UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

þ		ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2009

OR

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

For the transition period from                      to                     

Commission file number 1-14959 Brady Corporation

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

BRADY MATCHED 401(k) PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

BRADY CORPORATION
6555 WEST GOOD HOPE ROAD
PO BOX 571
MILWAUKEE WI 53202-0571

 

 

Brady Matched 401(k) Plan

Financial Statements as of and for the Years Ended December 31, 2009 and 2008, Supplemental Schedule as of December 31, 2009, and Reports of Independent Registered Public Accounting Firm

BRADY MATCHED 401(k) PLAN
TABLE OF CONTENTS

		PAGE
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			14
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)			15
Consent of Clifton Gunderson LLP

NOTE:		All other schedules required by Section 2520.103—10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

Report of Independent Registered Public Accounting Firm

Retirement Committee
Brady Matched 401(k) Plan
Milwaukee, Wisconsin

We have audited the accompanying statements of net assets available for benefits of Brady Matched 401(k) Plan as of December 31, 2009 and 2008, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Brady Matched 401(k) Plan as of December 31, 2009 and 2008, and the changes in net assets available for benefits for the years then ended in conformity with United States generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedule is presented for purposes of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is presented fairly, in all material respects in relation to the basic financial statements taken as a whole.

/s/ Clifton Gunderson LLP
Milwaukee, Wisconsin
June 29, 2010

BRADY MATCHED 401(K) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2009 and 2008

ASSETS

		2009				2008
ASSETS
Investments — at fair value		$	150,571,706			$	118,493,171
Cash			7				2,259
Receivables
Company contributions			730,242				658,881
Participant contributions			252,800				—
Total receivables			983,042				658,881
Total assets			151,554,755				119,154,311
LIABILITIES — excess contributions payable			(6,866	)			(5,252	)
NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE			151,547,889				119,149,059
Adjustments from fair value to contract value for fully benefit-responsive investment contracts			44,408				800,143
NET ASSETS AVAILABLE FOR BENEFITS		$	151,592,297			$	119,949,202

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

BRADY MATCHED 401(K) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years Ended December 31, 2009 and 2008

		2009				2008
ADDITIONS TO (DEDUCTIONS FROM) NET ASSETS ATTRIBUTED TO
Contributions
Participant		$	7,393,574			$	7,818,534
Company			4,165,190				3,727,254
Rollover			229,034				480,491
Total contributions			11,787,798				12,026,279
Investment income (loss)
Net appreciation (depreciation) in fair value of investments			25,620,160				(56,078,307	)
Dividends			2,361,252				2,742,741
Interest			144,780				341,224
Net investment income (loss)			28,126,192				(52,994,342	)
Benefits paid to participants			(18,027,408	)			(15,234,383	)
Administrative expenses			(319,081	)			(290,915	)
Transfers of assets from Affiliated Plans			10,075,594				—
NET INCREASE (DECREASE)			31,643,095				(56,493,361	)
NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR			119,949,202				176,442,563
NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR		$	151,592,297			$	119,949,202

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

BRADY MATCHED 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

NOTE 1 — DESCRIPTION OF THE PLAN

The following description of the Brady Matched 401(k) Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

General

The Plan is a defined contribution plan, which provides retirement benefits to substantially all full-time employees of Brady Corporation (the Company). The Plan does not provide benefits for employees covered by a collective bargaining agreement, leased employees, co-op students, on-call employees or interns. An employee may become a participant in the Plan on the employee’s initial date of employment. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

Contributions

Each year, participants may contribute up to 50% of their annual base compensation subject to the Internal Revenue Code (IRC) limitations. These voluntary contributions can be withdrawn in whole or part in the event of qualifying emergencies (as defined by the Plan), subject to certain restrictions. The Company is required to contribute a 100% matching contribution of the first 3% and 50% of the next 2% that a participant contributes, subject to compensation limits of $245,000 for calendar year 2009, adjusted for inflation. Participants self-direct all participant and Company contributions.

Participant Accounts

Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution (net of participant forfeitures) and Plan earnings, and charged with withdrawals and an allocation of Plan losses and administrative expenses. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

For any newly eligible participant, the Plan will automatically withhold 3% of the employee’s pay, on a pre-tax basis unless otherwise directed by the employee. The withheld funds will be deposited into an account under the employee’s name in the Plan, unless a waiver form was completed by the employee prior to receiving compensation for the first time subsequent to becoming eligible to participate.

BRADY MATCHED 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

NOTE 1 — DESCRIPTION OF THE PLAN (continued)

Investments

Investment options include various equity funds, a common collective trust fund, a bond fund, two money market funds, and Brady Corporation Class A Non-Voting Common Stock.

Vesting

The Plan provides for full vesting of participants’ contributions from the date they are made. Company contributions will become vested after a two-year period of continuous service for all contributions made after January 1, 2008. The participants’ share of the Company contribution becomes fully vested, in any event, upon normal retirement at age 65, termination due to permanent or total disability or death.

Participants may withdraw their vested interests upon retirement, approved hardship withdrawal, death, disability, or other termination of employment. Withdrawals are made at the participant’s option in the form of a lump sum, installments, or in-kind in shares of Brady Corporation Class A Non-Voting Common Stock.

Participant Loans

Participants may borrow from their plan accounts a minimum of $1,000 and up to 50% of their account balance with a maximum of $50,000. The loans are secured by the balance in the participant’s account and bear interest at the prime rate. As of December 31, 2009, the interest rates on outstanding loans range from 3.25% to 10.25%.

Payment of Benefits

On termination of service due to death, disability, or retirement, a participant may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account, or installments over a specified period. For termination of service for other reasons, a participant may receive the value of the vested interest in his or her account as a lump-sum distribution.

Forfeited Accounts

At December 31, 2009 and 2008, forfeited non-vested accounts totaled $282,737 and $103,340, respectively. These amounts were used to reduce employer contribution receivables as of December 31, 2009 and 2008.

BRADY MATCHED 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The accompanying financial statements have been prepared under the accrual basis in accordance with accounting principles generally accepted in the United States of America (GAAP).

Investment contracts held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits for a defined contribution plan attributable for fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plans. The Statement of Net Assets Available for Benefits presents the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires Plan management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.

Risks and Uncertainties

The Plan utilizes various investment instruments, including mutual funds, common stock and a common collective trust fund. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

BRADY MATCHED 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Investment Valuation and Income Recognition

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Refer to Note 4 below.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Management fees and operating expenses charged to the Plan for investments in the mutual funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.

Administrative Expenses

Administrative fees are paid by the Plan. The Company pays the other accounting, investment management, legal and miscellaneous fees of the Plan.

Payment of Benefits

Benefit payments to participants are recorded upon distribution. There were no amounts allocated to accounts of persons who have elected to withdraw from the Plan, but have not yet been paid as of December 31, 2009 and 2008.

Excess Contributions Payable

The Plan is required to return contributions received during the Plan year in excess of the IRC limits to the contributing participants. There were excess contributions of $6,866 and $5,252 for the years ended December 31, 2009 and 2008, respectively.

BRADY MATCHED 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

NOTE 3 — INVESTMENTS

The value of individual investments held which exceeded 5% of the net assets available for benefits at December 31, 2009 and 2008, was as follows:

		2009				2008
Growth Fund of America		$	26,267,719			$	—
PNC Investment Contract Fund*			**17,708,602				20,931,871
Vanguard Institutional Index Fund			12,254,421				9,746,536
Vanguard Total Bond Index Inst			11,663,878				9,496,041
Fidelity Diversified International Fund			11,219,485				7,434,435
Vanguard Prime Mmkt Inst			10,856,178				—
Oppenheimer Developing Markets			8,718,437				—
LSV Value Equity Fund			7,727,108				—
Fidelity Advisors Equity Growth Fund			—				21,803,220
Vanguard Admiral Treasury			—				11,982,850

During the years ended December 31, 2009 and 2008, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:

		2009				2008
Equity funds		$	23,579,784			$	(56,095,828	)
Bond fund			184,160				218,740
Common collective trust fund			585,435				936,525
Brady Corporation common stock			1,270,781				(1,137,744	)
Net appreciation (depreciation) in fair value of investments		$	25,620,160			$	(56,078,307	)

BRADY MATCHED 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

NOTE 4 — FAIR VALUE MEASUREMENT

GAAP establishes a hierarchal disclosure framework which prioritizes and ranks the level of observable inputs used in measuring fair value.

Additionally, GAAP defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Plan primarily applies the market approach for recurring fair value measurements and attempts to utilize the best available information. Accordingly, the Plan also utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The Plan is able to classify fair value balances based on the observability of those inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The Plan’s net assets measured at fair market value are classified in one of the following categories:

Level 1		Assets for which fair value is based on quoted market prices in active markets for identical instruments as of the reporting date.

Level 2		Assets for which fair value is based on valuation models for which pricing inputs were either directly or indirectly observable

Level 3		Assets for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any inputs that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2009.

Shares of equity funds and bond funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year end. Common stock is valued at quoted market prices. Such securities are classified within Level 1 of the valuation hierarchy.

The common collective trust fund is valued at fair market value of the underlying investments and then adjusted by the issuer to contract value. The collective trust funds do not have finite lives, unfunded commitments relating to these types of investments, or significant restrictions on redemptions. The money market funds are valued at a stable $1.00 net asset value. Such securities are classified within Level 2 of the valuation hierarchy.

Participant loans are valued at the amortized cost, which represents fair value. Such securities are classified within Level 3 of the valuation hierarchy.

BRADY MATCHED 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

NOTE 4 — FAIR VALUE MEASUREMENT (continued)

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurement at the reporting date.

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as December 31, 2009.

		Level 1				Level 2				Level 3				Total
Mutual funds
Growth funds		$	32,895,893			$	—			$	—			$	32,895,893
Balanced funds			12,254,421				—				—				12,254,421
Value funds			13,505,011				—				—				13,505,011
International funds			19,937,922				—				—				19,937,922
Target date funds			23,128,261				—				—				23,128,261
Bond funds			11,663,878				—				—				11,663,878
Other funds			1,904,967				—				—				1,904,967
Money market funds			—				10,856,308				—				10,856,308
Brady common stock			3,901,240				—				—				3,901,240
Common collective trust fund			—				17,664,194				—				17,664,194
Participant loans			—				—				2,859,611				2,859,611
Total		$	119,191,593			$	28,520,502			$	2,859,611			$	150,571,706

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as December 31, 2008.

		Level 1				Level 2				Level 3				Total
Equity funds		$	71,524,084			$	—			$	—			$	71,524,084
Bond fund			9,496,041				—				—				9,496,041
Money market funds			—				11,983,892				—				11,983,892
Brady common stock			2,992,404				—				—				2,992,404
Common collective trust fund			—				20,131,728				—				20,131,728
Participant loans			—				—				2,365,022				2,365,022
Total		$	84,012,529			$	32,115,620			$	2,365,022			$	118,493,171

BRADY MATCHED 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

NOTE 4 — FAIR VALUE MEASUREMENT (continued)

The following table sets forth a summary of changes in fair value of the Plan’s level 3 assets for the year ended December 31, 2009 and 2008.

		2009				2008
Balance, beginning of year		$	2,365,022			$	2,464,347
Purchases, sales, issuance, and settlements (net)			494,589				(99,325	)
Balance, end of year		$	2,859,611			$	2,365,022

NOTE 5 — PLAN TERMINATION

Although it has not expressed any intention to do so, the Company has the right under the Plan provisions to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event that the Plan is terminated, participants would become 100 percent vested in unvested employer matching contributions in their accounts.

NOTE 6 — FEDERAL INCOME TAX STATUS

The Plan uses a prototype plan document sponsored by PNC Bank (PNC or the Trustee). PNC received an opinion letter from the Internal Revenue Service (IRS), dated November 19, 2001, which states that the prototype document satisfies the applicable provisions of the IRC. The Plan itself has not received a determination letter from the IRS. However, the Plan’s management believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income tax has been included in the Plan’s financial statements.

NOTE 7 — EXEMPT PARTY-IN-INTEREST TRANSACTIONS

The Plan invests in Company common stock. In addition, certain plan investments represent shares of mutual funds and common collective trust funds managed by the Trustee. Fees paid by the Plan for investment management services were included as a reduction of the return earned on each fund. These transactions are considered party-in-interest transactions. These transactions are not, however, considered prohibited transactions under ERISA regulations.

At December 31, 2009 and 2008, the Plan held 129,998 and 124,944 shares, respectively of common stock of Brady Corporation, with a cost basis of $2,824,087 and $3,127,795, respectively. During the years ended December 31, 2009 and 2008, the Plan recorded dividend income from the common stock of Brady Corporation of $93,305 and $69,176, respectively.

BRADY MATCHED 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

NOTE 8 — RECONCILIATION TO FORM 5500

Net assets available for benefits in the accompanying financial statements are reported at contract value; however, they are recorded at fair value in the Plan’s Form 5500.

The following table reconciles net assets available for benefits per the financial statements to the Plan’s Form 5500 as of December 31:

		2009				2008
Net assets available for benefits per financial statements		$	151,592,297			$	119,949,202
Adjustment from contract value to fair value for fully benefit-responsive investment contracts			(44,408	)			(800,143	)
Amounts reported per Form 5500		$	151,547,889			$	119,149,059

The following table reconciles the increase (decrease) in net assets available for benefits per the financial statements to the Form 5500 for the year ended December 31:

		2009				2008
Amounts reported per financial statements		$	31,643,095			$	(56,493,361	)
Adjustment from contract value to fair value for fully benefit-responsive investment contracts at end of year			(44,408	)			(800,143	)
Adjustment from contract value to fair value for fully benefit-responsive investment contracts at beginning of year			800,143				(227,453	)
Transfer of assets (to) from Plan			(10,075,594	)			11,702
Amounts reported per Form 5500		$	22,323,236			$	(57,509,255	)

BRADY MATCHED 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

NOTE 9 — TRANSFERS OF ASSETS FROM AFFILIATED PLANS

Effective January 1, 2009, the Sorbent Products Co., Inc. Profit Sharing Plan; the Electromark Co. Permar Systems Inc. 401 (k) Profit Sharing & Trust; the AIO Acquisitions Inc. 401 (k) Plan; the IDR & CIPI Savings Plan; and the Tricor/EMED Co. Inc. 401 (k) Plan (formerly known as EMED Co. Inc. 401 (k) Plan) merged into the Plan.

NOTE 10 — SUBSEQUENT EVENTS

Management evaluated subsequent events through the date the financial statements were issued. Events or transactions occurring after December 31, 2009, but prior to when the financial statements were issued, that provided additional evidence about conditions that existed at December 31, 2009 have been recognized in the financial statements for the year ended December 31, 2009. Events or transactions that provided evidence about conditions that did not exist at December 31, 2009 but arose before the financial statements were issued, have not been recognized in the financial statements for the year ended December 31, 2009

Effective January 1, 2010, the Clement Communications Incorporated Pension Plan and the Stopware, Inc. 401(k) Plan merged into the Plan.

This information is an integral part of the accompanying financial statements.

SUPPLEMENTAL SCHEDULE

BRADY MATCHED 401(K) PLAN
SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2009

EIN #: 39-0178960
Plan #: 003

		Fair
Description		Value
EQUITY FUNDS
Oppenheimer Developing Markets		$	8,718,437
Growth Fund of America			26,267,719
Fidelity Diversified International Fund			11,219,485
Blackrock Small Cap Growth Equity Portfolio*			6,628,174
American Century Small Cap Value Fund			5,777,903
LSV Value Equity Fund			7,727,108
T. Rowe Price Retirement 2010			5,152,153
T. Rowe Price Retirement 2020			5,805,961
T. Rowe Price Retirement 2030			6,085,588
T. Rowe Price Retirement 2040			5,510,736
T. Rowe Price Retirement 2050			573,823
Credit Suisse Commodity Return			1,904,967
Vanguard Institutional Index Fund			12,254,421
			103,626,475
COMMON COLLECTIVE TRUST FUND
PNC Investment Contract Fund*			17,664,194
BOND FUND
Vanguard Total Bond Index Inst			11,663,878
MONEY MARKET FUNDS
Vanguard Prime Money Market Fund			10,856,178
Brady Stock Liquidity Fund*			130
			10,856,308
COMMON STOCK
Brady Corporation Class A Non-voting*			3,901,240
PARTICIPANT LOANS, at various interest rates and due through April 1, 2039*			2,859,611
TOTAL ASSETS (HELD AT END OF YEAR)		$	150,571,706

*Party-in-interest in the Plan.

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT INDEX

Exhibit No.				Description
	23.1			Consent of Clifton Gunderson LLP