the Sarbanes-Oxley Act of 2002

      31.2     Certification of Principal Financial Officer Pursuant to Section
               302 of the Sarbanes-Oxley Act of 2002

      32.1     Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350,
               as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
               2002

                                   Page 16
<PAGE>

                                  SIGNATURES

         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.


                                          TRUST CREATED FEBRUARY 25, 1986
                                                    (Registrant)


          January 14, 2004                /s/ John A. Irwin
--------------------------                ---------------------------
         (Dated)                          John A. Irwin
                                          Principal executive officer


          January 14 2004                 /s/ Lawrence J. Bolton
-------------------------                 ----------------------------
              (Dated)                     Lawrence J. Bolton
                                          Principal financial officer


                                   Page 17
<PAGE>

                                 Exhibit Index

3.35     Second Amendment to the Second Amended and Restated Trust Agreement,
         dated as of January 14, 2004, among Wilmington Trust Company, as owner
         trustee, Delford M. Smith and Evergreen International Aviation, Inc.

31.1     Certification of Principal Executive Officer Pursuant to Section 302
         of the Sarbanes-Oxley Act of 2002

31.2     Certification of Principal Financial Officer Pursuant to Section 302
         of the Sarbanes-Oxley Act of 2002

32.1     Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as
         Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


                                   Page 18

<PAGE>

                                                                Exhibit 3.35

                               SECOND AMENDMENT
                                    TO THE
                  SECOND AMENDED AND RESTATED TRUST AGREEMENT


                  This SECOND AMENDMENT (the "Second Amendment") to the Second
Amended and Restated Trust Agreement, dated as of September 29, 1995, among
the Wilmington Trust Company, a Delaware banking corporation, not in its
individual capacity, but solely as trustee thereunder ("Owner Trustee"), and
747, Inc., an Oregon corporation ("747"), King, Christian Inc., a Nevada
corporation ("King Christian"), and Delford M. Smith, as beneficiaries, is
made as of January 14, 2004, among Owner Trustee, Evergreen International
Aviation, Inc., an Oregon corporation ("Aviation") and Delford M. Smith.

                             W I T N E S S E T H:

                  WHEREAS, a trust (the "1986 Trust") was created pursuant to
the Trust Agreement, dated as of February 25, 1986, as amended and restated
pursuant to the Amended and Restated Trust Agreement, dated as of August 31,
1987, as amended on August 31, 1988, and as amended and restated pursuant to
the Second Amended and Restated Trust Agreement, dated as of September 29,
1995, as amended on May 8, 2003, among Aviation (an assignee of Evergreen
Holdings, Inc.), as successor to 747 and King Christian, and Delford M. Smith,
as beneficiaries, and Wilmington Trust Company, not in its individual
capacity, but solely as Owner Trustee (as amended and restated, the "Existing
Trust Agreement");

                  WHEREAS, Aviation issued and sold an aggregate principal
amount of $215,000,000 of its 12% senior second secured notes (the "Notes"),
pursuant to an indenture, dated as of May 16, 2003 (the "Indenture"), among
Aviation, Holdings and the subsidiary guarantors listed on the signature page
thereof (the "Subsidiary Guarantors"), and Bank One, National Association, as
trustee;

                  WHEREAS, pursuant to the Indenture, each of the Subsidiary
Guarantors, including the 1986 Trust, jointly and severally guaranteed (the
"Notes Guarantee") Aviation's obligations arising under the Indenture and the
Notes;

                  WHEREAS, in connection with the offering of the Notes,
Aviation, Holdings and the Subsidiary Guarantors (except for Wells Fargo Bank
Northwest, National Association, in its capacity as owner trustee of the
Evergreen Aircraft Trust and Boomer Air, Inc.) also executed and delivered to
Morgan Stanley & Co. Incorporated, Merrill, Lynch, Pierce, Fenner & Smith,
Incorporated and PNC Capital Markets, Inc., the registration rights agreement,
dated as of May 16, 2003 (the "Registration Rights Agreement");

                  WHEREAS, in connection with the Registration Rights
Agreement, the 1986 Trust may be required to prepare, execute and file or
cause to be prepared, executed and filed registration statements, periodic
reports, certifications, schedules, statements, consents, documents, other
reports and information required pursuant to the Securities Act of 1933, as
amended and the Securities Exchange Act of 1934, as amended (collectively, the
"SEC Filings").

                  WHEREAS, the 1986 Trust has no designated officers or
directors;

                  WHEREAS, Owner Trustee, Aviation and Delford M. Smith desire
to amend the terms of the Existing Trust Agreement to authorize (i) the
Beneficiaries to designate a principal executive officer of the 1986 Trust and
a principal financial officer of the 1986 Trust, and (ii) such officers to
prepare, execute and file the SEC Filings on behalf of the 1986 Trust; and

                  WHEREAS, pursuant to a Consent, dated as of the date hereof,
FINOVA Capital Corporation, has consented to this Second Amendment and the
transactions contemplated thereby.

                  NOW, THEREFORE, in consideration of the premises and of
other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto agree to amend the Existing Trust Agreement
as follows:

Section 1. Amendment of Article III of the Existing Trust Agreement. The
parties hereto agree that Article III of the Existing Trust Agreement is
hereby amended by the addition of the following immediately after Section 3.4
thereof:

                  "Section 3.5      Designation of Officers.

                  (a) The Beneficiaries shall have the right to designate in
                  writing to the Owner Trustee from time to time an individual
                  to act as the principal executive officer of the 1986 Trust
                  with responsibility for the general supervision of the
                  business of the 1986 Trust, subject to this Agreement (the
                  "CEO"), whose responsibilities shall include: (i) the
                  execution of all bonds, mortgages, contracts and other
                  instruments of the 1986 Trust, and (ii) the preparation,
                  execution and filing of SEC Filings on behalf of the 1986
                  Trust, including certifications required to be made by the
                  principal executive officer or chief executive officer in
                  connection with SEC Filings, in each case, except where
                  required or permitted by law or this Agreement to be
                  otherwise signed and executed. Initially, the CEO shall be
                  John A. Irwin.

                  (b) The Beneficiaries shall have the right to designate in
                  writing to the Owner Trustee from time to time an individual
                  to act as the principal financial officer of the 1986 Trust
                  with responsibility for the accounting and financial
                  reporting of the 1986 Trust, subject to this Agreement (the
                  "CFO"), whose responsibilities shall include the
                  preparation, execution and filing of SEC Filings on behalf
                  of the 1986 Trust, including certifications required to be
                  made by the principal financial officer or chief financial
                  officer in connection with SEC Filings, except where
                  required or permitted by law or this Agreement to be
                  otherwise signed and executed. Initially, the CFO shall be
                  Lawrence J. Bolton.

                  Section 2. Entire Agreement. This Second Amendment and the
other documents attached hereto or incorporated by reference herein constitute
the entire agreement of the parties hereto with respect to the subject matter
hereof and supersedes all other understandings, oral and written, with respect
to the subject matter hereof.

                  Section 3. Applicable Law. THIS SECOND AMENDMENT SHALL BE
DEEMED TO HAVE BEEN NEGOTIATED AND MADE IN, AND SHALL BE GOVERNED AND
INTERPRETED UNDER THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS
MADE BY RESIDENTS THEREOF TO BE ENTIRELY PERFORMED THEREIN.

                  Section 4. Counterparts. This Second Amendment may be
executed in any number of counterparts, all of which taken together shall
constitute one and the same instrument and any of the parties hereto may
execute this Second Amendment by signing any such counterpart.

                  Section 5. Effect of Second Amendment. Except as
specifically set forth herein, all other provisions of the Existing Trust
Agreement shall remain in full force and effect.


<PAGE>


                  IN WITNESS WHEREOF, the parties have caused this Second
Amendment to the Existing Trust Agreement to be duly executed by their duly
authorized officers as of the day and year first above written.

                                          WILMINGTON TRUST COMPANY,
                                          not in its individual capacity,
                                          but solely as Owner Trustee


                                          By: /s/ David A. Vanaskey, Jr.
                                              --------------------------------
                                             Name:  David A. Vanaskey, Jr.
                                             Title: Vice President


                                          EVERGREEN INTERNATIONAL AVIATION, INC.


                                          By: /s/ John A. Irwin
                                              -------------------------------
                                             Name:  John A. Irwin
                                             Title: Treasurer


                                          DELFORD M. SMITH


                                          By: /s/ Delford M. Smith
                                              --------------------------------


CONSENTED TO:

FINOVA CAPITAL CORPORATION


By: /s/ James Wifler
    ---------------------------
   Name:  James Wifler
   Title: Vice President


EVERGREEN INTERNATIONAL AIRLINES, INC.


By: /s/ John A. Irwin
    -----------------------------
   Name:  John A. Irwin
   Title: Treasurer

<PAGE>

                                                                EXHIBIT 31.1

                 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
                            PURSUANT TO SECTION 302
                       OF THE SARBANES-OXLEY ACT OF 2002

I, John A. Irwin, principal executive officer of the Trust Created February 25,
1986, certify that:

1.       I have reviewed this quarterly report on Form 10-Q of the Trust
         Created February 25, 1986;

2.       Based on my knowledge, this report does not contain any untrue
         statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this report, fairly present in all material
         respects the financial condition, results of operations and cash
         flows of the registrant as of, and for, the periods presented in this
         report;

4.       The registrant's other certifying officer(s) and I are responsible
         for establishing and maintaining disclosure controls and procedures
         (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
         registrant and, except as otherwise disclosed in this report, have:

         (a)      Designed such disclosure controls and procedures, or caused
                  such disclosure controls and procedures to be designed under
                  our supervision, to ensure that material information
                  relating to the registrant is made known to us by others
                  within those entities, particularly during the period in
                  which this report is being prepared;

         (b)      Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure
                  controls and procedures, as of the end of the period covered
                  by this report based on such evaluation; and

         (c)      Disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred
                  during the registrant's most recent fiscal quarter (the
                  registrant's fourth fiscal quarter in the case of an annual
                  report) that has materially affected, or is reasonably
                  likely to materially affect, the registrant's internal
                  control over financial reporting;

5.       The registrant's other certifying officer(s) and I have disclosed,
         based on our most recent evaluation of internal control over
         financial reporting, to the registrant's auditors and the audit
         committee of the registrant's board of directors (or persons
         performing the equivalent functions):

         (a)      All significant deficiencies and material weaknesses in the
                  design or operation of internal control over financial
                  reporting which are reasonably likely to adversely affect
                  the registrant's ability to record, process, summarize, and
                  report financial information; and

         (b)      Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal control over financial reporting.


Date: January 14, 2004                               /s/ John A. Irwin
                                                     -------------------------
                                                     John A. Irwin

<PAGE>


                                                                EXHIBIT 31.2

                 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
                            PURSUANT TO SECTION 302
                       OF THE SARBANES-OXLEY ACT OF 2002

I, Lawrence J. Bolton, principal financial officer of the Trust Created
February 25, 1986, certify that:

1.       I have reviewed this quarterly report on Form 10-Q of the Trust
         Created February 25, 1986;

2.       Based on my knowledge, this report does not contain any untrue
         statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this report, fairly present in all material
         respects the financial condition, results of operations and cash
         flows of the registrant as of, and for, the periods presented in this
         report;

4.       The registrant's other certifying officer(s) and I are responsible
         for establishing and maintaining disclosure controls and procedures
         (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
         registrant and, except as otherwise disclosed in this report, have:

         (a)      Designed such disclosure controls and procedures, or caused
                  such disclosure controls and procedures to be designed under
                  our supervision, to ensure that material information
                  relating to the registrant is made known to us by others
                  within those entities, particularly during the period in
                  which this report is being prepared;

         (b)      Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure
                  controls and procedures, as of the end of the period covered
                  by this report based on such evaluation; and

         (c)      Disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred
                  during the registrant's most recent fiscal quarter (the
                  registrant's fourth fiscal quarter in the case of an annual
                  report) that has materially affected, or is reasonably
                  likely to materially affect, the registrant's internal
                  control over financial reporting;

5.       The registrant's other certifying officer(s) and I have disclosed,
         based on our most recent evaluation of internal control over
         financial reporting, to the registrant's auditors and the audit
         committee of the registrant's board of directors (or persons
         performing the equivalent functions):

         (a)      All significant deficiencies and material weaknesses in the
                  design or operation of internal control over financial
                  reporting which are reasonably likely to adversely affect
                  the registrant's ability to record, process, summarize, and
                  report financial information; and

         (b)      Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal control over financial reporting.


Date: January 14, 2004                               /s/ Lawrence J. Bolton
                                                     -------------------------
                                                     Lawrence J. Bolton


<PAGE>


                                                                 EXHIBIT 32.1

                    Certification of CEO and CFO Pursuant to
                             18 U.S.C. Section 1350,
                             as Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of the Trust Created
February 25, 1986, (the "Trust") for the quarterly period ended November 30,
2003 as filed with the Securities and Exchange Commission on the date hereof
(the "Report"), John A Irwin, as the principal executive officer and the
equivalent of the chief executive officer of the Trust, and Lawrence J.
Bolton, as the principal financial officer and the equivalent of the chief
financial officer of the Trust, each hereby certifies, pursuant to 18 U.S.C.
ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002,
that, to the best of his knowledge, except as otherwise disclosed in the
Report:

         (1)      The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

         (2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Trust.


/s/ John A. Irwin
--------------------------------
Name:  John A. Irwin
Title: Principal executive officer
Date:  January 14, 2004


/s/ Lawrence J. Bolton
--------------------------------
Name:  Lawrence J. Bolton
Title: Principal financial officer
Date:  January 14, 2004


This certification accompanies the Report pursuant to ss. 906 of the
Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the
Sarbanes-Oxley Act of 2002, be deemed filed by the Trust for purposes of ss.18
of the Securities Exchange Act of 1934, as amended.