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

FORM 10-Q/A
(First Amendment)

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

For the quarterly period ended August 31, 2004

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

For the transition period from _______ to ________

Commission File Number: 333-109667-01

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

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

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

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 12 preceding months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes (X) No ( )

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

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

CLASS	OUTSTANDING AS OF DECEMBER 17, 2004
Beneficial interest	Not applicable

EXPLANATORY NOTE

The Trust Created February 25, 1986 (the “Trust”) is filing this Quarterly Report on Form 10-Q/A (First Amendment) (this “Amendment”) for the purpose of amending Item 4 of the Trust’s Quarterly Report on Form 10-Q for the quarterly period ended August 31, 2004 (the “Original Filing”). The Original Filing was filed with the United States Securities and Exchange Commission (the "SEC") on October 21, 2004.

Item 4 of this Amendment has been amended from the Original Filing as follows:

	o	the two identified deficiencies that existed in the design and operation of the Trust's system of disclosure controls have been identified;
	o	the conditions in the Trust's system of disclosure controls which caused the two identified deficiencies have been identified; and
	o	the description of management’s plan for implementation of corrective action and procedural enhancements to the Trust’s system of disclosure controls has been expanded.

This Amendment restates only Item 4 of the Original Filing. No other items were affected.

TRUST CREATED FEBRUARY 25, 1986

QUARTERLY REPORT
ON FORM 10-Q/A (First Amendment)
FOR THE QUARTERLY PERIOD ENDED AUGUST 31, 2004

PAGE

PART I.

FINANCIAL INFORMATION

Item 4.

Controls and Procedures

PART II.

OTHER INFORMATION

Item 6.

Exhibits and Reports on Form 8-K

SIGNATURES

EXHIBIT INDEX

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 4.

CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

The Trust’s management, with participation of the Trust’s principal executive officer and principal financial officer, have performed an evaluation of the Trust’s disclosure controls and procedures, (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) to ensure that information required to be disclosed by the Trust in the reports that the Trust files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by the SEC’s rules and forms.

Based on that evaluation, the Trust’s principal executive officer and principal financial officer have concluded that, as of August 31, 2004, the Trust’s disclosure controls and procedures were not effective in ensuring that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by the SEC’s rules and forms. At this time, management has determined that the Trust’s disclosure controls and procedures may not be sufficient i) to ensure that data errors, control problems, or acts of fraud are detected and ii) to confirm that appropriate corrective action, including process improvements, is undertaken in a timely manner.

Letter to Disclosure Committee Regarding Control Deficiencies

In connection with its audit of the Trust’s financial statements for the fiscal year ended February 29, 2004, PricewaterhouseCoopers LLP (“PwC”), the Trust's independent registered public accounting firm, identified and discussed with the Trust’s management two deficiencies that existed in the design or operation of the Trust’s disclosure controls that PwC considered to be material weaknesses in the effectiveness of the Trust’s disclosure controls. The two deficiencies were i) non-reconciliation of certain accounts and ii) lack of review by management of monthly financial statements and significant transactions.

In a letter dated September 22, 2004 to the Members of the Evergreen Holdings, Inc. Disclosure Committee, PwC noted that the two identified deficiencies in the Trust’s system of disclosure controls were caused by the following conditions which existed in the Trust’s system of disclosure controls as of February 29, 2004:

	o	One individual was responsible for performing the accounting functions for the Trust, and this work was not reviewed on a systematic basis by the appropriate level of management.
	o	Some of the Trust’s general ledger account balances were not reconciled with supporting detail. In other instances, the general ledger account balances were supported by workpapers that contained flawed data.
	o	The Trust had no committee in place to handle decisions relating to the Trust, including review of quarterly and annual filings.

Table of Contents

In the letter, PwC indicated that it considered the two identified deficiencies to be material weaknesses in the effectiveness of the Trust’s disclosure controls pursuant to standards established by the American Institute of Certified Public Accountants. A “material weakness” is a reported condition in which the design or operation of one or more of the specific disclosure control components has a defect or defects that could have a material adverse effect on the Trust’s ability to record, process, summarize and report financial date in the Trust’s financial statements in a timely manner.

In the letter to the Disclosure Committee, PwC made three recommendations for improvements to the Trust’s system of disclosure controls. These recommendations included:

	o	Additional accounting staff should be cross-trained in the operations of and nature of accounting for the Trust;
	o	Implementation of a timely review process by the appropriate level of management of all critical account reconciliations and significant transactions, with such review process to include a reasonableness check of financial statements and investigation of unusual or significant fluctuations in account balances from period to period; and
	o	Formation of a committee to handle decisions relating to the Trust, including review of quarterly and annual filings.

Management’s Response and Plan for Improvement

Management has responded to the recommendations contained in the letter to the Disclosure Committee by developing a plan to implement the following controls and procedural enhancements which are designed to improve the Trust’s system of disclosure controls:

	o	Additional accounting staff will be trained in the operations of and nature of accounting for the Trust;
	o	On a monthly basis, the appropriate level of management will conduct a review of all critical account reconciliations and significant transactions, and such review process will include a reasonableness check of financial statements and investigation of unusual or significant fluctuations in account balances from period to period; and
	o	A committee will be formed to handle decisions relating to the Trust, including review of quarterly and annual filings.

Table of Contents

As of August 31, 2004, the Trust has made the following progress in the implementation of its plan:

	o	At least one additional accountant has been trained in the operations of and nature of accounting for the Trust;
	o	On a monthly basis, an independent member of senior management conducts a review of all critical account reconciliations and significant transactions, and such review process includes a reasonableness check of financial statements and investigation of unusual or significant fluctuations in account balances from period to period; and
	o	A Disclosure Committee has been formed. The Disclosure Committee will meet at least once every quarter, and more frequently if required, to review, discuss, and handle decisions relating to the Trust and the Trust’s quarterly and annual filings with the SEC.

Management believes that the disclosure controls and procedures which have been implemented are addressing the two identified deficiencies in the Trust’s system of disclosure controls. Management will, on an ongoing basis, further monitor the implementation of the plan to improve the effectiveness of the Trust’s disclosure controls and procedures, and will take action as appropriate.

Internal Control Over Financial Reporting

There have not been any changes in the Trust’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 6.

EXHIBITS AND REPORTS ON FORM 8-K.

(a)

A list of exhibits that are filed as part of, or incorporated by reference into this Quarterly Report on Form 10-Q/A (First Amendment) are set forth below.

Exhibit No.		Description of Document

	31.1		Certification of Principal Executive Officer pursuant to Exchange Act Rule 13a-14(a).

	31.2		Certification of Principal Financial Officer pursuant to Exchange Act Rule 13a-14(a).

	32.1		Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TRUST CREATED FEBRUARY 25, 1986
(Registrant)

Date: December 17, 2004

/s/ John A. Irwin
John A. Irwin
Principal Executive Officer

Date: December 17, 2004

/s/ Lawrence J. Bolton
Lawrence J. Bolton
Principal Financial Officer

Table of Contents

EXHIBIT INDEX

Exhibit No.		Description of Document

	31.1		Certification of Principal Executive Officer pursuant to Exchange Act Rule 13a-14(a).

	31.2		Certification of Principal Financial Officer pursuant to Exchange Act Rule 13a-14(a).

	32.1		Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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

TRUST CREATED FEBRUARY 25, 1986

TABLE OF CONTENTS

Internal Control Over Financial Reporting

PART II. OTHER INFORMATION

SIGNATURES

EXHIBIT INDEX

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

TRUST CREATED FEBRUARY 25 1986 10-Q/A