WisdomTree Trust

Annual Report

March 31, 2023

Table of Contents

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

Market Environment Overview

(unaudited)

U.S. equity markets, as measured by the S&P 500 Index, returned -7.73% in U.S. dollar terms for the 12-month fiscal year ending March 31, 2023 (the “period”).

U.S. equities were down significantly for much of the year, and lost as much as 20% at certain points, as markets contended with the ramifications of record fiscal and monetary stimulus introduced to support the post-pandemic recovery and its implications for the path of monetary policy. Most of the period was characterized by record inflation, which had not been observed in several decades, and a robust labor market. Inflation grew 6% year-over-year at the end of 2022, and reached a high of 9.1% year-over-year during June 2022. Meanwhile, the U-3 Unemployment Rate seldom budged from the 3.4-3.7% range, similar to pre-pandemic levels and the lowest since the early 1970s.

With each monthly release of inflation and nonfarm payroll data, markets analyzed the reports for their impact on the future direction of monetary policy. The Federal Reserve (the “Fed”) was forced to act quickly and decisively to combat rising inflation, raising the Federal Funds Rate a cumulative 4.50% during the period, which included a sequence of four consecutive hikes of 75 basis points during the summer and fall months.

Higher interest rate, and the threat of recession from the Fed’s aggressive rate hike policy campaign, weighed negatively on equities and overall investor sentiment for the period.

During the first quarter of the period, U.S. markets plummeted under the initial onslaught of the Fed’s effort to combat inflation via rate hikes. The Fed hiked rates 1.25% between two meetings, sending the S&P 500 Index near bear market territory, falling 16.10%. Small cap equities (proxied by the Russell 2000 Index), favored by risk-on investors, suffered even more, losing 17.2%. Real gross domestic product (GDP) slightly fell -0.6% quarter-over-quarter during the quarter, putting the U.S. economy in a technical recession after two straight quarters of declines.

The second quarter of the period was more tempered than the previous, though U.S. markets remained negative. For much of June to September 2022, U.S. equities recovered from their recent lows and rebounded almost 20% from June’s close by mid-August. Unfortunately, that optimism was short-lived, as stubbornly high inflation persisted despite the Fed’s rate hike efforts. Year-over-year inflation fell off its 9.1% peak from June 2022, but remained over 8% during the summer months, which disappointed markets after the Fed realized that even more interest rate hikes were necessary. During these three months, the Fed raised rates 1.50% further, concluding the quarter at 3.25% with no sign that the Fed’s interest rate increases would cease. The S&P 500 Index lost 4.88% while the Russell 2000 Index lost 2.19%. After two quarters of declines, real GDP rose 3.2% quarter-over-quarter.

The third quarter of the period offered a modest respite from the volatility that characterized most of the period to that point. Although year-over-year inflation remained high by historical standards, the U.S. began to observe disinflationary pressures, with Headline CPI readings falling from 7.7% to 6.5% by quarter-end. This provided markets some optimism that the Fed’s aggressive policy tightening campaign was working and the end was in sight. More importantly, markets appeared to be encouraged that the Fed might be able to direct a “soft landing” economic scenario, where their interest rate hikes successfully reduce inflation without causing a severe recession. The S&P 500 Index returned a positive 7.56% during the quarter, while the Russell 2000 Index returned 6.23%. The Fed raised rates another 1.25% during the quarter, concluding 2022 at 4.5% on the Federal Funds Rate. Real GDP grew by 2.6% during the third quarter of the period.

Many investors entered 2023 optimistically believing that the end of interest rate hikes and high inflation was in sight, and that a soft landing scenario was still possible. Disinflationary pressures remained in Headline CPI through the first quarter of 2023, and the Fed slowed their rate hike campaign, opting for two consecutive 25 basis point increases to bring the Federal Funds Rate to 5%. The first quarter of 2023 was volatile, however, resulting from the banking crisis triggered by the failures of Silicon Valley Bank and Signature Bank due to depositor runs and mismanaged interest rate risks in their

Market Environment Overview

(unaudited) (concluded)

asset portfolios. Optimism plummeted for much of March 2023, with markets giving up the gains they had earned to that point, as fears of contagion and recession from the banking system triggered flashbacks to the Global Financial Crisis of 2007-2009. The Fed acted decisively once again, creating lending facilities to bolster weaker, vulnerable banks, while other institutions helped facilitate the sale of failing banks, which helped to ease investor anxieties and restore confidence that contagion would likely be avoided. Markets finished the quarter stronger, with the S&P 500 Index and Russell 2000 Index increasing 7.50% and 2.74%, respectively. U.S. Real GDP grew 1.1% during the quarter.

Entering the new fiscal year, many of these risk factors remain paramount, and U.S. financial market performance will be heavily dependent on the health of the banking sector and the path of monetary policy in the U.S. as updated economic data is received.

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.

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/investments.

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, 2022 to March 31, 2023. 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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. AI Enhanced Value Fund (AIVL)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. AI Enhanced Value Fund (the “Fund”) seeks income and capital appreciation by investing primarily in equity securities selected from a universe of U.S. equities that exhibit value characteristics based on the selection results of a proprietary, quantitative artificial intelligence (“AI”) model developed by the Fund’s sub-adviser, Voya Investment Management Co., LLC.

The Fund returned -5.25% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). As an AI-driven actively managed fund, the portfolio positioning underwent changes throughout the year. In the first quarter of the fiscal year, the portfolio benefited from strong security selection within Financials and Information Technology, but its underweight allocation to Energy resulted in missed opportunities to participate in the energy rally, which was a major detractor to the Fund’s performance. Moving into the second quarter of the fiscal year, security selection was the main driver of relative underperformance, with stock selection within Communication Services, Information Technology, and Materials being the leading detractors, while allocation effects were minimal. However, in the third quarter of the fiscal year, positive security selection and allocation effects within Communication Services, Utilities, and Information Technology led to outperformance. As the year progressed, allocation and selection effects within Communication Services and Information Technology drove underperformance, while selection within Consumer Discretionary further dampened returns in the fourth quarter of the fiscal year. This resulted in poor performance for the fourth quarter and overall underperformance for the year. The Fund’s failure to participate in the first quarter energy rally, as well as the fourth quarter technology and less-value oriented equity rallies, contributed to the Fund’s overall underperformance for the fiscal year.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. ESG Fund (RESP)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. ESG Fund (the “Fund”) seeks capital appreciation. The Fund is actively managed using a model-based approach. The Fund seeks to achieve its investment objective by investing primarily in U.S. equity securities that exhibit certain characteristics believed to be indicative of positive future returns as well as incorporating favorable environmental, social, and governance(“ESG”) characteristics.

The Fund returned -9.07% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its exposures to Consumer Staples, Financials, and Materials primarily due to stock selection effects. The Fund’s position in Information Technology had a negative impact on performance, also due to stock selection effects. Fund performance also suffered due to the Fund’s lack of exposure to the Energy sector, which saw major gains as the Russian invasion of Ukraine caused energy costs to increase.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. Growth & Momentum Fund (WGRO)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. Growth & Momentum Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the O’Neil Growth Index (the “Index”), which is comprised of mid- and large-capitalization companies that provide exposure to high growth and momentum U.S. listed stocks. 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 -8.89% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its exposures to the Consumer Discretionary, Industrials, and Communication Services sectors, due to both allocation and stock selection factors. Positions in Health Care and Information Technology negatively impacted returns, also due to both allocation and stock selection factors. The Fund’s allocation to companies that are not currently profitable put downward pressure on returns, and the rising interest rate environment that dominated 2022 dampened the performance of many growth stocks, which are particularly interest rate-sensitive.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. High Dividend Fund (DHS)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. High Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. High Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in high dividend yielding companies in the U.S. 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 -2.49% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its positions in the Energy, Health Care, and Consumer Staples sectors mainly due to allocation effects. Defensive sectors (such as Health Care and Consumer Staples, for example) outperformed last year, while Energy benefited from a broader commodity rally in a highly inflationary environment. Positions in Financials and Industrials weighed negatively on performance, primarily due to stock selection effects in the former and allocation effects in the latter. Cyclical economic sectors (such as Consumer Discretionary and Real Estate, for example) struggled during the fiscal year due to fears of an imminent recession from the Federal Reserve’s aggressive monetary policy tightening. The Fund’s emphasis on high dividend-paying companies was beneficial during the year’s rising interest rate environment, where income-generating equities were rewarded at the expense of non-dividend-payers.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. LargeCap Dividend Fund (DLN)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. LargeCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. LargeCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying large-cap companies in the U.S. 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 -3.22% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its positions in the Energy, Financials and Consumer Staples sectors, all primarily due to allocation effects. Energy in particular was additive due to the year’s broader rally in commodities in an inflationary environment. Financials benefited from rising interest rate environments, while Consumer Staples benefited in a volatile economic environment where defensive sectors (such as Health Care and Consumer Staples, for example) outperformed. Materials and Industrials were the largest detractors from performance due to stock selection effects, however, the overall impact to performance from these two sectors was modest. Cyclical economic sectors (such as Industrials and Materials, for example) underperformed during the period due to recessionary fears. The Fund’s emphasis on dividend-paying companies was additive during the year’s rising interest rate environment, where income-generating equities were rewarded at the expense of non-dividend-payers.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. LargeCap Fund (EPS)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. LargeCap Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. LargeCap Index (the “Index”). In seeking to track the Index, the Fund invests in earnings-generating large-cap companies in the U.S. 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 -7.42% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its positions in the Health Care, Consumer Discretionary, and Consumer Staples sectors, all primarily due to stock selection. In an environment where defensive sectors such as Health Care and Consumer Staples outperformed, these were particularly additive for the Fund. The Information Technology sector was the greatest detractor from the Fund’s performance during the year, equally due to allocation and stock selection. Technology stocks in particular struggled during the year under the weight of rising interest rates, as higher interest rates tend to discount the value of technology shares more severely than other sectors.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. MidCap Dividend Fund (DON)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. MidCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. MidCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying mid-cap companies in the U.S. 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 -4.65% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its positions in the Real Estate, Communication Services, and Consumer Staples sectors, almost entirely due to strong stock selection within each. Communication Services and Real Estate exhibited weakness during the year, but the Fund’s allocation to dividend-paying companies within each was beneficial. No sectors weighed negatively on performance versus broader U.S. mid-caps over the period, as even Consumer Discretionary and Materials had modestly positive and neutral impacts, respectively. Overall, the Fund’s emphasis on dividend-paying companies was additive during the year’s rising interest rate environment, where income-generating equities were rewarded at the expense of non-dividend-payers.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. MidCap Fund (EZM)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. MidCap Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. MidCap Index (the “Index”). In seeking to track the Index, the Fund invests in earnings-generating mid-cap companies in the U.S. 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 -7.50% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its positions in the Industrials, Information Technology, and Consumer Discretionary sectors over the fiscal year, almost entirely due to stock selection within each. Positions within Energy, Materials and Health Care negatively weighed the most on performance, also all due to stock selection impacts. The Fund’s emphasis on companies with positive earnings resulted in overweights to the top two quintiles of companies when ranked by profits, which was beneficial during the period. Despite this, underweight positions to the lower quintiles (those companies generating less earnings) weighed negatively on Fund performance mainly due to poor stock selection.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. Multifactor Fund (USMF)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. Multifactor Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Multifactor Index (the “Index”). In seeking to track the Index, the Fund invests in U.S. companies with the highest composite scores based on two fundamental factors, value and quality measures, and two technical factors, momentum and correlation. 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 -6.68% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its positions in Consumer Discretionary, Communication Services, and Materials, entirely due to stock selection. Similarly, its positions in Real Estate, Information Technology, and Energy were the largest detractors from performance due to poor stock selection. Real Estate and Information Technology were two sectors that struggled during the year in a rising interest rate environment, as higher costs of borrowing hurt real estate values, discouraged new property development and forced cash flows to be discounted at higher rates, resulting in low values. Fund holdings within these two sectors were disproportionately harmed during the high interest rate and high inflation market environment during the fiscal year.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. Quality Dividend Growth Fund (DGRW)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying large-cap companies with growth characteristics in the U.S. 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 0.29% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its positions in the Health Care, Consumer Discretionary, and Consumer Staples sectors due to a combination of strong stock selection and allocation effects within each. Energy and Financials were the biggest detractors from performance, attributable to both allocation and poor stock selection effects. Energy was a strong performing sector for much of the fiscal period due to a broad commodity rally around the world in a high inflation environment and the Fund’s underweight position to energy detracted from performance. However, this was partially offset by a sizable overweight to Consumer Staples, which outperformed along with other defensive sectors (such as Consumer Staples and Health Care, for example) during the fiscal year. The Fund’s emphasis on selecting high quality companies that grow their dividend payments was a beneficial strategy as well, as it benefited from positive stock selection and allocation effects among companies with the highest return-on-equity.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. Quality Growth Fund (QGRW)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. Quality Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Quality Growth Index (the “Index”). In seeking to track the Index, the Fund invests in U.S. large-capitalization and mid-capitalization companies with the highest composite scores based on two fundamental factors: growth and quality, which are equally weighted. 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 13.06% since its inception on December 15, 2022 to March 31, 2023. The Fund benefited from positions in the Information Technology and Financial sectors, due to allocation and stock selection effects, respectively. The Fund’s performance was negatively impacted by its allocation to the Energy sector, primarily due to stock selection. The Fund’s emphasis on companies with good quality and growth characteristics was beneficial during the period, as companies trading at high price-to-earnings ratios outperformed those with lower valuations, and the Fund had greater exposure to the former than the latter.

The Fund had less than six months of operating history at the end of the reporting period and therefore no comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com/investments.

Shareholder Expense Example (for the period¹ ended March 31, 2023)

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. SmallCap Dividend Fund (DES)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. SmallCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. SmallCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the U.S. 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 -7.59% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its positions in Health Care, Utilities, and Industrials, mainly due to a mixture of allocation and stock selection impacts. Real Estate and Energy were the only two sectors that detracted from performance during the period, due to a mix of both poor stock selection and allocation effects. The Fund’s focus on dividend-paying companies benefited the Fund during the period. The Fund’s overweight positions in the top four quintiles of companies ranked by dividend yield and by having no exposure to non-payers positively impacted the Fund’s performance during the period. Only the fifth quintile, those with the lowest dividend yield, weighed negatively on performance due to stock selection effects. Overall, the Fund’s emphasis on dividend-paying companies was especially additive during the fiscal year’s rising interest rate environment.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. SmallCap Fund (EES)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. SmallCap Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. SmallCap Index (the “Index”). In seeking to track the Index, the Fund invests in earnings-generating small-cap companies in the U.S. 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 -8.51% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its underweight position in the Health Care sector due to allocation effects. Performance was also positively impacted from an overweight position in the Consumer Discretionary sector. It also benefited from positive stock selection in the Industrials sector. Energy was the biggest laggard for the Fund during the period, due to a combination of allocation effects resulting from underweight positions in an outperforming sector and then poor stock selection within the sector. The Fund’s emphasis on allocating more to companies with stronger earnings was generally beneficial during the period. The only exception was the second quintile, which had strong earnings and of which the Fund was overweight, however, due to poor stock selection, investments in second quintile companies detracted from the Fund’s performance.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. SmallCap Quality Dividend Growth Fund (DGRS)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. SmallCap Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. SmallCap Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies with growth characteristics in the U.S. 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 -4.14% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its positions in the Consumer Discretionary, Materials, and Health Care sectors, due to almost an equal mixture of allocation and stock selection impacts. Only the Energy sector had a notably poor performance effect for the Fund. The Fund’s underweight position in the Energy sector during a period when Energy was a stronger performer resulted in negative allocation effects, further compounded by poor stock selection. The Fund’s emphasis on selecting high-quality dividend-growing companies within the small cap space was additive during the period, with overweight positions to the first two quintiles of companies ranked by return-on-equity (ROE) being especially additive. Only the fifth quintile, representing those companies with the lowest ROE, weighed negatively on performance due to a rally by certain lower-quality stocks late in the fiscal year, resulting in poor stock selection.

Shareholder Expense Example (for the six-month period ended March 31, 2023)

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.

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree U.S. Total Dividend Fund (DTD)

Sector Breakdown†