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**COACHMEN      INDUSTRIES, INC.**

**RETIREMENT      PLAN AND TRUST**

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**COACHMEN      INDUSTRIES, INC.**

**RETIREMENT      PLAN AND TRUST**

| Report              of Independent Registered Public              Accounting Firm       | 1      |
|----------------------------------------------------------------------------------------------|--------|
|                                                                                         |   |
|                                                                                         |   |
| Financial              Statements                                                       |   |
|                                                                                         |   |
| Statements                of Net Assets Available for                Benefits           | 2      |
|                                                                                         |   |
| Statements                of Changes in Net Assets                Available for Benefits     | 3      |
|                                                                                         |   |
| Notes                to Financial                Statements                                  | 4      |
|                                                                                         |   |
|                                                                                         |   |
| Supplemental              Schedule                                                           |   |
|                                                                                         |   |
| Schedule                H, Line 4i - Schedule of Assets (Held at                End of Year) | 10     |
|                                                                                         |   |

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Contents

**Report      of Independent Registered Public Accounting      Firm**

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Contents

**Coachmen      Industries, Inc. Retirement Plan and Trust**

**Statements      of Net Assets Available for Benefits**

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|                                                 |   | ** ****December                31,** |       |
|------------------------------------------------------|--------|-------------------------------------------|------------|
|                                                 |   | **2005**                                  |       |   | **2004** |   |
|                                                 |   |                                      |       |   |   |   |   |   |
| **Assets**                                           |   |                                      |       |   |   |   |   |   |
| Investments                (Note 3)                  |   | $                                         | 28,055,792 |   |   | $ | 26,798,614 |   |
| Accrued                investment income             |   |                                      |       |   |   |   | 4,687 |   |
| Contributions                receivable              |   |                                      |       |   |   |   |   |   |
|     Employee                     |   |                                      | 98,155     |   |   |   | 63,812 |   |
|     Employer                     |   |                                      | 31,242     |   |   |   | 19,131 |   |
| Loans                receivable                      |   |                                      | 999,642    |   |   |   | 5,425 |   |
| Cash                                                 |   |                                      | -          |   |   |   | 803 |   |
|                                                 |   |                                      |       |   |   |   |   |   |
| **Net                assets available for benefits** |   | $                                         | 29,184,831 |   |   | $ | 26,892,472 |   |

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Contents

**Coachmen      Industries, Inc. Retirement Plan and Trust** 

**Statements      of Changes in Net Assets Available for Benefits**

|                                                                        |   |  ** Years                Ended December 31,** |       |
|-----------------------------------------------------------------------------|--------|---------------------------------------------------------|------------|
|                                                                        |   | **2005**                                                |       |   | **2004 ** |   |
|                                                                        |   |                                                    |       |   |   |   |
| **Additions                to net assets attributed to:**                   |   |                                                    |       |   |   |   |
| Interest                and dividends                                       |   | $                                                       | 515,626    |   |   | $ | 300,489 |   |
| Net                appreciation (depreciation) in fair value of investments |   |                                                    | (79,900    | )  |   |   | 1,971,143 |   |
| KanBuild                transfer (Note 1)                                   |   |                                                    | 899,288    |   |   |   |   |   |
| Contributions                                                               |   |                                                    |       |   |   |   |   |   |
| Employee                                                                    |   |                                                    | 3,956,153  |   |   |   | 3,973,049 |   |
| Employer                                                                    |   |                                                    | 1,216,671  |   |   |   | 1,262,930 |   |
| Rollovers                                                                   |   |                                                    | 154,710    |   |   |   | 95,646 |   |
|                                                                        |   |                                                    | 5,327,534  |   |   |   | 5,331,625 |   |
| Total                additions                                              |   |                                                    | 6,662,548  |   |   |   | 7,603,257 |   |
|                                                                        |   |                                                    |       |   |   |   |   |   |
| **Deductions                from net assets attributed to:**                |   |                                                    |       |   |   |   |   |   |
| Benefits                paid to participants                                |   |                                                    | 4,333,392  |   |   |   | 2,576,062 |   |
| Administrative                expenses                                      |   |                                                    | 36,797     |   |   |   | 13,328 |   |
| Total                deductions                                             |   |                                                    | 4,370,189  |   |   |   | 2,589,390 |   |
|                                                                        |   |                                                    |       |   |   |   |   |   |
| **Net                increase**                                             |   |                                                    | 2,292,359  |   |   |   | 5,013,867 |   |
|                                                                        |   |                                                    |       |   |   |   |   |   |
| **Net                assets available for benefits**                        |   |                                                    |       |   |   |   |   |   |
| Beginning                of year                                            |   |                                                    | 26,892,472 |   |   |   | 21,878,605 |   |
|                                                                        |   |                                                    |       |   |   |   |   |   |
| End                of year                                                  |   | $                                                       | 29,184,831 |   |   | $ | 26,892,472 |   |

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Contents

**Coachmen      Industries, Inc. Retirement Plan and Trust**

**    Notes      to Financial Statements**

**    December      31, 2005 and 2004**

**     1.   PLAN      DESCRIPTION**

**General**

**Contributions**

**Participant      Accounts**
**. **

**Loan      Provisions:**
** **

**Vesting**

**Payment      of Benefits**

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Contents

**Coachmen      Industries, Inc. Retirement Plan and Trust**

**Notes      to Financial Statements**

**December      31, 2005 and 2004**

**1.     PLAN      DESCRIPTION, Continued**

**Forfeitures**

**2.          ACCOUNTING POLICIES**

**Basis      of Accounting**

**Valuation      of Investments**

**Contributions**

**Payment      of Benefits**

**Use      of Estimates in the Preparation of Financial Statements**

**Risks      and Uncertainties**

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Contents

**Coachmen      Industries, Inc. Retirement Plan and Trust**

**Notes      to Financial Statements**

**December      31, 2005 and 2004**

**3.          INVESTMENTS**

|                                                   |   | 2005    |      |   | 2004   |    |
|--------------------------------------------------------|--------|---------|-----------|--------|--------|---------|
|                                                   |   |    |      |   |   |    |   |   |
| ABN                AMRO Growth "N" Fund                |   |  $ | 5,332,384 |   |   |  $ | 5,263,440 |   |
| ABN                AMRO Income Plus Fund               |   |    | 3,441,282 |   |   |    | 3,836,092 |   |
| ABN                AMRO Veredus Aggressive Growth Fund |   |    | 3,820,497 |   |   |    | 3,880,090 |   |
| Janus                Balanced Fund                     |   |    | -         |   |   |    | 2,812,675 |   |
| Pimco                Total Return Fund                 |   |    | 2,459,167 |   |   |    | 2,041,725 |   |
| ABN                AMRO S&P 500 Index Fund         |   |    | 2,228,939 |   |   |    | 2,209,089 |   |
| Coachmen                Industries, Inc. common stock  |   |    | 1,061,182 |   |   |    | 1,754,645 |   |
| Dodge                & Cox Stock Fund              |   |    | 2,984,812 |   |   |    | 2,175,962 |   |
| Putnam                International Growth Fund        |   |    | -         |   |   |    | 1,395,915 |   |
| Julius                Baer International Equity Fund   |   |    | 2,339,524 |   |   |    | 263,448 |   |
| American                Balanced Fund                  |   |    | 3,525,339 |   |   |    | 439,394 |   |

|                                                  |   |  2005 |     |   |  2004 |   |
|-------------------------------------------------------|--------|------------|----------|--------|------------|--------|
|                                                  |   |       |     |   |       |   |
| Mutual                funds                           |   | $          | 242,507  |   |       | $      | 1,623,009 |   |
| Common                trust funds                     |   |       | 239,587  |   |       |   | 338,245 |   |
| Coachmen                Industries, Inc. common stock |   |       | (561,994 | )      |       |   | 9,889 |   |
|                                                  |   |       |     |   |       |   |   |   |
|                                                  |   | $          | (79,900  | )      |       | $      | 1,971,143 |   |

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Contents

**Coachmen      Industries, Inc. Retirement Plan and Trust**

**Notes      to Financial Statements**

**December      31, 2005 and 2004**

**3.          INVESTMENTS, Continued**

|                                                  |   |   |   |   |   |   | December                31, |      |
|-------------------------------------------------------|--------|--------|--------|--------|--------|--------|-----------------------------|-----------|
|                                                  |   |   |   |   |   |   | 2004                        |      |
| Net                Assets Available for Benefits:     |   |   |   |   |   |   |                        |      |
| Coachmen                Industries, Inc. common stock |   |   |   |   |   |   | $                           | 1,754,645 |   |
| Common                trust fund                      |   |   |   |   |   |   |                        | 3,836,092 |   |
| Money                market fund                      |   |   |   |   |   |   |                        | 33,496    |   |
|                                                  |   |   |   |   |   |   | $                           | 5,624,233 |   |

|                                                         |   |   |   |   |   | December                31, |     |
|--------------------------------------------------------------|--------|--------|--------|--------|--------|-----------------------------|----------|
|                                                         |   |   |   |   |   | 2004                        |     |
| Change                in Net Assets Available for Benefits:  |   |   |   |   |   |                        |     |   |
| Contributions                                                |   |   |   |   |   | $                      | 962,213  |   |
| Net                appreciation in fair value of investments |   |   |   |   |   |                        | 140,685  |   |
| Benefits                paid to participants                 |   |   |   |   |   |                        | (623,159 | )  |
| Other                                                        |   |   |   |   |   |                        | 2,960    |   |
|                                                         |   |   |   |   |   | $                      | 483,099  |   |

**4.          PLAN TERMINATION**

**5.          TAX STATUS AND REPORTING**

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Contents

**Coachmen      Industries, Inc. Retirement Plan and Trust**

**Notes      to Financial Statements**

**December      31, 2005 and 2004**

**5.          TAX STATUS AND REPORTING, Continued**

|                                                                          |   | 2005   |       |   | 2004   |   |
|-------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Net                assets available for benefits per the financial statements |   | $      | 29,184,831 |   |   | $      | 26,892,472 |   |
| Amounts                allocated to withdrawing participants                  |   |   |  -    |   |   |   |  (14,130 | )  |
| Certain                deemed distributions of participant loans              |   |   | (2,164     | )      |   |   | - |   |
| Net                assets available for benefits per the Form 5500            |   | $      | 29,182,667 |   |   | $      | 26,878,342 |   |

|                                                                                                               |   | 2005   |      |   | 2004   |   |
|--------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Benefits                paid to participants per the financial statements                                          |   | $      | 4,333,392 |   |   | $      | 2,576,062 |   |
| Add:                                                                                                               |   |   |      |   |   |   |   |   |
| Amounts                allocated to withdrawing participants, current year                                         |   |   | -         |   |   |   | 14,130 |   |
| Amounts                allocated to certain deemed distributions of participant loans, current                year |   |   | 2,164     |   |   |   |  - |   |
| Less:                                                                                                              |   |   |      |   |   |   |   |   |
| Amounts                allocated to withdrawing participants, prior year                                           |   |   | (14,130   | )      |   |   | (28,104 | ) |
|                                                                                                               |   |   |      |   |   |   |   |   |
| Benefits                paid to participants per Form 5500                                                         |   | $      | 4,321,426 |   |   | $      | 2,562,088 |   |

**6.          PARTIES-IN-INTEREST TRANSACTIONS**

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Contents

**Coachmen      Industries, Inc. Retirement Plan and Trust**

**Notes      to Financial Statements**

**December      31, 2005 and 2004**

**6.          PARTIES-IN-INTEREST TRANSACTIONS, Continued**

|                                           |   |   |                                                                                                                                    |                  2005 |   |      |  2004 |   |
|------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|----------------------------|--------|-----------|------------|--------|
| Coachmen                Industries, Inc.  |   |   | Common                Stock(86,459                shares and 101,074 shares at December 31, 2005 and 2004,                respectively) |                       | $      | 1,061,182 |       |   | $ | 1,754,645 |   |
| ABN                AMRO                        |   |   | Income                Plus Fund                                                                                                         |                       |   | 3,441,282 |       |   |   | 3,836,092 |   |
| ABN                AMRO                        |   |   | Growth                "N" Fund                                                                                                          |                       |   | 5,332,384 |       |   |   | 5,263,440 |   |
| ABN                AMRO                        |   |   | S&P                500 Index Fund                                                                                                   |                       |   | 2,228,939 |       |   |   | 2,209,089 |   |
| ABN                AMRO                        |   |   | Veredus                Aggressive Growth Fund                                                                                           |                       |   | 3,820,497 |       |   |   | 3,880,090 |   |
| ABN                AMRO                        |   |   | Investor                Money Market Fund                                                                                               |                       |   | -         |       |   |   | 33,496 |   |
| Participants                              |   |   | Participant                Loans                                                                                                   |                       |   | 999,642   |       |   |   | 5,425 |   |

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**SUPPLEMENTAL      SCHEDULE**

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Contents

**Schedule      H, Line 4i - Schedule of Assets (Held at End of Year)**

**December      31, 2005**

|    |                                                                                                                                                       |   |  Description                of Investment                                                                                                           |   |       |    |                            |   |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------|---------------------------------|--------|
|    |  Identity                of Issuer, Borrower, Lessor, or Similar Party                                                                                |   |  Including                Maturity Date, Rate of Interest, Collateral, Par or Maturity                Value                                         |   |  Cost |    |  Fair                Value |   |
|    |                                                                                                                                                       |   |  **Mutual                Funds**                                                                                                                    |   |       |    |                            |   |
|    |  Dodge                & Cox Funds                                                                                                                 |   |  Dodge                & Cox Stock Fund (21,715 units)                                                                                           |   |  #    |  $ | 2,984,812                       |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|  * |  ABN                AMRO                                                                                                                              |   |  ABN                AMRO Growth "N" Fund (239,228 units)                                                                                            |   |  #    |    | 5,332,384                       |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |  Royce                                                                                                                                                |   |  Royce                Total Return Fund (76,404 units)                                                                                              |   |  #    |    | 962,666                         |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
| *       |  ABN                AMRO                                                                                                                              |   |  ABN                AMRO Veredus Aggressive Growth Fund (198,881 units)                                                                             |   |  #    |    |  3,820,497                 |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |  Pimco                Funds                                                                                                                           |   |  Pimco                Total Return Fund (234,206 units)                                                                                             |   |  #    |    | 2,459,167                       |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |  American                Funds                                                                                                                        |   |  American                Balanced Fund (198,053 units)                                                                                              |   |  #    |    | 3,525,339                       |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |  Julius                Baer                                                                                                                           |   |  Julius                Baer International Equity Fund (63,192 units)                                                                                |   |  #    |    | 2,239,524                       |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |                                                                                                                                                       |   |  Total                mutual funds                                                                                                                  |   |       |    |  21,324,389                |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |                                                                                                                                                       |   |  **Common                Trust Funds**                                                                                                              |   |       |    |                            |   |
|  * |  ABN                AMRO                                                                                                                              |   |  ABN                AMRO Income Plus Fund (584,618 units)                                                                                           |   |  #    |    | 3,441,282                       |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|  * |  ABN                AMRO                                                                                                                              |   |  ABN                AMRO S & P 500 Index Fund (429,303 units)                                                                                   |   |  #    |    |  2,228,939                 |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |                                                                                                                                                       |   |  Total                common trust funds                                                                                                            |   |       |    | 5,670,221                       |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |                                                                                                                                                       |   |  **Common                Stock**                                                                                                                    |   |       |    |                            |   |
|  * |  Coachmen                Industries, Inc.                                                                                                             |   |  Coachmen                Industries, Inc. common stock (86,459 shares)                                                                              |   |  #    |    |  1,061,182                 |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |                                                                                                                                                       |   |  Total                investments                                                                                                                   |   |       |    | 28,055,792                      |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |                                                                                                                                                       |   |  **Participant                Loans**                                                                                                               |   |       |    |                            |   |
|  * |  Participant                loans                                                                                                                     |   |  $                999,642 principal amount, interest rates ranging from 5.25 % to 7.25                %,                with various maturity dates |   |       |    | 999,642                         |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |                                                                                                                                                       |   |  Total                                                                                                                                              |   |       |  $ | 29,055,434                      |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |
|    |  *                    Party-in-interest                                                                                           |   |                                                                                                                                                     |   |       |    |                            |   |
|    |  #                    Form 5500 does not require cost information for participant-directed                investments   |   |                                                                                                                                                     |   |       |    |
|    |                                                                                                                                                       |   |                                                                                                                                                     |   |       |    |                            |   |

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|          |  **EXHIBIT                INDEX**                                |                         |
|---------------|-----------------------------------------------------------------------|------------------------------|
|  EXHIBIT |                                                                  | SEQUENTIALLY            |
|  NUMBER  |  DESCRIPTION                                                     | NUMBERED                PAGE |
|          |                                                                  |                         |
|  23      | Consent                of Independent Registered Public          |  12                     |
|          |                  Accounting                Firm (filed herewith) |                         |

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EXHIBIT      23

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