This document includes a brief overview of the assets under management by the Investment Board and the financial statements and related notes for the fiscal years ending June 30, 2007, and June 30, 2006. A complete listing of the Board’s investments held as of June 30, 2007, is available on the Internet at www.swib.state.wi.us or by contacting the State of Wisconsin Investment Board using the contact information provided on the back cover of this report.