Table of Contents

WisdomTree Trust

Annual Report

March 31, 2022

Table of Contents

Table of Contents

“WisdomTree” is a registered mark of WisdomTree Investments, Inc. and is licensed for use by the WisdomTree Trust.

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Market Environment Overview

(unaudited)

Global equity markets, as measured by the MSCI All Country World Index (“ACWI“), returned 7.28% in U.S. dollar (“USD”) terms for the 12-month fiscal period ending March 31, 2022 (the “period”). Emerging markets (“EM“) (measured by the MSCI Emerging Markets Index) were not as fortunate, however, and fell 11.37% in USD terms.

International currency market performance was mixed during the period, although the USD broadly strengthened relative to a basket of global currencies. Among emerging market currencies, the Chinese yuan renminbi strengthened relative to the USD, though this may have had an adverse impact on Chinese equity market performance since that would make exports more expensive in an economy that heavily relies on them. The Russian ruble weakened significantly versus the USD as a result of economic sanctions levied against Russia by the rest of the world for its war with Ukraine. The Indian rupee also weakened versus the USD, while the Brazilian real fluctuated for most of the period, before strengthening toward the end of the period.

Global equities generally moved higher for most of the period as the global economy continued its recovery from the COVID-19 pandemic that began in 2020. Vaccine accessibility established confidence in global markets as regional economies steadily began to reopen, promoting a revival in cyclical sectors that had been adversely affected the prior year. The pace of economic growth quickened during 2021, along with the inflation rates around the world, amid a global backdrop of accommodative monetary policy. EM, however, suffered as a result of concentrated and severe headwinds during the period.

During the second quarter of 2021, both global and EM stocks gradually moved higher, with the above equity indexes returning between 5-7.4% in USD terms. Their growth was partially due to the approval and distribution of vaccines around the world, which enabled a return to economic growth and a revival in cyclical economic sectors, which heavily comprise EM especially. Coupled with accommodative monetary policy around the world, equities benefitted during the quarter.

Growth slowed in the third quarter of 2021 with global equities falling approximately 1% in USD terms, while the selloff in EM was more pronounced, falling over 8%. Early summertime optimism faded as new and potentially more infectious COVID-19 variants appeared and spread throughout the world. This elicited fear of renewed “lockdowns” and threatened the ongoing economic recovery.

EM equities had a more difficult quarter for additional reasons. As the largest portion of the region, headwinds in China had an adverse impact on broader EM. Beginning in the late-spring and early-summer months, Chinese government officials became very critical of what they viewed as excessive wealth creation by business owners and executives. These attitudes weighed on China’s heavyweight technology sector, and a steep sell-off ensued. Chinese equities fell into correction territory, declining over 13% in USD terms during June 2021 alone.

Global equities regained their footing heading into the fourth quarter of 2021, returning about 6.68% in USD terms. However, EM, once again, was not as fortunate. More bad news came in the fall, as China’s real estate market began to severely struggle amid default concerns from one of its largest property developers. Fears of systemic impacts briefly sent global markets down further, though they finished 2021 strong once their contagion concerns were allayed. EM equities were unable to maintain the gains they earned in October 2021, and finished the quarter in negative territory.

With 2021 in rearview, investors began 2022 with several concerns that led to risk-off sentiments in the first quarter of 2022. At the forefront were concerns about runaway inflation around the world, and the expectation that global central banks would have to quickly intervene with restrictive monetary policy actions to temper rising inflation. Interest rates around the world rose quickly as bonds sold-off, and the U.S. Federal Reserve raised its target federal funds rate for the first time since slashing it to 0% at the onset of the pandemic in 2020.

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Market Environment Overview

(unaudited) (concluded)

Inflationary and interest rate concerns temporarily took a backseat halfway through the first quarter of 2022, as geopolitical tensions between Russia and Ukraine escalated into war. Investor risk-on sentiment deteriorated, and equities declined for several weeks as markets assessed the developments and prospects for resolution.

As a result, global equities sold off in the first quarter of 2022, owing to the near-certainty of several upcoming interest rate hikes amid a tightening cycle and geopolitical tensions between Russia and Ukraine. Both global and EM equities sold off between 5 and 7% in USD terms, as the confluence of rising rates and geopolitical risks reduced the attractiveness of equities as an asset class, and riskier international and EM equities in particular. The latter are particularly susceptible to changes in overall global economic growth, and they underperformed other regions during the downturn in the first quarter of 2022, accordingly.

Many of these risk factors remain paramount, and global financial market performance will be heavily dependent on developments in the war between Russia and Ukraine, economic data, and upcoming central bank activity.

Each WisdomTree Fund’s performance as set forth in “Management’s Discussion of Funds’ Performance” in the pages that follow should also be viewed in light of the foregoing market environment.

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Information about Performance and Shareholder Expense Examples (unaudited)

Performance

The performance tables on the following pages are provided for comparative purposes and represent the period noted. Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market price return is based on the market price per share of the Fund. The price used to calculate market price returns is the midpoint of the bid and ask price for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other exchange traded funds (“ETFs”), NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities.

Fund shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Fund NAV returns are calculated using a Fund’s daily 4:00 p.m. eastern time NAV. Market price returns reflect the midpoint of the bid and ask price as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Total returns for a period of less than one year are cumulative.

Performance is historical and does not guarantee future results. Current performance may be lower or higher than quoted. Investment returns and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For the most recent month-end performance information visit www.wisdomtree.com.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore, index returns do not reflect deductions for fees or expenses and an index is not available for direct investment. In comparison, the Funds’ performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes on transactions in Fund shares or taxes that a shareholder would pay on Fund distributions. Past performance is no guarantee of future results.

Shareholder Expense Examples

Each Fund’s performance table is accompanied by a shareholder expense example. As a shareholder of a WisdomTree Fund, you incur two types of cost: (1) transaction costs, including brokerage commissions on purchases and sales of your Fund shares and (2) ongoing costs, including management fees and other Fund expenses. The examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2021 to March 31, 2022. Except where noted, expenses are calculated using each Fund’s annualized expense ratio (after the effect of contractual or voluntary fee waivers, if any), multiplied by the average account value for the period, multiplied by 182/365 (to reflect the one-half year period). The annualized expense ratio does not include acquired fund fees and expenses (“AFFEs”), which are fees and expenses incurred indirectly by a Fund through its investments in certain underlying investment companies.

Actual expenses

The first line in the shareholder expense example table shown on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second line in the shareholder expense example table shown on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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Management’s Discussion of Funds’ Performance

WisdomTree China ex-State-Owned Enterprises Fund (CXSE)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree China ex-State-Owned Enterprises Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree China ex-State-Owned Enterprises Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in Chinese companies that are not state-owned enterprises (“SOEs”), which is defined as government ownership of greater than 20%. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -35.81% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Consumer Discretionary, Information Technology and Industrials, due to allocation effects within Industrials and stock selection effects within Consumer Discretionary and Information Technology. Positions in the Financials, Energy and Materials sectors weighed negatively on performance for the Fund, due to both allocation and stock selection effects. When analyzing performance by State-Ownership attribution, the Fund’s lack of exposure to SOEs weighed on performance the most, owing to allocation effects, since SOEs performed much better than non-state-owned enterprises (“Non-SOEs”) during the fiscal year. Non-SOEs, representing the entirety of the Fund, were still additive due positive stock selection, but not enough to offset the losses from eliminating SOEs. Chinese equities had a difficult fiscal year due to a combination of COVID-19 lockdown impacts, economic growth concerns, severe risks in its Real Estate market, and changing governmental attitudes toward profit-seeking enterprises. The confluence of these factors sent the Chinese equity market down sharply for the fiscal year.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

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Management’s Discussion of Funds’ Performance

WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Emerging Markets ex-State-Owned Enterprises Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in emerging market companies that are not state-owned enterprises, which is defined as government ownership of more than 20%. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -16.70% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Information Technology, Consumer Staples and Consumer Discretionary, primarily due to stock selection effects within each. Positions in the Financials, Energy and Materials sectors weighed negatively on performance, due to poor stock selection in the latter two and a combination of stock selection and effects within Financials. When analyzing performance by country, exposures within China and Russia weighed negatively on performance the most, owing to combination of allocation and stock selection effects resulting from the recent volatility in both equity markets. India and Taiwan were the strongest contributors due to allocation effects in the former and stock selection impacts in the latter. The Fund’s underperformance relative to its Index was also attributable to the Index valuing Russian securities that suspended trading at their last traded price in accordance with the Index’s calculation methodology, whereas, the Fund is valuing Russian securities that suspended trading in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) applicable to the Fund which requires assets to be fair valued at the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions; which the Fund has estimated to be zero.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

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Management’s Discussion of Funds’ Performance

WisdomTree Emerging Markets High Dividend Fund (DEM)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Emerging Markets High Dividend Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Emerging Markets High Dividend Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in high-dividend-yielding companies in the emerging markets region. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 5.65% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Consumer Discretionary, Communication Services and Energy, primarily due to stock selection effects within each. Positions in the Real Estate, Industrials and Consumer Staples sectors weighed on performance for the Fund, due to poor stock selection effects in the latter two and allocation effects in Consumer Discretionary. When analyzing performance by country, exposures within India and Russia were the largest detractors from performance, due to allocation impacts from an underweight position in India and allocations to Russian issuers that were relatively poor performers over the fiscal year as a result of economic sanctions levied against Russia. China and Brazil were top performance contributors. The Fund was underweight the former during its difficult year and managed to pick stronger-performing stocks, while it was overweight the latter during a strong year for Brazilian equities. The Fund’s underperformance relative to its Index was also attributable to the Index valuing Russian securities that suspended trading at their last traded price in accordance with the Index’s calculation methodology, whereas, the Fund is valuing Russian securities that suspended trading in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) applicable to the Fund, requiring assets to be fair valued at the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions, which the Fund has estimated to be zero.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

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Management’s Discussion of Funds’ Performance

WisdomTree Emerging Markets Multifactor Fund (EMMF)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Emerging Markets Multifactor Fund (the ‘‘Fund’’) seeks capital appreciation by investing in equity securities of emerging markets countries with the highest composite scores based on two fundamental factors, value and quality measures, and two technical factors, momentum and correlation.

The Fund returned -5.72% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund’s position in the Consumer Discretionary and Communication Services sectors were additive for a positive performance mostly due to stock selection effects. The Materials sector detracted from performance primarily due to stock selection effects as well. Exposures in China and Taiwan were additive primarily due to stock selection effects. A lack of exposure to Saudi Arabia weighed negatively on performance, while exposures in Russia also detracted from performance as a result of stock selection. Over the fiscal year, uncertainty and volatility have entered the global markets as investors are accessing the impacts of inflation and rising rates, China regulatory crackdowns, Russia’s invasion of Ukraine, and global supply chains being disrupted due to COVID-19 issues. This has resulted in global equity markets largely being down during the fiscal year. However, higher quality and lower valuation companies have continued to be a preferred destination over their more growth-oriented and lower quality counterparts, which are two of the screening factors withing the Fund’s methodology. During the fiscal year, the Fund’s overweight to the higher quality companies and its underweight to lower quality companies were both positive contributors to performance. Further, the Fund’s overweight in lower price-to-earnings companies and underweight in higher price-to-earnings companies were both beneficial to performance as lower multiple companies benefited from the rotation from growth into value during the period.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Table of Contents

Management’s Discussion of Funds’ Performance

WisdomTree Emerging Markets Quality Dividend Growth Fund (DGRE)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Emerging Markets Quality Dividend Growth Fund (the ‘‘Fund’’) seeks income and capital appreciation by investing in dividend-paying companies with growth characteristics in the emerging markets region.

The Fund returned -8.48% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund’s position in the Consumer Discretionary sector contributed most positively to performance. The Fund’s position in the Consumer Discretionary sector was by far the strongest performer, owing to stock selection effects, while its position in Financials weighed negatively on performance due to a combination of allocation and stock selection effects. Exposures in China were additive due to a combination of allocation and selection effects. Positions in India were also additive, primarily due to allocation effects. Exposures in Taiwan had negative performance impacts, owing mainly to poor stock selection. Over the fiscal year, uncertainty and volatility have entered the global markets as investors are accessing the impacts of inflation and rising rates, China regulatory crackdowns, Russia’s invasion of Ukraine, and global supply chains being disrupted due to COVID-19 issues. This has resulted in global equity markets largely being down during the fiscal year. However, quality companies have continued to be a preferred destination over their more risky, less certain counterparts. Inherent in the Fund’s methodology is a quality screening process. During the fiscal year, the Fund’s overweight to the higher quality companies and its underweight to the lower quality companies were both positive contributors to performance. Further, negative earning companies were amongst the worst performing subset of the emerging markets equity universe, and the Fund has minimal exposure to those names.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Emerging Markets SmallCap Dividend Fund (DGS)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Emerging Markets SmallCap Dividend Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Emerging Markets SmallCap Dividend Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the emerging markets region. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 9.48% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Health Care, Utilities and Consumer Discretionary, due to allocation and stock selection effects within each sector. Positions in the Real Estate, Industrials and Energy sectors weighed negatively on performance for the Fund, due to a combination of allocation and stock selection. When analyzing performance by country, exposures within Thailand and India were the largest detractors from performance, owing to allocation effects in both. South Korea and Brazil were top performance contributors due to allocation and stock selection.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

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Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Global ex-U.S. Quality Dividend Growth Fund (DNL)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Global ex-U.S. Quality Dividend Growth Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Global ex-U.S. Quality Dividend Growth Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in dividend-paying companies with growth characteristics in developed and emerging equity markets, excluding the U.S. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 5.57% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Materials, Health Care and Industrials, mainly due to stock selection. Positions in the Energy, Financials and Consumer Staples sectors weighed negatively on performance for the Fund. Poor stock selection hurt exposures within Energy and Consumer Staples, while Financials exposure was dragged down by allocation impacts. When analyzing performance by country, exposures within Canada and Taiwan weighed on performance the most, owing to stock selection effects in both. Denmark and the United Kingdom were top performance contributors due to allocation and stock selection impacts. The Fund’s underperformance relative to its Index was also attributable to the Index valuing Russian securities that suspended trading at their last traded price in accordance with the Index’s calculation methodology, whereas, the Fund is valuing Russian securities that suspended trading in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) applicable to the Fund which requires assets to be fair valued at the price at which an orderly transaction to sell the asset would take place between market participants at the measurement date under current market conditions; which the Fund has estimated to be zero.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Global ex-U.S. Real Estate Fund (DRW)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Global ex-U.S. Real Estate Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Global ex-U.S. Real Estate Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in dividend-paying companies in the Real Estate sector in developed and emerging equity markets, excluding the U.S. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -6.45% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from an absence of positions in Consumer Discretionary and Communication Services, as a result of its focus on Real Estate. Real Estate was not a strong performer over the fiscal year, and this sector’s focus in the Fund weighed negatively on overall performance. By country, positions in Australia, Sweden and Singapore were additive due to allocation effects while exposures in Germany, Hong Kong and China negatively impacted performance, also a result of allocation.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Global High Dividend Fund (DEW)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Global High Dividend Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Global High Dividend Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in high-dividend-yielding companies in the U.S. and in developed and emerging equity markets. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 12.96% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Health Care, Consumer Discretionary and Energy, due to allocation effects in the latter two and positive stock selection in Health Care. Positions in the Information Technology, Communication Services and Consumer Staples sectors weighed negatively on performance for the Fund, primarily due to a combination of stock selection and allocation effects. When analyzing performance by country, exposures within Switzerland and France were the largest detractors from performance. Exposures within the United States and Japan were top performance contributors due to stock selection.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree Growth Leaders Fund (PLAT)

Sector Breakdown†     

Top Ten Holdings*

The WisdomTree Growth Leaders Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Growth Leaders Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in high growth mid- and large-cap companies that are generating substantial revenue from a modern platform business. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -16.53% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). Stock selection in Consumer Discretionary, Communication Services, and Information Technology detracted from performance, while selection within Materials and Utilities benefited the Fund. The Fund benefited from exposure to Japan, Korea, and Hong Kong while stock selection within the United States weighed negatively on Fund performance during the period.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree India Earnings Fund (EPI)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree India Earnings Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree India Earnings Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in profitable companies in the Indian equity market. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 17.85% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Materials, Consumer Staples and Energy, due to allocation effects in Consumer Staples and positive stock selection in the other sectors. Positions in the Financials, Health Care and Industrials sectors weighed negatively on performance for the Fund, due to poor stock selection. When analyzing performance by earnings yield attribution, companies in the 4th and 3rd quintiles ranked by earnings yield weighed negatively on performance the most, owing to a combination of allocation and stock selection effects. The companies in the 1st and 5th quintiles were top contributors to performance due to an overweight allocation in the former and an underweight allocation in the latter. India was among the strongest equity markets in the world last year and the Fund benefited from this focus. The Fund’s underperformance relative to its Index was primarily attributable to foreign capital gain tax recognized by the Fund but which is not recognized by the Index.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

Table of Contents

Management’s Discussion of Funds’ Performance

as of March 31, 2022 (unaudited)

WisdomTree India ex-State-Owned Enterprises Fund (IXSE)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree India ex-State-Owned Enterprises Fund (the ‘‘Fund’’) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree India ex-State-Owned Enterprises Index (the ‘‘Index’’). In seeking to track the Index, the Fund invests in Indian companies that are not state-owned, which is defined as government ownership greater than 20%. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned 15.04% at net asset value (“NAV”) for the fiscal year ended March 31, 2022 (for more complete performance information please see the table below). The Fund benefited from its positions in Consumer Discretionary, Energy and Information Technology, due to stock selection effects within each sector. Positions in the Financials, Consumer Staples and Health Care sectors weighed negatively on performance for the Fund, due to combination of allocation and stock selection effects. When analyzing performance by State-Ownership attribution, the Fund’s emphasis on non-state-owned enterprises (“Non-SOEs“) weighed negatively on performance the most, owing to poor stock selection effects. The absence of state-owned enterprises (“SOEs“) also weighed on performance modestly, as SOEs performed better than their Non-SOE counterparts during the fiscal year. India was among the strongest equity markets in the world last year and the Fund benefited from this focus. The Fund’s underperformance relative to its Index was primarily attributable to foreign capital gain tax recognized by the Fund but which is not recognized by the Index.

Shareholder Expense Example (for the six-month period ended March 31, 2022)

Performance

Performance is historical and does not guarantee future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

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Description of Terms and Indexes (unaudited)

Below are descriptions of certain terms and of each Index referenced in this report:

Allocation Effect measures an investment manager’s ability to effectively allocate a portfolio’s assets to various segments. A segment refers to assets or securities that are grouped within a certain classification such as sectors, industries, or countries. The

allocation effect determines whether the overweighting or underweighting of segments relative to a benchmark contributes positively or negatively to the overall portfolio return. Positive allocation occurs when the portfolio is overweighted in a segment that outperforms the benchmark and underweighted in a segment that underperforms the benchmark. Negative allocation occurs when the portfolio is overweighted in a segment that underperforms the benchmark and underweighted in a segment that outperforms

the benchmark.

Correlation is a statistical measure of how two sets of returns move in relation to each

other. Correlation coefficients range from -1 to 1. A correlation of 1 means the two

subjects of analysis move in lockstep with each other. A correlation of -1 means the two

subjects of analysis have moved in exactly the opposite direction.

The Dow Jones Global ex-U.S. Select Real Estate Securities Index is a float-adjusted

market capitalization weighted index that defines and measures the investable universe of

publicly traded real estate securities in countries outside the U.S.

Factors generally are attributes that are based on its fundamentals or share price behavior.

The FTSE China 50 Index is a capitalization weighted index that is comprised of the 50

largest and most liquid Chinese securities.

Growth is generally characterized by higher price levels relative to fundamentals, such as

dividends or earnings. Price levels are higher because investors are willing to pay more

due to their expectations of future improvements in these fundamentals.

Momentum is generally characterized by assets with recent price increase trends over

time. This term is also associated with the momentum factor which associates these stock

characteristics with excess return vs. the market over time.

The MSCI AC World ex-USA Growth Index is comprised of growth stocks in the

developed and emerging markets covered by MSCI, excluding the U.S.

The MSCI AC World ex-USA Index is a free float-adjusted market capitalization-weighted

index designed to measure the combined equity market performance of developed and

emerging markets countries, excluding the U.S.

The MSCI AC World Index is comprised of the world stock market indexes covered by

MSCI.

The MSCI China Index is a free float-adjusted market capitalization weighted index

designed to measure the performance of the Chinese equity market.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index

that is designed to measure emerging markets equity performance.

The MSCI Emerging Markets Small Cap Index is a free float-adjusted market

capitalization index that is designed to measure the performance of small capitalization

equities in the emerging markets.

The MSCI Emerging Markets Value Index captures large- and mid-cap securities exhibiting overall value style characteristics across 24 emerging markets countries.

The MSCI India Index is a free float-adjusted market capitalization index that is designed

to measure the performance of the Indian equity market.

Quality is generally characterized by higher efficiency and profitability. Typical measures

include earnings, return-on-equity, return on assets, operating profitability as well as

others. This term is also related to the quality factor, which associates these stock

characteristics with excess returns vs. the market over time.

Risk-on and Risk-off refers to investors’ appetites for risk which rise and fall over time. During periods when risk is perceived as low, the risk-on risk-off theory states that

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Description of Terms and Indexes (unaudited) (continued)

investors tend to engage in higher-risk investments (i.e., “Risk-on”). When risk is perceived to be high, investors have the tendency to gravitate toward lower-risk investments (i.e., “Risk-off”).

The S&P 500^® Index is a capitalization-weighted index of 500 stocks selected by the

Standard & Poor’s Index Committee, designed to represent the performance of the

leading industries in the United States economy.

Selection Effect measures an investment manager’s ability to select securities within a

given segment relative to a benchmark. The over or underperformance of the portfolio is

weighted by the benchmark weight, therefore, selection is not affected by the investment

manager’s allocation to the segment. The weight of the segment in the portfolio

determines the size of the effect—the larger the segment, the larger the effect is, positive

or negative. A positive selection effect occurs when the portfolio return is greater than the

benchmark return. Thus, the investment manager made good decisions in selecting

securities that, as a whole, outperformed similar securities in the benchmark. A negative

selection effect occurs when the portfolio return is less than the benchmark return. Thus,

the investment manager made poor decisions in selecting securities that, as a whole,

underperformed similar securities in the benchmark.

The WisdomTree China Dividend ex-Financials Index is comprised of Chinese dividend

paying stocks outside the Financials sector.

The WisdomTree China ex-State-Owned Enterprises Index measures the performance of

Chinese stocks that are not state-owned enterprises. WisdomTree Investments, Inc., as index provider, defines state-owned enterprises as companies with over 20% government ownership.

The WisdomTree Emerging Markets ex-State-Owned Enterprises Index is a modified market capitalization weighted index that consists of common stocks in emerging markets, excluding common stocks of “state-owned enterprises.” WisdomTree Investments, Inc., as index provider, defines state-owned enterprises as companies with over 20% government ownership.

The WisdomTree Emerging Markets High Dividend Index is comprised of the highest

dividend-yielding stocks selected from the WisdomTree Emerging Markets Dividend

Index.

The WisdomTree Emerging Markets SmallCap Dividend Index is comprised of primarily

small-capitalization stocks selected from the WisdomTree Emerging Markets Dividend

Index.

The WisdomTree Global ex-U.S. Quality Dividend Growth Index is comprised of growth

companies selected from developed and emerging markets outside the U.S.

The WisdomTree Global ex-U.S. Real Estate Index is comprised of companies in

developed and emerging markets outside of Canada and the U.S., which WisdomTree

classifies as being Global Real Estate securities.

The WisdomTree Global High Dividend Index is comprised of high dividend-paying

companies selected from the WisdomTree Global Dividend Index.

The WisdomTree Growth Leaders Index is a modified market capitalization-weighted

index that is designed to provide exposure to mid and large-cap companies that are

leveraging platform-based business models with high revenue growth.

The WisdomTree India Earnings Index is a fundamentally weighted index that is

comprised of companies incorporated and traded in India that are profitable and that are

eligible to be purchased by foreign investors as of the index measurement date.

The WisdomTree India ex-State-Owned Enterprises Index measures the performance

of Indian stocks that are not state-owned enterprises. State-owned enterprises are defined

as government ownership of more than 20% of outstanding shares of companies.

The Dow Jones Global ex-U.S. Select Real Estate Securities Index is calculated, distributed and marketed by Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC, and has been licensed for use.

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Description of Terms and Indexes (unaudited) (concluded)

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”), a division of The McGraw-Hill Companies, Inc. and is licensed for use by WisdomTree Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

WisdomTree Investments, Inc. and WisdomTree Asset Management, Inc. (together, “WisdomTree”) and the Funds make no representation or warranty, express or implied, to the owners of shares of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the underlying Indexes to track the performance of their underlying securities. WisdomTree Investments is the licensor of certain trademarks, service marks and trade names of the Funds. WisdomTree Investments has no obligation to take the needs of the Funds or the owners of shares of the Funds into consideration in determining, composing, or calculating the underlying WisdomTree Indexes of the applicable Funds. WisdomTree Investments is not responsible for, and has not participated in, the determination of the timing of, prices of, or quantities of shares of the Funds to be issued or in the determination or calculation of the equation by which the shares of the Funds are redeemable. WisdomTree and the Funds do not guarantee the accuracy, completeness, or performance of the underlying Indexes or the data included therein and shall have no liability in connection with the underlying Indexes or their calculation.

Index performance information assumes the reinvestment of dividends and excludes

management fees, transaction costs and expenses. You cannot directly invest in an index.

* * * * * *

Abbreviations used in the schedules of investments and related tables included in this report are as follows:

Table of Contents

Schedule of Investments

WisdomTree China ex-State-Owned Enterprises Fund (CXSE)

March 31, 2022