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UNITED STATES SECURITIES AND EXCHANGE COMMISSION\n

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Washington, D.C. 20549\n

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F O\nR M 11 - K\n

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

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For the fiscal year ended December 31, 2005\n\n

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OR\n\n

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

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For the transition period from to \n\n

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Commission file number 1-14959 Brady Corporation

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Full title of the plan and the address of the plan, if different from that of the issuer\nnamed below:

EMED CO INC., 401(k) PLAN\n

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Name of issuer of the securities held pursuant to the plan and the address of its principal\nexecutive office:

BRADY CORPORATION
\n6555 WEST GOOD HOPE ROAD
\nPO BOX 571
\nMILWAUKEE WI 53202-0571

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EMED CO., INC. 401(k) PLAN\n

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TABLE OF CONTENTS\n\n


		Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		1

FINANCIAL STATEMENTS:

Statements of Net Assets Available for Benefits as of December 31, 2005 and 2004		2

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2005		3

Notes to Financial Statements		4–7

SUPPLEMENTAL SCHEDULE—		8

Form 5500, Schedule H, Part IV, Line 4i—Schedule of Assets (Held at End of Year) as of December 31, 2005		9
Consent of Deloitte & Touche LLP

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NOTE:		All other schedules required by Section 2520.103–10 of the Department of\nLabor’s Rules and Regulations for Reporting and Disclosure under the Employee\nRetirement Income Security Act of 1974 have been omitted because they are not\napplicable.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n

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To the Plan Administrators of the
\nEMED Co., Inc. 401(k) Plan:\n\n

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We have audited the accompanying statements of net assets available for benefits of EMED Co., Inc.\n401(k) Plan (the “Plan”) as of December 31, 2005 and 2004, and the related statement of changes in\nnet assets available for benefits for the year ended December 31, 2005. These financial statements\nare the responsibility of the Plan’s management. Our responsibility is to express an opinion on\nthese financial statements based on our audits.\n

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

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In our opinion, such financial statements referred to above present fairly, in all material\nrespects, the net assets available for benefits of the Plan as of December 31, 2005 and 2004, and\nthe changes in net assets available for benefits for the year ended December 31, 2005, in\nconformity with accounting principles generally accepted in the United States of America.\n

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Our audits were conducted for the purpose of forming an opinion on the basic financial statements\ntaken as a whole. The supplemental schedule of assets (held at end of year) as of December 31,\n2005, is presented for the purpose of additional analysis and is not a required part of the basic\nfinancial statements, but is supplementary information required by the Department of Labor’s Rules\nand Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of\n1974. This schedule is the responsibility of the Plan’s management. Such schedule has been\nsubjected to the auditing procedures applied in our audit of the basic 2005 financial statements\nand, in our opinion, is fairly stated in all material respects when considered in relation to the\nbasic financial statements taken as a whole.\n

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$\"(DELOITTE$ \n

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Milwaukee, Wisconsin
\nOctober 10, 2006\n\n

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EMED CO., INC. 401(k) PLAN\n

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STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
\nAS OF DECEMBER 31, 2005 AND 2004\n\n


	2005		2004
ASSETS:
Investments:
Mutual funds	$	4,005,798		$	3,445,224
Common collective trust fund		24,718
Brady Corporation common stock		614
Participant loans		110,489			107,022


Total investments		4,141,619			3,552,246

Employer contributions receivable		236,508			246,700


NET ASSETS AVAILABLE FOR BENEFITS	$	4,378,127		$	3,798,946

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See notes to financial statements.\n

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EMED CO., INC. 401(k) PLAN\n

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STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
\nFOR THE YEAR ENDED DECEMBER 31, 2005\n\n


ADDITIONS:
Contributions:
Participant	$	371,237
Employer		236,508
Rollover		5,780


Total contributions		613,525


Investment income:
Net appreciation in fair value of investments		58,497
Interest and dividends		176,165


Net investment income		234,662


Total additions		848,187


DEDUCTIONS:
Benefits paid to participants		252,328
Administrative expenses		16,678


Total deductions		269,006


INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS		579,181

NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year		3,798,946


End of year	$	4,378,127

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See notes to financial statements.\n

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EMED CO., INC. 401(k) PLAN\n

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NOTES TO FINANCIAL STATEMENTS
\nAS OF DECEMBER 31, 2005 AND 2004, AND FOR THE YEAR ENDED DECEMBER 31, 2005\n\n

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1.		DESCRIPTION OF THE PLAN

		The following description of the EMED Co., Inc. 401(k) Plan (the “Plan”) is provided for\ngeneral information purposes only. Participants should refer to the Plan document for more\ncomplete information.

		*General*—The Plan is a defined contribution plan covering all full-time employees of EMED Co.,\nInc. (the “Company”) who have three months of service and are age twenty-one or older. The\nCompany controls and manages the operation and administration of the Plan. On July 8, 2005, the\nCompany replaced Expert Plan, the former recordkeeper, and Matrix Capital Bank Trust, the\nformer custodian, with PNC Bank, N.A. As of December 31, 2005, PNC Bank, N.A. serves as the\nrecordkeeper and custodian of the Plan. The Plan is subject to the provisions of the Employee\nRetirement Income Security Act of 1974 (“ERISA”), as amended.

		*Contributions*—Each year, participants may contribute up to 100% of their pretax annual\ncompensation, as defined in the Plan, subject to certain Internal Revenue Code (“IRC”)\nlimitations. Additional amounts may be contributed at the discretion of the Company’s board of\ndirectors. Discretionary contributions of $236,508 were made for the year ended December 31,\n2005. Participants may also contribute amounts representing distributions from other qualified\ndefined benefit or defined contribution plans.

		*Participant Accounts*—Individual accounts are maintained for each Plan participant. Each\nparticipant’s account is credited with the participant’s contribution and allocations of\nCompany discretionary contributions, participant forfeitures and Plan earnings, and charged\nwith withdrawals and an allocation of Plan losses and administrative expenses. Allocations are\nbased on participant earnings or account balances, as defined in the Plan Document. The benefit\nto which a participant is entitled is the benefit that can be provided from the participant’s\nvested account.

		*Investments*—Participants direct the investment of their contributions into various investment\noptions offered by the Plan. The Plan currently offers a variety of investment options\nincluding equity funds, a common collective trust fund, one bond fund, a money market fund, and\nBrady Corporation common stock. Effective July 8, 2005, participants were first offered the\noption to invest in Brady Corporation Class A non-voting common stock.

		*Vesting*—Participants are vested immediately in their contributions plus actual earnings\nthereon. Vesting in the Company’s contribution portion of their accounts is based on years of\ncontinuous service. A participant is vested based on the following vesting schedule: 10% at 1\nyear, 20% at 2 years, 40% at 3 years, 60% at 4 years, 80% at 5 years, and 100% at 6 years of\nservice.

		*Participant Loans*—Participants may borrow from their fund accounts up to a maximum of $50,000\nor 50% of their account balance, whichever is less. The loans are secured by the balance in the\nparticipant’s account and bear interest at rates commensurate with local prevailing rates at\nthe time funds are borrowed as determined quarterly by the Plan administrator. Interest rates\nrange from 6% to 8% for outstanding loans as of December 31, 2005. Principal and interest is\npaid ratably through payroll deductions.

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		*Payment of Benefits*—On termination of service, a participant may elect to receive a lump-sum\namount equal to the value of the participant’s vested interest in his or her account.

		*Forfeited Accounts*—At December 31, 2005 and 2004, forfeited nonvested accounts totaled $30,520\nand $9,282, respectively. Amounts forfeited are allocated amongst eligible participants on a\npro rata basis determined by the participants’ accounts.

2.		SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

		*Basis of Accounting*—The accompanying financial statements have been prepared in accordance with\naccounting principles generally accepted in the United States of America.

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

		*Risks and Uncertainties*—The Plan utilizes investment instruments such as mutual funds.\nInvestment securities, in general, are exposed to various risks, such as interest rate risk,\ncredit risk, and overall market volatility. Due to the level of risk associated with certain\ninvestment securities, it is reasonably possible that changes in the values of investment\nsecurities will occur in the near term and that such changes could materially affect the\namounts reported in the financial statements.

		*Investment Valuation and Income Recognition*—The Plan’s investments are stated at fair value.\nShares of mutual funds are valued at quoted market prices, which represent the net asset value\nof shares held by the Plan at year end. Participant loans are valued at the outstanding loan\nbalances.

		The Plan invests in the PNC EMED Stable Asset Fund. The PNC EMED Stable Asset Fund is made up\nof the PNC Investment Contract Fund and Blackrock Money Market Fund. The PNC Investment\nContract Fund is a common collective trust that invests in fully benefit responsive guaranteed\ninvestment contracts (“GICs”) and synthetic guaranteed investment contracts (“SGICs”). The GICs\nand SGICs are recorded at contract value, which approximates fair value. The average yields\nwere approximately 4.08% and 3.44% as of December 31, 2005 and 2004, respectively.

		Purchases and sales of securities are recorded on a trade-date basis. Interest income is\nrecorded on the accrual basis. Dividends are recorded on the ex-dividend date.

		Management fees and operating expenses charged to the Plan for investments in the mutual funds\nare deducted from income earned on a daily basis and are not separately reflected.\nConsequently, management fees and operating expenses are reflected as a reduction of net\nappreciation in the fair value for such investments.

		*Administrative Expenses*—Administrative expenses of the Plan are paid by the Plan as provided in\nthe Plan Document.

		*Payment of Benefits*—Benefit payments to participants are recorded upon distribution. There were\nno amounts allocated to accounts of persons who have elected to withdraw from the Plan but have\nnot yet been paid as of December 31, 2005 and 2004.

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3.		INVESTMENTS

		The Plan’s investments that represented 5% or more of the Plan’s net assets available for\nbenefits as of December 31, 2005 and 2004, are as follows:


	2005		2004
Fidelity Advisors Equity Growth Fund	$	928,214		$	—
American Funds Washington Investors Fund		855,059
Fidelity Advisors Intermediate Bond Fund		695,113
Fidelity Diversified International Fund		475,008
BlackRock Small Cap Growth Equity Portfolio*		405,184
American Century Small Cap Value Fund		320,324
Dodge and Cox Stock Fund					757,691
Harbor Capital Appreciation Fund					649,234
Scudder US Bond Index Fund					581,807
Scudder EAFE Equity Index Fund					377,052
Vanguard Capital Opportunity Fund					226,260
Vanguard Small-Cap Value Fund					215,392
Vanguard Strategic Equity Fund					200,736

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*		Party-in-interest.

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During the year ended December 31, 2005, the Plan’s mutual fund investments (including gains\nand losses on investments bought and sold, as well as held during the year) appreciated in\nvalue as follows:

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Equity funds	$	68,948
Bond fund		(12,575	)
Money market fund		1,665
Common collective trust fund		384
Brady Corporation common stock		74


	$	58,496

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4.		PLAN TERMINATION

		Although it has not expressed any intention to do so, the Company has the right under the Plan\nto discontinue its contributions at any time and to terminate the Plan subject to the\nprovisions set forth in ERISA. In the event that the Plan is terminated, participants would\nbecome 100% vested in their accounts.

5.		FEDERAL INCOME TAX STATUS

		The Plan uses a prototype plan document sponsored by Expert Plan, Inc. (“Expert Plan”). Expert\nPlan received an opinion letter from the Internal Revenue Service (“IRS”), dated November 11,\n2001, which states that the prototype document satisfies the applicable provisions of the\nInternal Revenue Code (“IRC”). The Plan itself has not received a determination letter from the\nIRS. However, the Plan’s management believes that the Plan is currently designed and being\noperated in compliance with the applicable requirements of the IRC. Therefore, no provision for\nincome tax has been included in the Plan’s financial statements.

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EMED CO., INC. 401(k) PLAN\n

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FORM 5500, SCHEDULE H, PART IV, LINE 4i—
\nSCHEDULE OF ASSETS (HELD AT END OF YEAR)
\nAS OF DECEMBER 31, 2005\n\n

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Par Value,					Fair
Units or Shares			Description		Value
				EQUITY FUNDS:
	2,357			MFS Emerging Markets Equity Fund		$	71,784
	19,346			Fidelity Advisors Equity Growth Fund			928,214
	14,598			Fidelity Diversified International Fund			475,008
	659			PIMCO Commodity Real Return			9,788
	24,176			Blackrock Small Cap Growth Equity Portfolio*			405,184
	33,228			American Century Small Cap Value Fund			320,324
	27,735			American Funds Washington Investors Fund			855,059
	695			T Rowe Price Retirement 2010			10,108
	186			T Rowe Price Retirement 2030			3,064
	57			T Rowe Price Retirement 2040			946
	918			Vanguard Institutional Index Fund			104,672


							3,184,151


				COMMON COLLECTIVE TRUST FUND—
	8,874			PNC Investment Contract Fund*			24,718

				BOND FUND—
	64,184			Fidelity Advisors Intermediate Bond Fund			695,113

				MONEY MARKET FUNDS:
	122,115			Blackrock Money Market Portfolio*			126,494
	40			Brady Stock Liquidity Fund*			40


							126,534


				COMMON STOCK—
	17			Brady Corporation Class A Non-voting*			614

				PARTICIPANT LOANS—At various rates;
				due through 2020*			110,489


TOTAL ASSETS (HELD AT END OF YEAR)		$	4,141,619

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*		Party-in-interest.

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	EMED CO INC., 401(k) PLAN \n
Date: October 16, 2006	\n
	Gary Vose
	Plan Administrative Committee\nMember

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6.		RELATED PARTY TRANSACTIONS

		The Plan invests in Company common stock. Certain plan investments represent shares of mutual\nfunds and common collective trust funds managed by the custodian. These transactions are\nconsidered party-in-interest transactions. These transactions are not, however, considered\nprohibited transactions under ERISA regulations. Fees paid by the Plan for investment\nmanagement services were included as a reduction of the return earned on each fund.


Exhibit No.		Description
23\n		Consent of Deloitte & Touche LLP