**UNITED        STATES SECURITIES AND EXCHANGE COMMISSION**

**FORM        10-Q**

**X**
**QUARTERLY        REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF        1934**

**For        the quarterly period ended July 31, 2005**

**Longview        Fibre Company**

*(Exact        name of registrant as specified in its charter)*

| **Washington**                                                                                                         | **91-0298760**                         |
|------------------------------------------------------------------------------------------------------------------------|----------------------------------------|
| *(State                  or other jurisdiction of*                                                                     | *(I.R.S.                  employer*    |
| *Incorporation                  or organization)*                                                                      | *Identification                  No.)* |
|                                                                                                                   |                                   |
| **300                  Fibre Way, Longview, Washington**                                                               | **98632**                              |
| *(Address                  of principal executive offices)*                                                            | *(Zip                  Code)*          |
|                                                                                                                   |                                   |
| **(360)                  425-1550**                                                                                    |
| *(Registrant's                  telephone number including area                  code)*                                |
|                                                                                                                   |
| Not                  Applicable                                                                                        |
| *(Former                  name, former address and former fiscal year, if                  changed since last report)* |

----

**PART        I - FINANCIAL INFORMATION**

**ITEM        1. FINANCIAL STATEMENTS**

**CONSOLIDATED        STATEMENT OF OPERATIONS (Unaudited)**

|                                                                   |   | Three                  Months Ended |    | Nine                  Months Ended |   |
|------------------------------------------------------------------------|--------|-------------------------------------|---------|------------------------------------|--------|
|                                                                   |   |  July                  31      |    |  July                  31     |   |
| (thousands                  except per share)                          |   |                                | 2005    |                               |   | 2004 |   |   | 2005 |   |   | 2004 |   |
| **Net                  sales:**                                        |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Timber                                                                 |   | $                                   | 49,637  |                               | $      | 54,446 |   | $ | 145,204 |   | $ | 150,329 |   |
| Paper                  and paperboard                                  |   |                                | 64,736  |                               |   | 63,949 |   |   | 200,250 |   |   | 160,720 |   |
| Converted                  products                                    |   |                                | 110,546 |                               |   | 102,091 |   |   | 327,954 |   |   | 292,747 |   |
|                                                                   |   |                                | 224,919 |                               |   | 220,486 |   |   | 673,408 |   |   | 603,796 |   |
|                                                                   |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Cost                  of products sold, including outward freight      |   |                                | 183,738 |                               |   | 178,457 |   |   | 552,710 |   |   | 508,244 |   |
| **Gross                  profit**                                      |   |                                | 41,181  |                               |   | 42,029 |   |   | 120,698 |   |   | 95,552 |   |
|                                                                   |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Selling,                  administrative and general expenses          |   |                                | 22,872  |                               |   | 20,848 |   |   | 66,392 |   |   | 61,159 |   |
|                                                                   |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| **Operating                  profit (loss):**                          |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Timber                                                                 |   |                                | 23,488  |                               |   | 24,911 |   |   | 68,969 |   |   | 70,443 |   |
| Paper                  and paperboard                                  |   |                                | (484    | )                                  |   | (1,382 | ) |   | (3,836 | ) |   | (19,021 | ) |
| Converted                  products                                    |   |                                | (4,695  | )                                  |   | (2,348 | ) |   | (10,827 | ) |   | (17,029 | ) |
|                                                                   |   |                                | 18,309  |                               |   | 21,181 |   |   | 54,306 |   |   | 34,393 |   |
|                                                                   |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Interest                  income                                       |   |                                | 70      |                               |   | 48 |   |   | 170 |   |   | 127 |   |
| Interest                  expense                                      |   |                                | (9,311  | )                                  |   | (9,201 | ) |   | (27,985 | ) |   | (28,176 | ) |
| Miscellaneous                                                          |   |                                | 215     |                               |   | 520 |   |   | 856 |   |   | 908 |   |
| **Income                  before taxes**                               |   |                                | 9,283   |                               |   | 12,548 |   |   | 27,347 |   |   | 7,252 |   |
|                                                                   |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| **Provision                  for taxes:**                              |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Current                                                                |   |                                | 5,378   |                               |   | 125 |   |   | 5,866 |   |   | 72 |   |
| Deferred                                                               |   |                                | (1,944  | )                                  |   | 4,518 |   |   | 4,252 |   |   | 2,611 |   |
|                                                                   |   |                                | 3,434   |                               |   | 4,643 |   |   | 10,118 |   |   | 2,683 |   |
|                                                                   |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| **Net                  income**                                        |   | $                                   | 5,849   |                               | $      | 7,905 |   | $ | 17,229 |   | $ | 4,569 |   |
|                                                                   |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Net                  income per share                                  |   | $                                   | 0.11    |                               | $      | 0.15 |   | $ | 0.34 |   | $ | 0.09 |   |
| Dividends                  paid per share                              |   | $                                   | 0.02    |                               | $      | - |   | $ | 0.06 |   | $ | - |   |
|                                                                   |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Average                  shares outstanding in the hands of the public |   |                                | 51,077  |                               |   | 51,077 |   |   | 51,077 |   |   | 51,077 |   |

----

**CONSOLIDATED        BALANCE SHEET**

|                                                                                                |   |  Jul.                  31 |        | Oct.                  31 |   | Jul.                  31 |   |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------|-------------|--------------------------|--------|--------------------------|--------|
|                                                                                                |   |                           | 2005        |                     |   | 2004                     |   |   | 2004 |   |
| (dollars                  in thousands except per share)                                            |   |                           | (Unaudited) |                     |   |                     |   |   | (Unaudited) |   |
| **ASSETS**                                                                                          |   |                           |        |                     |   |                     |   |   |   |   |
| Current                  assets:                                                                    |   |                           |        |                     |   |                     |   |   |   |   |
| Accounts                  and notes receivable                                                      |   | $                              | 112,710     |                     | $      | 111,723                  |   | $ | 100,998 |   |
| Allowance                  for doubtful accounts                                                    |   |                           | 1,350       |                     |   | 1,350                    |   |   | 1,350 |   |
| Inventories,                  at lower cost or market; costs are based on                  last-in, |   |                           |        |                     |   |                     |   |   |   |   |
| first-out                  method except for supplies at current                  averages:         |   |                           |        |                     |   |                     |   |   |   |   |
| Finished                  goods                                                                     |   |                           | 14,748      |                     |   | 20,104                   |   |   | 15,441 |   |
| Goods                  in                  process                                                  |   |                           | 18,728      |                     |   | 17,962                   |   |   | 14,836 |   |
| Raw                  materials                  and supplies                                        |   |                           | 47,802      |                     |   | 45,457                   |   |   | 44,589 |   |
| Other                                                                                               |   |                           | 7,027       |                     |   | 7,800                    |   |   | 7,673 |   |
| Total                  current assets                                                               |   |                           | 199,665     |                     |   | 201,696                  |   |   | 182,187 |   |
| Capital                  assets:                                                                    |   |                           |        |                     |   |                     |   |   |   |   |
| Buildings,                  machinery and equipment at cost                                         |   |                           | 1,841,149   |                     |   | 1,828,195                |   |   | 1,837,752 |   |
| Accumulated                  depreciation                                                           |   |                           | 1,183,795   |                     |   | 1,139,390                |   |   | 1,139,783 |   |
| Costs                  to be depreciated in future years                                            |   |                           | 657,354     |                     |   | 688,805                  |   |   | 697,969 |   |
| Plant                  sites at cost                                                                |   |                           | 3,549       |                     |   | 3,549                    |   |   | 3,549 |   |
|                                                                                                |   |                           | 660,903     |                     |   | 692,354                  |   |   | 701,518 |   |
| Timber                  at cost less depletion                                                      |   |                           | 196,533     |                     |   | 196,440                  |   |   | 198,331 |   |
| Roads                  at cost less amortization                                                    |   |                           | 8,676       |                     |   | 8,631                    |   |   | 8,374 |   |
| Timberlands                  at cost                                                                |   |                           | 24,695      |                     |   | 24,598                   |   |   | 24,486 |   |
|                                                                                                |   |                           | 229,904     |                     |   | 229,669                  |   |   | 231,191 |   |
| Total                  capital assets                                                               |   |                           | 890,807     |                     |   | 922,023                  |   |   | 932,709 |   |
| Pension                  and other assets                                                           |   |                           | 149,035     |                     |   | 147,211                  |   |   | 142,918 |   |
|                                                                                                |   | $                              | 1,239,507   |                     | $      | 1,270,930                |   | $ | 1,257,814 |   |

**LIABILITIES        AND SHAREHOLDERS' EQUITY**

| Current                  liabilities:                                                                                                   |   |   |      |   |   |      |   |   |      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|-----------|--------|--------|-----------|--------|
| Payable                  to bank resulting from checks in transit                                                                       |   | $      | 10,399    |   | $      | 12,370    |   | $      | 8,765     |   |
| Accounts                  payable                                                                                                       |   |   | 58,670    |   |   | 66,063    |   |   | 56,378    |   |
| Short-term                  borrowings                                                                                                  |   |   | 18,000    |   |   | 10,000    |   |   | 11,000    |   |
| Payrolls                  payable                                                                                                       |   |   | 16,598    |   |   | 15,897    |   |   | 16,040    |   |
| Federal                  income taxes payable                                                                                           |   |   | 4,587     |   |   | -         |   |   | -         |   |
| Other                  taxes payable                                                                                                    |   |   | 9,295     |   |   | 9,100     |   |   | 9,858     |   |
| Current                  installments of long-term debt                                                                                 |   |   | 85,500    |   |   | 30,000    |   |   | 30,000    |   |
| Total                  current liabilities                                                                                              |   |   | 203,049   |   |   | 143,430   |   |   | 132,041   |   |
| Long-term                  debt                                                                                                         |   |   | 332,838   |   |   | 442,148   |   |   | 452,819   |   |
| Deferred                  taxes - net                                                                                                   |   |   | 209,035   |   |   | 204,783   |   |   | 198,021   |   |
| Other                  liabilities                                                                                                      |   |   | 36,767    |   |   | 36,915    |   |   | 38,057    |   |
| Shareholders'                  equity:                                                                                                  |   |   |      |   |   |      |   |   |      |   |
| Preferred                  stock; authorized 2,000,000 shares                                                                           |   |   | -         |   |   | -         |   |   | -         |   |
| Common                  stock, ascribed value $1.50 per share; authorized                  150,000,000 shares; issued 51,076,567 shares |   |   | 76,615    |   |   | 76,615    |   |   | 76,615    |   |
| Additional                  paid-in capital                                                                                             |   |   | 3,306     |   |   | 3,306     |   |   | 3,306     |   |
| Retained                  earnings                                                                                                      |   |   | 377,897   |   |   | 363,733   |   |   | 356,955   |   |
| Total                  shareholders' equity                                                                                             |   |   | 457,818   |   |   | 443,654   |   |   | 436,876   |   |
|                                                                                                                                    |   | $      | 1,239,507 |   | $      | 1,270,930 |   | $      | 1,257,814 |   |

----

**CONSOLIDATED        STATEMENT OF CASH FLOWS (Unaudited)**

|                                                                                     |   | Three                  Months Ended |    | Nine                  Months Ended |   |
|------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|------------------------------------|--------|
|                                                                                     |   |  July                  31      |    |  July                  31     |   |
| (thousands)                                                                              |   |                                | 2005    |                               |   | 2004 |   |   | 2005 |   |   | 2004 |   |
| **Cash                  provided by (used for)                  operations:**            |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Net                  income                                                              |   | $                                   | 5,849   |                               | $      | 7,905 |   | $ | 17,229 |   | $ | 4,569 |   |
| Charges                  to income not requiring cash:                                   |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Depreciation                                                                             |   |                                | 18,119  |                               |   | 17,587 |   |   | 53,375 |   |   | 53,233 |   |
| Depletion                  and amortization                                              |   |                                | 2,916   |                               |   | 2,693 |   |   | 8,264 |   |   | 6,215 |   |
| Deferred                  taxes - net                                                    |   |                                | (1,944  | )                                  |   | 4,518 |   |   | 4,252 |   |   | 2,611 |   |
| (Gain)                  loss on disposition of capital assets                            |   |                                | (280    | )                                  |   | 502 |   |   | (104 | ) |   | 547 |   |
|                                                                                     |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Change                  in:                                                              |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Accounts                  and notes receivable                                           |   |                                | (6,321  | )                                  |   | (5,572 | ) |   | (987 | ) |   | (1,244 | ) |
| Inventories                                                                              |   |                                | (3,935  | )                                  |   | (8,269 | ) |   | 2,245 |   |   | (9,518 | ) |
| Other                                                                                    |   |                                | 1,444   |                               |   | (947 | ) |   | 773 |   |   | (564 | ) |
| Pension                  and other noncurrent assets                                     |   |                                | (482    | )                                  |   | (1,488 | ) |   | (1,824 | ) |   | 2,518 |   |
| Accounts,                  payrolls and other taxes payable                              |   |                                | (3,672  | )                                  |   | 1,278 |   |   | (5,668 | ) |   | 5,568 |   |
| Federal                  income taxes payable                                            |   |                                | 4,587   |                               |   | - |   |   | 4,587 |   |   | - |   |
| Other                  noncurrent liabilities                                            |   |                                | 550     |                               |   | 169 |   |   | (101 | ) |   | 2,297 |   |
| Cash                  provided by operations                                             |   |                                | 16,831  |                               |   | 18,376 |   |   | 82,041 |   |   | 66,232 |   |
|                                                                                     |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| **Cash                  provided by (used for)                  investing:**             |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Additions                  to:  Plant and equipment                                 |   |                                | (6,744  | )                                  |   | (14,810 | ) |   | (24,453 | ) |   | (31,025 | ) |
| Timber                  and timberlands                                                  |   |                                | (3,993  | )                                  |   | (2,426 | ) |   | (8,600 | ) |   | (23,619 | ) |
| Proceeds                  from sale of capital assets                                    |   |                                | 591     |                               |   | 754 |   |   | 2,734 |   |   | 1,047 |   |
| Cash                  used for investing                                                 |   |                                | (10,146 | )                                  |   | (16,482 | ) |   | (30,319 | ) |   | (53,597 | ) |
|                                                                                     |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| **Cash                  provided by (used for)                  financing:**             |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Additions                  to long-term debt                                             |   |                                | 48      |                               |   | 48 |   |   | 143 |   |   | 144 |   |
| Reduction                  in long-term debt                                             |   |                                | -       |                               |   | - |   |   |  (30,000 | )  |   |  - |   |
| Short-term                  borrowings                                                   |   |                                | (6,500  | )                             |   | (3,000 | )  |   | (16,000 | )  |   | (12,000 | ) |
| Payable                  to bank resulting from checks in transit                        |   |                                | 698     |                               |   | 1,144 |   |   | (1,971 | ) |   | (2,425 | ) |
| Accounts                  payable for construction                                       |   |                                | 91      |                               |   | (86 | ) |   | (829 | ) |   | 1,646 |   |
| Cash                  dividends                                                          |   |                                | (1,022  | )                                  |   | - |   |   | (3,065 | ) |   | - |   |
| Cash                  used for financing                                                 |   |                                | (6,685  | )                                  |   | (1,894 | ) |   | (51,722 | ) |   | (12,635 | ) |
|                                                                                     |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Change                  in cash position                                                 |   |                                | -       |                               |   | - |   |   | - |   |   | - |   |
| Cash                  position, beginning of period                                      |   |                                | -       |                               |   | - |   |   | - |   |   | - |   |
| Cash                  position, end of period                                            |   | $                                   | -       |                               | $      | - |   | $ | - |   | $ | - |   |
|                                                                                     |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| **Supplemental                  disclosures of cash flow                  information:** |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Cash                  paid during the period for:                                        |   |                                |    |                               |   |   |   |   |   |   |   |   |   |
| Interest                  (net of amount capitalized)                                    |   | $                                   | 15,090  |                               | $      | 16,326 |   | $ | 34,446 |   | $ | 33,943 |   |
| Income                  taxes                                                            |   |                                | 869     |                               |   | 81 |   |   | 1,285 |   |   | 92 |   |

----

**CONSOLIDATED        STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited)**

|                                                     |   | Three                      Months Ended |    |  Nine                      Months Ended |
|----------------------------------------------------------|--------|-----------------------------------------|---------|----------------------------------------------|
|                                                     |   |  July                      31      |    |  July                      31           |   |
| (thousands                      except per share)        |   |                                    | 2005    |                                         |   | 2004 |   |   | 2005 |   |   | 2004 |   |
| **COMMON                      STOCK:**                   |   |                                    |    |                                         |   |   |   |   |   |   |   |   |   |
| Balance                      at beginning of period      |   | $                                       | 76,615  |                                         | $ | 76,615 |   | $ | 76,615 |   | $ | 76,615 |   |
| Balance                      at end of period            |   | $                                       | 76,615  |                                         | $ | 76,615 |   | $ | 76,615 |   | $ | 76,615 |   |
|                                                     |   |                                    |    |                                         |   |   |   |   |   |   |   |   |   |
| **ADDITIONAL                      PAID-IN CAPITAL:**     |   |                                    |    |                                         |   |   |   |   |   |   |   |   |   |
| Balance                      at beginning of period      |   | $                                       | 3,306   |                                         | $ | 3,306 |   | $ | 3,306 |   | $ | 3,306 |   |
| Balance                      at end of period            |   | $                                       | 3,306   |                                         | $ | 3,306 |   | $ | 3,306 |   | $ | 3,306 |   |
|                                                     |   |                                    |    |                                         |   |   |   |   |   |   |   |   |   |
| **RETAINED                      EARNINGS:**              |   |                                    |    |                                         |   |   |   |   |   |   |   |   |   |
| Balance                      at beginning of period      |   | $                                       | 373,070 |                                         | $ | 349,050 |   | $ | 363,733 |   | $ | 352,386 |   |
| Net                      income                          |   |                                    | 5,849   |                                         |   | 7,905 |   |   | 17,229 |   |   | 4,569 |   |
| Less                      cash dividends on common stock |   |                                    | (1,022  | )                                            |   | - |   |   | (3,065 |   |   | - |   |
| Balance                      at end of period            |   | $                                       | 377,897 |                                         | $ | 356,955 |   | $ | 377,897 |   | $ | 356,955 |   |
|                                                     |   |                                    |    |                                         |   |   |   |   |   |   |   |   |   |
| **DIVIDENDS                      PAID PER SHARE**        |   | $                                       | 0.02    |                                         | $ | - |   | $ | 0.06 |   | $ | - |   |
|                                                     |   |                                    |    |                                         |   |   |   |   |   |   |   |   |   |
| **COMMON                      SHARES:**                  |   |                                    |    |                                         |   |   |   |   |   |   |   |   |   |
| Balance                      at beginning of period      |   |                                    | 51,077  |                                         |   | 51,077 |   |   | 51,077 |   |   | 51,077 |   |
| Balance                      at end of period            |   |                                    | 51,077  |                                         |   | 51,077 |   |   | 51,077 |   |   | 51,077 |   |

----

**NOTE        1: **

**NOTE        2 - Retirement plans:**

|                                                   |   | Three                    Months  |    | Nine                    Months   |   |
|--------------------------------------------------------|--------|----------------------------------|---------|----------------------------------|--------|
|                                                   |   | Ended                    July 31 |    | Ended                    July 31 |   |
| (thousands)                                            |   |                             | 2005    |                             |   | 2004 |   |   | 2005 |   |   | 2004 |   |
| Service                    cost - benefits earned      |   |                             |    |                             |   |   |   |   |   |   |   |   |   |
| during                    the year                     |   | $                                | 2,470   |                             | $      | 2,256 |   | $ | 7,409 |   | $ | 6,769 |   |
| Interest                    cost on benefit obligation |   |                             | 6,097   |                             |   | 5,987 |   |   | 18,292 |   |   | 17,962 |   |
| Expected                    return on plan assets      |   |                             | (10,958 | )                                |   | (11,308 | ) |   | (32,873 | ) |   | (33,925 | ) |
| Amortization                    of prior service cost  |   |                             | 1,469   |                             |   | 1,486 |   |   | 4,407 |   |   | 4,458 |   |
| Net                    periodic (income)               |   | $                                | (922    | )                                | $      | (1,579 | ) | $ | (2,765 | ) | $ | (4,736 | ) |

**Savings        plans**

**Postretirement        benefits other than pensions**

|                                                     |   | Three                    Months  |   | Nine Months                 |   |
|----------------------------------------------------------|--------|----------------------------------|--------|----------------------------------|--------|
|                                                     |   | Ended                    July 31 |   | Ended                    July 31 |   |
| (thousands)                                              |   |                             | 2005   |                             |   | 2004 |   |   | 2005 |   |   | 2004 |   |
| Service                    cost - benefits earned        |   |                             |   |                             |   |   |   |   |   |   |   |   |   |
| during                    the year                       |   | $                                | 310    |                             | $      | 317 |   | $ | 1,033 |   | $ | 950 |   |
| Interest                    cost on benefit obligation   |   |                             | 573    |                             |   | 574 |   |   | 1,730 |   |   | 1,722 |   |
| Amortization                    of transition obligation |   |                             | 125    |                             |   | 125 |   |   | 374 |   |   | 374 |   |
| Amortization                    of net loss              |   |                             | 30     |                             |   | 11 |   |   | 84 |   |   | 33 |   |
| Net                    periodic benefit cost             |   | $                                | 1,038  |                             | $      | 1,027 |   | $ | 3,221 |   | $ | 3,079 |   |

----

**NOTE        3 - Interest rate swaps:**

**NOTE        4 - Debt:**

**NOTE        5****- Income taxes:**

**NOTE        6 - Commitments and contingencies:**

**NOTE        7 - Reclassifications:**

----

**ITEM        2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL        CONDITION AND RESULTS OF OPERATIONS**

**CONSOLIDATED        STATEMENT OF OPERATIONS**

**THREE        AND NINE MONTHS ENDED JULY 31, 2005 COMPARED        WITH**

**THREE        AND NINE MONTHS ENDED JULY 31, 2004**

**Net            Sales**

**Cost            of Products Sold**

**Selling,            General and Administrative Expenses**

----

**Operating          Profit**

**Provision          for Taxes on Income**

**Net          Income**

**Selected        Segment Results**

**Timber**

|                                                          |   | Three                      Months   |   | Percentage  |   | Nine                      Months   |   | Percentage  |      |
|----------------------------------------------------------|--------|------------------------------------------|--------|------------------|--------|------------------------------------|--------|------------------|-----------|
|                                                          |   | Ended                      July 31  |   | Increase/        |   | Ended                      July 31 |   | Increase/        |      |
|                                                     |   |                                     | 2005   |             |   | 2004                               |   |             | (Decrease | ) |   | 2005 |   |   | 2004 |   |   | (Decrease | ) |
| Timber                      net sales, $ millions        |   | $                                        | 49.6   |             | $      | 54.4                               |   |             | (8.8      | ) | $ | 145.2 |   | $ | 150.3 |   |   | (3.4 | ) |
| Timber                      operating profit, $ millions |   |                                     | 23.5   |             |   | 24.9                               |   |             | (5.7      | ) |   | 69.0 |   |   | 70.4 |   |   | (2.1 | ) |
|                                                     |   |                                     |   |             |   |                               |   |             |      |   |   |   |   |   |   |   |   |   |   |
| Logs,                      thousands of board feet       |   |                                     | 71,989 |             |   | 72,373                             |   |             | (0.5      | ) |   | 212,186 |   |   | 207,097 |   |   | 2.5 |   |
| Lumber,                      thousands of board feet     |   |                                     | 15,912 |             |   | 25,574                             |   |             | (37.8     | ) |   | 50,709 |   |   | 81,203 |   |   | (37.6 | ) |
| Logs,                      $/thousand board feet         |   | $                                        | 612    |             | $      | 582                                |   |             | 5.2       |   | $ | 597 |   | $ | 565 |   |   | 5.7 |   |
| Lumber,                      $/thousand board feet       |   |                                     | 349    |             |   | 482                                |   |             | (27.6     | ) |   | 367 |   |   | 411 |   |   | (10.7 | ) |

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**Paper        and Paperboard**

|                                                                     |   | Three                      Months   |   | Percentage  |   | Nine                      Months   |   | Percentage  |       |
|---------------------------------------------------------------------|--------|------------------------------------------|--------|------------------|--------|------------------------------------|--------|------------------|------------|
|                                                                     |   | Ended                      July 31  |   | Increase/        |   | Ended                      July 31 |   | Increase/        |       |
|                                                                |   |                                     | 2005   |             |   | 2004                               |   |             | /(Decrease | ) |   | 2005 |   |   | 2004 |   |   | (Decrease | ) |
| Paper                      and paperboard net sales,                |   |                                     |   |             |   |                               |   |             |       |   |   |   |   |   |   |   |   |   |   |
| $                      millions                                     |   | $                                        | 64.7   |             | $      | 63.9                               |   |             | 1.2        |   | $ | 200.3 |   | $ | 160.7 |   |   | 24.6 |   |
| Paper                      and paperboard operating                 |   |                                     |   |             |   |                               |   |             |       |   |   |   |   |   |   |   |   |   |   |
| profit                      (loss), $                      millions |   |                                     | (0.5   | )                |   | (1.4                               | )      |             | -          |   |   | (3.8 | ) |   | (19.0 | ) |   | - |   |
|                                                                |   |                                     |   |             |   |                               |   |             |       |   |   |   |   |   |   |   |   |   |   |
| Paper,                      tons                                    |   |                                     | 77,710 |             |   | 83,839                             |   |             | (7.3       | ) |   | 246,081 |   |   | 218,720 |   |   | 12.5 |   |
| Paperboard,                      tons                               |   |                                     | 37,923 |             |   | 35,583                             |   |             | 6.6        |   |   | 129,701 |   |   | 87,260 |   |   | 48.6 |   |
| Paper,                      $/ton FOB mill equivalent               |   | $                                        | 606    |             | $      | 572                                |   |             | 5.9        |   | $ | 577 |   | $ | 558 |   |   | 3.4 |   |
| Paperboard,                      $/ton FOB mill equivalent          |   |                                     | 345    |             |   | 345                                |   |             | -          |   |   | 346 |   |   | 341 |   |   | 1.5 |   |

----

**Converted        Products**

|                                                                    |   | Three                        Months   |    | Percentage  |   | Nine                        Months   |   | Percentage  |      |
|-------------------------------------------------------------------------|--------|--------------------------------------------|---------|------------------|--------|--------------------------------------|--------|------------------|-----------|
|                                                                         |   | Ended                        July 31  |    | Increase/        |   | Ended                        July 31 |   | Increase/        |      |
|                                                                    |   |                                       | 2005    |             |   | 2004                                 |   |             | (Decrease | ) |   | 2005 |   |   | 2004 |   |   | (Decrease | ) |
| Converted                        products sales, $ millions             |   | $                                          | 110.5   |             | $      | 102.1                                |   |             | 8.3       |   | $ | 328.0 |   | $ | 292.7 |   |   | 12.0 |   |
| Converted                        products operating                     |   |                                       |    |             |   |                                 |   |             |      |   |   |   |   |   |   |   |   |   |   |
| profit                        (loss), $                        millions |   |                                       | (4.7    | )                |   | (2.3                                 | )      |             | -         |   |   | (10.8 | ) |   | (17.0 | ) |   | - |   |
|                                                                    |   |                                       |    |             |   |                                 |   |             |      |   |   |   |   |   |   |   |   |   |   |
| Converted                        products, tons                         |   |                                       | 133,639 |             |   | 125,813                              |   |             | 6.2       |   |   | 396,547 |   |   | 364,490 |   |   | 8.8 |   |
| Converted                        products, $/ton                        |   | $                                          | 827     |             | $      | 812                                  |   |             | 1.8       |   | $ | 827 |   | $ | 803 |   |   | 3.0 |   |

**LIQUIDITY        AND CAPITAL RESOURCES**

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**CONVERSION          TO A REAL ESTATE INVESTMENT TRUST AND          REFINANCING**

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**FORWARD-LOOKING        STATEMENTS**

**ITEM 3. QUANTITATIVE AND QUALITATIVE            DISCLOSURES ABOUT MARKET RISK**

----

**ITEM        4. CONTROLS AND PROCEDURES**

***D***
***isclosure          Controls and Procedures.***

***Internal          Control Over Financial Reporting.***

***Changes          in Internal Control Over Financial Reporting.***

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**PART        II - OTHER INFORMATION**

**ITEM        1. LEGAL PROCEEDINGS. **

*Gerald Shellenbarger. v.          Longview Fibre Company, et al.*

*Brent v. Weyerhaeuser Corp., et al*

**ITEM        2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF        PROCEEDS.**

|   | Nothing                  to report. |
|--------|-------------------------------------|

**ITEM        3. DEFAULTS UPON SENIOR SECURITIES.**

**ITEM        4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY        HOLDERS.**

**ITEM        5. OTHER INFORMATION.**

**ITEM        6. EXHIBITS.**

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**SIGNATURES**

**L.        J. McLAUGHLIN**

**A.****G.****HIGGENS**

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**EXHIBIT        INDEX**

| Exhibit                  No. |   | Description                                                                                                                                             |
|------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |   |                                                                                                                                                    |
| 31.1                         |   | Section                  302 Certifications by R. H. Wollenberg, President,                  Chief Executive Officer and Chairman of the Board.         |
|                         |   |                                                                                                                                                    |
| 31.2                         |   | Section                  302 Certifications by L. J. McLaughlin, Sr. Vice                  President-Finance, Secretary and Treasurer.                  |
|                         |   |                                                                                                                                                    |
| 32.1                         |   | Section                  1350 Certification by R. H. Wollenberg, President,                  Chief Executive Officer and Chairman of the Board.         |
|                         |   |                                                                                                                                                    |
| 32.2                         |   | Section                  1350 Certification by L. J. McLaughlin, Sr. Vice                  President-Finance, Secretary and                  Treasurer. |

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