**UNITED        STATES SECURITIES AND EXCHANGE COMMISSION**

**FORM        10-Q**

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

**For        the transition period from November 1, 2005 to December 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)*                                                |
|                                                                                                                   |
| Registrant’s                  former fiscal year end was October 31                                              |
| *(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)**

|                                                                   |   | Two                  Months Ended |
|-------------------------------------------------------------------|--------|-----------------------------------|
|                                                              |   | December                  31      |
| (thousands                  except per share)                     |   |                              | 2005 |   |   | 2004 |   |
| **Net                  sales**                                    |   |                              |   |   |   |   |   |
| Timber                                                            |   | $                                 | 27,425 |   | $ | 26,613 |   |
| Paper                  and paperboard                             |   |                              | 42,089 |   |   | 45,346 |   |
| Converted                  products                               |   |                              | 74,032 |   |   | 73,832 |   |
|                                                              |   |                              | 143,546 |   |   | 145,791 |   |
|                                                              |   |                              |   |   |   |   |   |
| Cost                  of products sold, including outward freight |   |                              | 125,187 |   |   | 120,993 |   |
| **Gross                  profit**                                 |   |                              | 18,359 |   |   | 24,798 |   |
|                                                              |   |                              |   |   |   |   |   |
| Gain                  on disposition of capital assets            |   |                              | (1,348 | ) |   | (354 | ) |
|                                                              |   |                              |   |   |   |   |   |
| Selling,                  administrative and general expenses     |   |                              | 17,644 |   |   | 14,228 |   |
|                                                              |   |                              |   |   |   |   |   |
| **Operating                  profit (loss)**                      |   |                              |   |   |   |   |   |
| Timber                                                            |   |                              | 14,310 |   |   | 12,633 |   |
| Paper                  and paperboard                             |   |                              | (5,903 | ) |   | (1,075 | ) |
| Converted                  products                               |   |                              | (6,344 | ) |   | (634 | ) |
|                                                              |   |                              | 2,063 |   |   | 10,924 |   |
|                                                              |   |                              |   |   |   |   |   |
| Interest                  income                                  |   |                              | 102 |   |   | 30 |   |
| Interest                  expense                                 |   |                              | (6,200 | ) |   | (6,111 | ) |
| Other                  income (expense)                           |   |                              | (5,118 | ) |   | 280 |   |
| **Income                  (loss) before taxes**                   |   |                              | (9,153 | ) |   | 5,123 |   |
|                                                              |   |                              |   |   |   |   |   |
| **Provision                  (benefit) for taxes**                |   |                              |   |   |   |   |   |
| Current                                                           |   |                              | 33 |   |   | 139 |   |
| Deferred                                                          |   |                              | (3,333 | ) |   | 1,757 |   |
|                                                              |   |                              | (3,300 | ) |   | 1,896 |   |
|                                                              |   |                              |   |   |   |   |   |
| **Net                  income (loss)**                            |   | $                                 | (5,853 | ) | $ | 3,227 |   |
|                                                              |   |                              |   |   |   |   |   |
| **Per                  share data**                               |   |                              |   |   |   |   |   |
| Net                  income (loss)                                |   | $                                 | (0.11 | ) | $ | 0.06 |   |
| Dividends                                                         |   | $                                 | - |   |   | - |   |
|                                                              |   |                              |   |   |   |   |   |
| Weighted                  average shares outstanding         |   |                              | 51,077 |   |   | 51,077 |   |

**CONSOLIDATED        BALANCE SHEET**

|                                                        |   |   | (Unaudited)               |   |   |                     |   |
|-------------------------------------------------------------|--------|--------|--------------------------------|--------|--------|--------------------------|--------|
|                                                        |   |   |  Dec.                  31 |   |   | Oct.                  31 |   |
| (dollars                  in thousands except per share)    |   |   | 2005                           |   |   | 2005                     |   |
| **ASSETS**                                                  |   |   |                           |   |   |                     |   |
| Current                  assets:                            |   |   |                           |   |   |                     |   |
| Cash                                                        |   | $      | 1,608                          |   | $      | -                        |   |
| Accounts                  and notes receivable              |   |   | 111,514                        |   |   | 106,844                  |   |
| Allowance                  for doubtful accounts            |   |   | 1,000                          |   |   | 1,000                    |   |
| Taxes                  on income, refundable                |   |   | 3,898                          |   |   | 3,931                    |   |
| Inventories,                  at lower cost or market  |   |   | 65,727                         |   |   | 72,110                   |   |
| Other                                                       |   |   | 9,295                          |   |   | 9,869                    |   |
| Total                  current assets                       |   |   | 191,042                        |   |   | 191,754                  |   |
| Capital                  assets:                            |   |   |                           |   |   |                     |   |
| Buildings,                  machinery and equipment at cost |   |   | 1,815,044                      |   |   | 1,812,933                |   |
| Accumulated                  depreciation                   |   |   | 1,186,618                      |   |   | 1,177,306                |   |
| Costs                  to be depreciated in future years    |   |   | 628,426                        |   |   | 635,627                  |   |
| Plant                  sites at cost                        |   |   | 3,549                          |   |   | 3,549                    |   |
|                                                        |   |   | 631,975                        |   |   | 639,176                  |   |
| Timber                  at cost less depletion              |   |   | 198,462                        |   |   | 195,031                  |   |
| Roads                  at cost less amortization            |   |   | 8,967                          |   |   | 9,053                    |   |
| Timberlands                  at cost                        |   |   | 24,807                         |   |   | 24,694                   |   |
|                                                        |   |   | 232,236                        |   |   | 228,778                  |   |
| Total                  capital assets                       |   |   | 864,211                        |   |   | 867,954                  |   |
| Pension                  and other assets                   |   |   | 155,010                        |   |   | 151,987                  |   |
|                                                        |   | $      | 1,210,263                      |   | $      | 1,211,695                |   |

**LIABILITIES        AND SHAREHOLDERS' EQUITY**

| Current                  liabilities:                                                                                                   |   |   |      |   |   |      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|-----------|--------|
| Payable                  to bank resulting from checks in transit                                                                       |   | $      | 5,115     |   | $      | 10,299    |   |
| Accounts                  payable                                                                                                       |   |   | 67,064    |   |   | 63,527    |   |
| Short-term                  borrowings                                                                                                  |   |   | -         |   |   | 9,500     |   |
| Payrolls                  payable                                                                                                       |   |   | 15,940    |   |   | 15,906    |   |
| Other                  taxes payable                                                                                                    |   |   | 6,782     |   |   | 8,541     |   |
| Total                  current liabilities                                                                                              |   |   | 94,901    |   |   | 107,773   |   |
| Long-term                  debt                                                                                                         |   |   | 428,918   |   |   | 407,386   |   |
| Deferred                  tax liabilities - net                                                                                         |   |   | 205,698   |   |   | 210,029   |   |
| Other                  liabilities                                                                                                      |   |   | 36,677    |   |   | 36,585    |   |
| 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    |   |
| Additional                  paid-in capital                                                                                             |   |   | 3,306     |   |   | 3,306     |   |
| Retained                  earnings                                                                                                      |   |   | 364,148   |   |   | 370,001   |   |
| Total                  shareholders' equity                                                                                             |   |   | 444,069   |   |   | 449,922   |   |
|                                                                                                                                    |   | $      | 1,210,263 |   | $      | 1,211,695 |   |

----

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

|                                                                                                                |   | Two                  Months Ended |
|---------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|
|                                                                                                                |   | December                  31      |
| (thousands)                                                                                                         |   |                              | 2005 |   |   | 2004 |   |
| **Cash                  provided by (used for) operations:**                                                        |   |                              |   |   |   |   |   |
| Net                  income (loss)                                                                                  |   | $                                 | (5,853 | ) | $ | 3,227 |   |
| Adjustments                  to reconcile net income to net cash provided by operating                  activities: |   |                              |   |   |   |   |   |
| Depreciation                                                                                                        |   |                              | 12,051 |   |   | 11,746 |   |
| Depletion                  and amortization                                                                         |   |                              | 1,078 |   |   | 1,809 |   |
| Deferred                  taxes - net                                                                               |   |                              | (3,333 | ) |   | 1,757 |   |
| Gain                  on disposition of capital assets                                                              |   |                              | (1,348 | ) |   | (354 | ) |
| Loss                  on extinguishment of debt                                                                     |   |                              | 5,535 |   |   | - |   |
|                                                                                                                |   |                              |   |   |   |   |   |
| Change                  in:                                                                                         |   |                              |   |   |   |   |   |
| Accounts                  and notes receivable                                                                      |   |                              | (4,670 | ) |   | 4,090 |   |
| Taxes                  on income, refundable                                                                        |   |                              | 33 |   |   | - |   |
| Inventories                                                                                                         |   |                              | 6,383 |   |   | 5,900 |   |
| Other                                                                                                               |   |                              | (424 | ) |   | (1,125 | ) |
| Pension                  and other noncurrent assets                                                                |   |                              | (77 | ) |   | (415 | ) |
| Accounts,                  payrolls and other taxes payable                                                         |   |                              | 1,313 |   |   | (4,377 | ) |
| Other                  noncurrent liabilities                                                                       |   |                              | 92 |   |   | 123 |   |
| Cash                  provided by operations                                                                        |   |                              | 10,780 |   |   | 22,381 |   |
|                                                                                                                |   |                              |   |   |   |   |   |
| **Cash                  provided by (used for) investing:**                                                         |   |                              |   |   |   |   |   |
| Additions                  to: Plant                  and equipment                                            |   |                              | (5,153 | ) |   | (6,006 | ) |
| Timber                  and timberlands                                                                             |   |                              | (2,932 | ) |   | (1,727 | ) |
| Proceeds                  from sale of capital assets                                                               |   |                              | 47 |   |   | 691 |   |
| Cash                  used for investing                                                                            |   |                              | (8,038 | ) |   | (7,042 | ) |
|                                                                                                                |   |                              |   |   |   |   |   |
| **Cash                  provided by (used for) financing:**                                                         |   |                              |   |   |   |   |   |
| Reduction                  in long-term debt                                                                        |   |                              | (124,500 | ) |   | (30,000 | ) |
| Additions                  to long-term debt                                                                        |   |                              | 200,032 |   |   | 31 |   |
| Short-term                  borrowings, net                                                                         |   |                              | (63,500 | ) |   | 23,000 |   |
| Payable                  to bank resulting from checks in transit                                                   |   |                              | (5,184 | ) |   | (6,089 | ) |
| Accounts                  payable for construction                                                                  |   |                              | 499 |   |   | (16 | ) |
| Amounts                  paid for prepayment premiums and debt issuance costs                                       |   |                              | (8,481 | ) |   | - |   |
| Cash                  used for financing                                                                            |   |                              | (1,134 | ) |   | (13,074 | ) |
|                                                                                                                |   |                              |   |   |   |   |   |
| Change                  in cash position                                                                            |   |                              | 1,608 |   |   | 2,265 |   |
| Cash                  position, beginning of period                                                                 |   |                              | - |   |   | - |   |
| Cash                  position, end of period                                                                       |   | $                                 | 1,608 |   | $ | 2,265 |   |
|                                                                                                                |   |                              |   |   |   |   |   |
| **Supplemental                  disclosures of cash flow information:**                                             |   |                              |   |   |   |   |   |
| Cash                  paid during the period for:                                                                   |   |                              |   |   |   |   |   |
| Interest                  (net of amount capitalized)                                                               |   | $                                 | 4,957 |   | $ | 5,270 |   |
| Income                  taxes                                                                                       |   |                              | - |   |   | - |   |

----

**Note        1 - Nature of business and accounting policies: **

**New        accounting pronouncements**

**Note        2 - Inventories:**

|                                             |   |   | December                  31 |   |   | October                  31 |   |
|---------------------------------------------|--------|--------|------------------------------|--------|--------|-----------------------------|--------|
| (thousands)                                 |   |   | 2005                         |   |   | 2005                        |   |
| Finished                  goods             |   | $      | 30,909                       |   | $      | 31,843                      |   |
| Goods                  in process           |   |   | 32,479                       |   |   | 34,519                      |   |
| Raw                  materials              |   |   | 6,525                        |   |   | 5,227                       |   |
| Supplies                  (at average cost) |   |   | 41,180                       |   |   | 42,404                      |   |
|                                        |   |   | 111,093                      |   |   | 113,993                     |   |
| LIFO                  Reserve               |   |   | (45,366                      | )      |   | (41,883                     | )      |
|                                        |   | $      | 65,727                       |   | $      | 72,110                      |   |

**Note        3 - Accounts payable:**

**Note        4 - Debt:**

|                                                                                                                  |   |   | December                  31 |   |   | October                  31 |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------|--------|--------|-----------------------------|--------|
| (thousands)                                                                                                      |   |   | 2005                         |   |   | 2005                        |   |
| Senior                    subordinated notes due 2009 (10.00%)                                                   |   | $      | 215,000                      |   | $      | 215,000                     |   |
| Senior                    notes due through 2010 - Note (a)                                                      |   |   | -                            |   |   | 124,500                     |   |
| Revenue                    bonds payable through 2018 (floating rates, currently                    3.53%-3.73%) |   |   | 14,500                       |   |   | 14,500                      |   |
| Notes                  payable - credit agreement                  - Note (b)                               |   |   | 200,000                      |   |   | 54,000                      |   |
|                                                                                                             |   |   | 429,500                      |   |   | 408,000                     |   |
| Less                  unamortized debt discounts                                                            |   |   | 582                          |   |   | 614                         |   |
| Net                  long-term debt                                                                              |   | $      | 428,918                      |   | $      | 407,386                     |   |
|                                                                                                             |   |   |                         |   |   |                        |   |

| Scheduled                  maturities (thousands) |   |                       |
|---------------------------------------------------|--------|----------------------------|
| 2009                                              |   | $                  215,000 |
| 2010                                              |   | 200,000                    |
| 2011-2018                                         |   | 14,500                     |
|                                              |   | $                  429,500 |

**Note        (a) **

**Note        (b) **

**Note        5 - Retirement and post retirement benefit plans:**

**Retirement        plans**

|                                                                   |   | Two                  Months        |
|-------------------------------------------------------------------|--------|------------------------------------|
|                                                                   |   | Ended                  December 31 |
| (thousands)                                                       |   |                               | 2005 |   |   | 2004 |   |
| Service                    cost - benefits earned during the year |   | $                                  | 1,583 |   | $ | 1,647 |   |
| Interest                  cost on benefit obligation              |   |                               | 4,271 |   |   | 4,065 |   |
| Expected                  return on plan assets                   |   |                               | (6,933 | ) |   | (7,305 | ) |
| Amortization                  of prior service cost               |   |                               | 933 |   |   | 979 |   |
| Amortization                  of actuarial loss                   |   |                               | 43 |   |   | - |   |
| Net                  periodic (income)                            |   | $                                  | (103 | ) | $ | (614 | ) |

**Savings        plans**

**Postretirement        benefits other than pensions**

|                                                                   |   | Two                  Months        |
|-------------------------------------------------------------------|--------|------------------------------------|
|                                                                   |   | Ended                  December 31 |
| (thousands)                                                       |   |                               | 2005 |   |   | 2004 |   |
| Service                    cost - benefits earned during the year |   | $                                  | 243 |   | $ | 241 |   |
| Interest                  cost on benefit obligation              |   |                               | 399 |   |   | 385 |   |
| Amortization                  of transition obligation            |   |                               | 83 |   |   | 83 |   |
| Amortization                  of net loss                         |   |                               | 14 |   |   | 18 |   |
| Net                  periodic benefit cost                        |   | $                                  | 739 |   | $ | 727 |   |

**Note        6 - Commitments and contingencies:**

**Guarantees        of Indebtedness**

| ·   | Balance                  sheet amounts for Longview and Longview TRS were specifically identified                  at December 31, 2005 with all Timber, Road and Timberland assigned                  to                  Longview and all Buildings, Machinery & Equipment assigned to Longview                  TRS. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | All                  employees and working capital were assigned to Longview                  TRS. |
|--------------------|----------------------------------------------------------------------------------------------------|

| ·   | Debt                  transferred to Longview TRS was held constant over the periods                  presented                  with changes in the financing needs provided by                  Longview. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Deferred                  taxes were allocated on the assets                  transferred. |
|--------------------|--------------------------------------------------------------------------------------------|

| ·   | Investment                  in Longview TRS is accounted for using the equity method. |
|--------------------|---------------------------------------------------------------------------------------|

| ·   | Other                  shareholder’s equity for prior periods is calculated from the December 31,                  2005 balance and adjusted back for the income (loss) of previous                  periods. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Revenue                  for Longview is calculated based on sales to third parties less                  actual                  harvesting costs plus a fixed percent profit for Longview TRS. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Both                  entities are assumed to be taxable since the conversion to a REIT                  has not                  yet taken place. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Expenses                  for Longview were based on timber management and ownership costs                  with the                  remaining timber harvesting and paper and converting manufacturing                  costs                  allocated to Longview TRS. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | All                  necessary elimination entries are made to arrive at consolidated                  results                  including elimination of intercompany sales of cutting rights,                  intercompany receivables and payables and equity ownership of Longview                  TRS                  by Longview. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Balance                  sheet amounts for Longview include amounts of a minor non-guarantor                  subsidiary, Longtimber of Oregon. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

**Condensed        Consolidating Statement of Operations **

|                                                                |   | Two                    months ended  | Two                    months ended  |
|---------------------------------------------------------------------|--------|--------------------------------------|--------------------------------------|
|                                                                     |   | December                    31, 2005 | December                    31, 2004 |
|                                                                     |   |                                 | Longview                             |   |   | Longview |   |   | Consolidating |   |   | Consolidated |   |   | Longview |   |   | Longview |   |   | Consolidating |   |   | Consolidated |   |
| (thousands)                                                         |   |                                 |                                 |   |   | TRS |   |   | Adjustments |   |   | Results |   |   |   |   |   | TRS |   |   | Adjustments |   |   | Results |   |
|                                                                |   |                                 |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                    sales                                        |   | $                                    | 16,228                               |   | $ | 143,546 |   | $ | (16,228 | ) | $ | 143,546 |   | $ | 17,300 |   | $ | 145,791 |   | $ | (17,300 | ) | $ | 145,791 |   |
| Cost                    of products sold, including outward freight |   |                                 | 4,125                                |   |   | 137,290 |   |   | (16,228 | ) |   | 125,187 |   |   | 3,439 |   |   | 134,854 |   |   | (17,300 | ) |   | 120,993 |   |
| Gross                    profit                                     |   |                                 | 12,103                               |   |   | 6,256 |   |   | - |   |   | 18,359 |   |   | 13,861 |   |   | 10,937 |   |   | - |   |   | 24,798 |   |
| Selling,                    administrative and general expenses     |   |                                 | 2,401                                |   |   | 15,243 |   |   | - |   |   | 17,644 |   |   | 1,059 |   |   | 13,169 |   |   | - |   |   | 14,228 |   |
| (Gain)                    loss on disposition of capital assets     |   |                                 | (1,636                               | ) |   | 288 |   |   |   |   |   | (1,348 | ) |   | (284 | ) |   | (70 | ) |   |   |   |   | (354 | ) |
| Operating                    Profit (loss)                          |   |                                 | 11,338                               |   |   | (9,275 | ) |   | - |   |   | 2,063 |   |   | 13,086 |   |   | (2,162 | ) |   | - |   |   | 10,924 |   |
| Interest                    Expense, net                            |   |                                 | (1,696                               | ) |   | (4,402 | ) |   | - |   |   | (6,098 | ) |   | (2,170 | ) |   | (3,911 | ) |   | - |   |   | (6,081 | ) |
| Other                    income (expense)                           |   |                                 | (4,603                               | ) |   | (515 | ) |   | - |   |   | (5,118 | ) |   | 97 |   |   | 183 |   |   | - |   |   | 280 |   |
| Equity                    earnings of subsidiary                    |   |                                 | (9,075                               | ) |   | - |   |   | 9,075 |   |   | - |   |   | (3,711 | ) |   | - |   |   | 3,711 |   |   | - |   |
| Income                    (loss) before taxes                       |   |                                 | (4,036                               | ) |   | (14,192 | ) |   | 9,075 |   |   | (9,153 | ) |   | 7,302 |   |   | (5,890 | ) |   | 3,711 |   |   | 5,123 |   |
| Provision                    (benefit) for taxes                    |   |                                 | 1,817                                |   |   | (5,117 | ) |   | - |   |   | (3,300 | ) |   | 4,075 |   |   | (2,179 | ) |   | - |   |   | 1,896 |   |
|                                                                |   |                                 |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                    income (loss)                                |   | $                                    | (5,853                               | ) | $ | (9,075 | ) | $ | 9,075 |   | $ | (5,853 | ) | $ | 3,227 |   | $ | (3,711 | ) | $ | 3,711 |   | $ | 3,227 |   |

----

**Condensed          Consolidating Balance Sheet **

|                                                                    |   |                                 |                                |
|-------------------------------------------------------------------------|--------|--------------------------------------|-------------------------------------|
|                                                                         |   | December                    31, 2005 | October                    31, 2005 |
|                                                                         |   |                                 | Longview                            |   |   | Longview |   |   | Consolidating |   |   | Consolidated |   |   | Longview |   |   | Longview |   |   | Consolidating |   |   | Consolidated |   |
| (thousands)                                                             |   |                                 |                                |   |   | TRS |   |   | Adjustments |   |   | Results |   |   |   |   |   | TRS |   |   | Adjustments |   |   | Results |   |
|                                                                    |   |                                 |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                                                                    |   | $                                    | -                                   |   | $ | 1,608 |   | $ | - |   | $ | 1,608 |   | $ | - |   | $ | - |   | $ | - |   | $ | - |   |
| Accounts                    and notes receivable - net                  |   |                                 | 431                                 |   |   | 110,083 |   |   | - |   |   | 110,514 |   |   | 432 |   |   | 105,412 |   |   | - |   |   | 105,844 |   |
| Intercompany                    receivable                              |   |                                 | -                                   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 8,637 |   |   | (8,637 | ) |   | - |   |
| Inventories                                                             |   |                                 | 1,780                               |   |   | 63,947 |   |   | - |   |   | 65,727 |   |   | 1,546 |   |   | 70,564 |   |   | - |   |   | 72,110 |   |
| Taxes                    on income, refundable and other current assets |   |                                 | -                                   |   |   | 13,193 |   |   | - |   |   | 13,193 |   |   | 339 |   |   | 13,461 |   |   | - |   |   | 13,800 |   |
| Total                    current assets                                 |   |                                 | 2,211                               |   |   | 188,831 |   |   | - |   |   | 191,042 |   |   | 2,317 |   |   | 198,074 |   |   | (8,637 | ) |   | 191,754 |   |
|                                                                    |   |                                 |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital                    assets:                                      |   |                                 |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Plant                    sites at cost                                  |   |                                 | -                                   |   |   | 3,549 |   |   | - |   |   | 3,549 |   |   | - |   |   | 3,549 |   |   | - |   |   | 3,549 |   |
| Building,                    machinery and equipment                    |   |                                 | -                                   |   |   | 1,815,044 |   |   | - |   |   | 1,815,044 |   |   | - |   |   | 1,812,933 |   |   | - |   |   | 1,812,933 |   |
| Accumulated                    depreciation                             |   |                                 | -                                   |   |   | 1,186,618 |   |   | - |   |   | 1,186,618 |   |   | - |   |   | 1,177,306 |   |   | - |   |   | 1,177,306 |   |
|                                                                    |   |                                 |                                |   |   | 631,975 |   |   | - |   |   | 631,975 |   |   | - |   |   | 639,176 |   |   | - |   |   | 639,176 |   |
| Timber,                    Roads and Timberland, less depletion         |   |                                 | 232,236                             |   |   | - |   |   | - |   |   | 232,236 |   |   | 228,778 |   |   | - |   |   | - |   |   | 228,778 |   |
| Total                    capital assets                                 |   |                                 | 232,236                             |   |   | 631,975 |   |   | - |   |   | 864,211 |   |   | 228,778 |   |   | 639,176 |   |   | - |   |   | 867,954 |   |
| Investment                    in subsidiary                             |   |                                 | 354,205                             |   |   | - |   |   | (354,205 | ) |   | - |   |   | 363,280 |   |   | - |   |   | (363,280 | ) |   | - |   |
| Pension                    and other assets                             |   |                                 | 1,290                               |   |   | 153,720 |   |   | - |   |   | 155,010 |   |   | 598 |   |   | 151,389 |   |   | - |   |   | 151,987 |   |
| Total                    assets                                         |   | $                                    | 589,942                             |   | $ | 974,526 |   | $ | (354,205 | ) | $ | 1,210,263 |   | $ | 594,973 |   | $ | 988,639 |   | $ | (371,917 | ) | $ | 1,211,695 |   |
|                                                                    |   |                                 |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Payable                    to bank resulting from checks in transit     |   | $                                    | -                                   |   | $ | 5,115 |   | $ | - |   | $ | 5,115 |   | $ | - |   | $ | 10,299 |   | $ | - |   | $ | 10,299 |   |
| Accounts                    payable                                     |   |                                 | 773                                 |   |   | 66,291 |   |   | - |   |   | 67,064 |   |   | 2,612 |   |   | 60,915 |   |   | - |   |   | 63,527 |   |
| Intercompany                    payable                                 |   |                                 | -                                   |   |   | - |   |   | - |   |   | - |   |   | 8,637 |   |   |   |   |   | (8,637 | ) |   | - |   |
| Short-term                    borrowings                                |   |                                 | -                                   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 9,500 |   |   | - |   |   | 9,500 |   |
| Other                    current liabilities                            |   |                                 | 362                                 |   |   | 22,360 |   |   | - |   |   | 22,722 |   |   | 1,591 |   |   | 22,856 |   | $ | - |   |   | 24,447 |   |
| Total                    current liabilities                            |   |                                 | 1,135                               |   |   | 93,766 |   |   | - |   |   | 94,901 |   |   | 12,840 |   |   | 103,570 |   |   | (8,637 | ) |   | 107,773 |   |
| Long-term                    debt                                       |   |                                 | 134,500                             |   |   | 294,418 |   |   | - |   |   | 428,918 |   |   | 122,500 |   |   | 284,886 |   |   | - |   |   | 407,386 |   |
| Deferred                    tax liabilities - net                       |   |                                 | 10,238                              |   |   | 195,460 |   |   | - |   |   | 205,698 |   |   | 9,711 |   |   | 200,318 |   |   | - |   |   | 210,029 |   |
| Other                    liabilities                                    |   |                                 | -                                   |   |   | 36,677 |   |   | - |   |   | 36,677 |   |   | - |   |   | 36,585 |   |   | - |   |   | 36,585 |   |
| Total                    liabilities                                    |   |                                 | 145,873                             |   |   | 620,321 |   |   | - |   |   | 766,194 |   |   | 145,051 |   |   | 625,359 |   |   | (8,637 | ) |   | 761,773 |   |
| Shareholders’                    equity:                          |   |                                 |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred                    stock                                      |   |                                 | -                                   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Common                    stock                                         |   |                                 | 76,615                              |   |   | - |   |   | - |   |   | 76,615 |   |   | 76,615 |   |   | - |   |   | - |   |   | 76,615 |   |
| Other                    shareholders equity                            |   |                                 | 367,454                             |   |   | 354,205 |   |   | (354,205 | ) |   | 367,454 |   |   | 373,307 |   |   | 363,280 |   |   | (363,280 | ) |   | 373,307 |   |
| Total                    shareholders’ equity                |   |                                 | 444,069                             |   |   | 354,205 |   |   | (354,205 | ) |   | 444,069 |   |   | 449,922 |   |   | 363,280 |   |   | (363,280 | ) |   | 449,922 |   |
| Total                    liabilities and shareholders’ equity     |   | $                                    | 589,942                             |   | $ | 974,526 |   | $ | (354,205 | ) | $ | 1,210,263 |   | $ | 594,973 |   | $ | 988,639 |   | $ | (371,917 | ) | $ | 1,211,695 |   |

**Condensed            Consolidating Statement of Cash Flows**

|                                                                 |   | Two                      months ended  | Two                      months ended  |
|-----------------------------------------------------------------|--------|---------------------------------------------|----------------------------------------|
|                                                            |   | December                      31       | December                      31  |
|                                                                 |   |                                        | Longview                          |   |   | Longview |   |   | Consolidating |   |   | Consolidated |   |   | Longview |   |   | Longview |   |   | Consolidating |   |   | Consolidated |   |
| (thousands)                                                     |   |                                        |                                   |   |   | TRS |   |   | Adjustments |   |   | Results |   |   |   |   |   | TRS |   |   | Adjustments |   |   | Results |   |
|                                                            |   |                                        |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                      provided by operations                |   | $                                           | (3,952                                 | ) | $ | 14,732 |   | $ | - |   | $ | 10,780 |   | $ | 8,462 |   | $ | 13,919 |   | $ | - |   | $ | 22,381 |   |
|                                                            |   |                                        |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                      provided by (used for) investing:     |   |                                        |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions                      to:                              |   |                                        |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Plant                      and equipment              |   |                                        | -                                      |   |   | (5,153 | ) |   | - |   |   | (5,153 | ) |   | - |   |   | (6,006 | ) |   | - |   |   | (6,006 | ) |
| Timber                      and timberlands                |   |                                        | (2,932                                 | ) |   | - |   |   | - |   |   | (2,932 | ) |   | (1,727 | ) |   | - |   |   | - |   |   | (1,727 | ) |
| Proceeds                      from sale of capital assets  |   |                                        | 10                                     |   |   | 37 |   |   | - |   |   | 47 |   |   | 265 |   |   | 426 |   |   | - |   |   | 691 |   |
| Cash                      used by investing                     |   |                                        | (2,922                                 | ) |   | (5,116 | ) |   | - |   |   | (8,038 | ) |   | (1,462 | ) |   | (5,580 | ) |   | - |   |   | (7,042 | ) |
|                                                            |   |                                        |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                      provided (used for) financing:        |   |                                        |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reductions                      in long-term debt               |   |                                        | (92,000                                | ) |   | (32,500 | ) |   | - |   |   | (124,500 | ) |   | (30,000 | ) |   | - |   |   | - |   |   | (30,000 | ) |
| Additions                      of long-term debt                |   |                                        | 120,000                                |   |   | 80,032 |   |   | - |   |   | 200,032 |   |   | - |   |   | 31 |   |   | - |   |   | 31 |   |
| Short-term                      borrowings, net                 |   |                                        | (16,000                                | ) |   | (47,500 | ) |   | - |   |   | (63,500 | ) |   | 23,000 |   |   | - |   |   | - |   |   | 23,000 |   |
| Other,                      net                                 |   |                                        | (5,126                                 | ) |   | (8,040 | ) |   | - |   |   | (13,166 | ) |   | - |   |   | (6,105 | ) |   | - |   |   | (6,105 | ) |
| Cash                      provided by (used for) financing      |   |                                        | 6,874                                  |   |   | (8,008 | ) |   | - |   |   | (1,134 | ) |   | (7,000 | ) |   | (6,074 | ) |   | - |   |   | (13,074 | ) |
|                                                            |   |                                        |                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Change                      in cash position                    |   |                                        | -                                      |   |   | 1,608 |   |   | - |   |   | 1,608 |   |   | - |   |   | 2,265 |   |   | - |   |   | 2,265 |   |
| Cash                      position, beginning of the year       |   |                                        | -                                      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Cash                      position, end of the year             |   | $                                           | -                                      |   | $ | 1,608 |   | $ | - |   | $ | 1,608 |   | $ | - |   | $ | 2,265 |   | $ | - |   | $ | 2,265 |   |

----

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

**CONSOLIDATED        STATEMENT OF OPERATIONS**

**TWO-MONTH        PERIOD ENDED DECEMBER 31, 2005 COMPARED WITH**

**TWO-MONTH        PERIOD ENDED DECEMBER 31, 2004**

**The        REIT Conversion**

**Change        in Fiscal Year**

**Two-Month        Period Ended December 31, 2005 Compared With Two-Month Period Ended December        31,        2004**

**Consolidated        Results**

**Net        sales -**

**Cost        of products sold -**

**Gain        on disposition of capital assets -**

**Selling,        administrative and general expenses -**

**Operating        profit -**
***—***

**Income        (loss) before taxes -**

**Provision        (benefit) for taxes on income -**

**Net        income (loss) -**

**Selected        Segment Results**

**Timber**

|                                                 |   | Two                  months ended |   |       |   |
|------------------------------------------------------|--------|-----------------------------------|--------|------------|--------|
|                                                      |   | December                  31      |   | Percentage |   |
|                                                 |   |                              | 2005   |       |   | 2004 |   |   | Increase/(Decrease | ) |
| Timber                  net sales, $ millions        |   | $                                 | 27.4   |       | $      | 26.6 |   |   | 3.1 | % |
| Timber                  operating profit, $ millions |   |                              | 14.3   |       |   | 12.6 |   |   | 13.3 |   |
| Logs,                  thousands of board feet       |   |                              | 37,874 |       |   | 40,561 |   |   | (6.6 | ) |
| Lumber,                  thousands of board feet     |   |                              | 9,675  |       |   | 10,095 |   |   | (4.2 | ) |
| Logs,                  $/thousand board feet         |   | $                                 | 628    |       | $      | 574 |   |   | 9.4 |   |
| Lumber,                  $/thousand board feet       |   |                              | 377    |       |   | 332 |   |   | 13.6 |   |

**Paper        and Paperboard**

|                                                                    |   | Two                  months ended |   |       |   |
|--------------------------------------------------------------------|--------|-----------------------------------|--------|------------|--------|
|                                                                    |   | December                  31      |   | Percentage |   |
|                                                               |   |                              | 2005   |       |   | 2004 |   |   | Increase/(Decrease | ) |
| Paper                    and paperboard net sales, $ millions      |   | $                                 | 42.1   |       | $      | 45.3 |   |   | (7.2 | ) |
| Paper                    and paperboard operating loss, $ millions |   |                              | (5.9   | )          |   | (1.1 | ) |   | - |   |
| Paper,                  tons                                       |   |                              | 49,096 |       |   | 60,239 |   |   | (18.5 | ) |
| Paperboard,                  tons                                  |   |                              | 32,042 |       |   | 24,873 |   |   | 28.8 |   |
| Paper,                  $/ton FOB mill equivalent                  |   | $                                 | 584    |       | $      | 551 |   |   | 6.0 |   |
| Paperboard,                  $/ton FOB mill equivalent             |   |                              | 333    |       |   | 356 |   |   | (6.5 | ) |

**Converted        Products**

|                                                           |   | Two                  months ended  |   |             |   |
|----------------------------------------------------------------|--------|------------------------------------|--------|------------------|--------|
|                                                           |   | December                  31  |   | Percentage  |   |
|                                                           |   |                               | 2005   |             |   | 2004 |   |   | Increase/(Decrease | ) |
| Converted                  products sales, $ millions          |   | $                                  | 74.0   |             | $      | 73.8 |   |   | 0.3 | % |
| Converted                  products operating loss, $ millions |   |                               | (6.3   | )                |   | (0.6 | ) |   | - |   |
| Converted                  products, tons                      |   |                               | 91,336 |             |   | 89,470 |   |   | 2.1 |   |
| Converted                  products, $/ton                     |   | $                                  | 811    |             | $      | 825 |   |   | (1.7 | ) |

**LIQUIDITY        AND CAPITAL RESOURCES**

**FORWARD-LOOKING        STATEMENTS**

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

**ITEM        4. CONTROLS AND PROCEDURES**

*Disclosure          Controls and Procedures*

*Material          Weaknesses in Internal Control Over Financial Reporting*

*Remediation          of Material Weaknesses*

*Insufficient          personnel with appropriate accounting knowledge and training*

*Ineffective          controls over supplies inventories*

*Ineffective          controls over workers' compensation claims liability*

*Ineffective          controls over postretirement medical benefits liability*

*Changes          in Internal Control Over Financial Reporting*

**PART        II - OTHER INFORMATION**

**ITEM        1. LEGAL PROCEEDINGS.**

**ITEM        1A. RISK FACTORS**

**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.**

**SIGNATURES**

**L.        J. McLAUGHLIN**

----

**EXHIBIT        INDEX**

| Exhibit                  No. |   | Description                                                                                                                                                                                                                                                                                                   |
|------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |   |                                                                                                                                                                                                                                                                                                          |
| 3.1                          |   | Articles                  of Incorporation of Longview Fibre Company (incorporated by reference                  to                  Exhibit 3.1 to the registrant’s Annual Report on Form 10-K for the fiscal                  year ended October 31, 2005 (File No. 001-10061))                       |
|                         |   |                                                                                                                                                                                                                                                                                                          |
| 3.2                          |   | Bylaws                  of Longview Fibre Company                                                                                                                                                                                                                                                             |
|                         |   |                                                                                                                                                                                                                                                                                                          |
| 4.1                          |   | Indenture                  dated as of January 25, 2002 (incorporated by reference to Exhibit                  4.3 to                  the registrant’s Registration Statement on Form S-4 dated March 4,                  2002)                                                                        |
|                         |   |                                                                                                                                                                                                                                                                                                          |
| 4.2                          |   | Supplemental                  Indenture dated as of December 30, 2005 (incorporated by reference                  to                  Exhibit 4.3 to the registrant’s Annual Report on Form 10-K for the fiscal                  year ended October 31, 2005 (File No. 001-10061))                      |
|                         |   |                                                                                                                                                                                                                                                                                                          |
| 10.1                         |   | Credit                  Agreement dated as of December 23, 2005 (incorporated by reference                  to                  Exhibit 99.1 to the registrant’s Current Report on Form 8-K dated December                  23, 2005 and filed December 30, 2005 (File No.                  001-10061)) |
|                         |   |                                                                                                                                                                                                                                                                                                          |
| 31.1                         |   | Rule                  13a-14(a)/15d-14(a) Certification by R. H. Wollenberg, President,                  Chief                  Executive Officer and Chairman of the Board                                                                                                                                   |
|                         |   |                                                                                                                                                                                                                                                                                                          |
| 31.2                         |   | Rule                  13a-14(a)/15d-14(a) Certification by L. J. McLaughlin, Senior 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, Senior Vice President-Finance,                  Secretary and Treasurer                                                                                                                                                                      |