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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ____3____)*
P-COM, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
693262305
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(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
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Cusip No. 693262305
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13G
____________________________________________________________________________
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
State of Wisconsin Investment Board
39-6006423
____________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a)____
Not Applicable (b)____
____________________________________________________________________________
3. SEC USE ONLY
____________________________________________________________________________
4. CITZENSHIP OR PLACE OF ORGANIZATION
Madison, Wisconsin
____________________________________________________________________________
NUMBERS OF 5. SOLE VOTING POWER
SHARES 0
BENEFICIALLY __________________________________________________________
OWNED BY 6. SHARED VOTING POWER
EACH Not Applicable
REPORTING __________________________________________________________
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
__________________________________________________________
8. SHARED DISPOSITIVE POWER
Not Applicable
____________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICALLY OWNED BY EACH REPORTING PERSON
0
____________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES * Not Applicable
____________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.00
____________________________________________________________________________
12. TYPE OF REPORTING PERSON *
EP (Public Pension Fund)
____________________________________________________________________________
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1. ISSUER
(a) P-COM, INC.
(b) 3175 S. Winchester Boulevard
Campbell, CA 95008 USA
ITEM 2. PERSON FILING
(a) State of Wisconsin Investment Board
(b) P.O. Box 7842
Madison, WI 53707
(c) Wisconsin State Agency
(d) See cover page
(e) See cover page
ITEM 3. THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) or 13d-2(b) AND THE
STATE OF WISCONSIN INVESTMENT BOARD IS A GOVERNMENT AGENCY WHICH
MANAGES PUBLIC PENSION FUNDS SUBJECT TO PROVISIONS COMPARABLE TO
ERISA.
ITEM 4. OWNERSHIP
(a) See Row 9 on Page 2
(b) See Row 11 on Page 2
(c) The State of Wisconsin Investment Board retains sole voting
and dispositive power for all shares.
ITEM 5. IF THIS STATEMENT IS BEING FILED TO REPORT THE FACT THAT AS OF THE
DATE HEREOF THE REPORTING PERSON HAS CEASED TO BE THE BENEFICIAL
OWNER OF MORE THAN FIVE PERCENT OF THE CLASS OF SECURITIES, CHECK
THE FOLLOWING __X__.
ITEM 6. NOT APPLICABLE
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. NOT APPLICABLE
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not
have the effect of changing or influencing the control of the issuer of
such securities and were not acquired in connection with or as a
participant in any transaction having such purpose or effect.
SIGNATURE
After reasonable inquiry to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
February 15, 2005
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Date
/s/ Jean Ledford
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Signature
Jean Ledford, Chief Investment Officer - Public Equities
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Name/Title