WisdomTree Trust

Annual Report

June 30, 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. Markets

U.S. equity markets, as measured by the S&P 500 Index (“S&P 500”), returned 19.59% in U.S. dollar (“USD”) terms for the 12-month fiscal period ending June 30, 2023 (the “period”).

After bottoming out in September 2022, U.S. equities climbed higher for the remainder of the period as investors anticipated the end of the Federal Reserve’s (“Fed’s”) rate hike campaign. Record inflation rates began to decelerate, which stoked optimism in equity markets that the Fed’s monetary tightening efforts were working and would soon no longer be needed. Meanwhile, labor markets remained resilient, discouraging pessimists who proposed that a recession was imminent based on the cumulative rate tightening efforts from the Fed. A “soft landing” scenario, where interest rates could rise to combat inflation and then eventually fall back to stable levels without triggering a recession or severely disrupting labor markets, became an increasingly likely possibility.

Inflation grew 6% year-over-year at the end of 2022 and decelerated from its June 2022 peak of 9.1% for the remainder of the period. 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 payrolls data, markets parsed the reports for their impact on the future direction of monetary policy, growing increasingly confident that the end of interest rate hikes were in sight by 2023. Despite the optimism, the Fed raised rates a cumulative 350 basis points during the period to combat rising inflation. The Federal Funds Rate began the period at 1.75% and concluded it at 5.25%, which included a sequence of three consecutive hikes of 75 basis points during the summer and fall months of 2022.

Despite these headwinds, equities remained resilient for most of the period and rallied from their lows to finish the period in bull market territory.

Equities were in negative territory during the first quarter of the period as markets tried to discern the future path of monetary policy from the most recent economic data. Stubbornly high inflation persisted despite the Fed’s rate hike efforts. Year-over-year inflation fell from its 9.1% peak in June of 2022, but remained over 8% during the summer months, which disappointed markets after they realized that more interest rate hikes were necessary. During these three months, the Fed raised rates 1.50% further and finished at 3.25% with the expectation of additional future increases. During this period, the S&P 500 lost 4.88% while the Russell 2000 Index (“Russell 2000”) lost 2.19%. After two quarters of declines, real Gross Domestic Product (“GDP”) grew 3.2% quarter-over-quarter.

The September-December quarter of the period offered a modest respite from the volatility that characterized the first half of 2022. Although year-over-year inflation remained high by historical standards, the U.S. began to observe disinflationary pressures, with the headline readings falling from 7.7% to 6.5% by quarter-end. This injected optimism into the markets, which started to have confidence that the Fed’s aggressive policy tightening campaign was working, and an end could be expected. More importantly, markets were encouraged that the Fed might be able to direct a “soft landing” economic scenario, where rate hikes might successfully reduce inflation without engendering a severe recession. The S&P 500 returned a positive 7.56% during the quarter, while the Russell 2000 broke higher by 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% quarter-over-quarter.

Investors entered 2023 with the same optimism that concluded 2022. They believed that the end of rate hikes and high inflation was imminent, and that a “soft landing” was likely. Disinflationary pressures remained in headline inflation numbers throughout the quarter. The Fed slowed the pace of its rate hike campaign, opting for two consecutive 25 basis point moves to bring the Federal Funds Rate to 5%. The quarter was not without volatility from an unanticipated risk factor, however: the unanticipated threat of a

Market Environment Overview

(unaudited) (continued)

banking crisis triggered by the failure of Silicon Valley Bank, Signature Bank, and others on extremely shaky footing due to depositor runs and mismanaged interest rate risks in their asset portfolios. Optimism plummeted for much of March, 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 shore up weaker, vulnerable banks, while other institutions helped facilitate the sale of failing banks, which eased investor anxieties and established confidence that contagion would be avoided. Markets finished the quarter much better, with the S&P 500 and Russell 2000 growing 7.50% and 2.74%, respectively. Real GDP remained steady and grew by 2.0%.

The final quarter of the period began slow for equities but finished much stronger. Markets moved slightly higher without many catalysts in April and May, but June offered more excitement. May’s inflation release showed continued deceleration with the year-over-year rate falling 0.9% from April to May, which was essentially matched again in June with a 1.0% deceleration. In just over one full quarter, year-over-year inflation readings were cut in half, falling from 6.0% to 3.0%, much closer to the Fed’s preferred, long-term 2.0% target. Markets were convinced that the end of the rate hike campaign was imminent, and several Fed policymakers expressed that upcoming rate decisions would be “data-dependent”. This insinuated that they no longer had preconceived intentions to continue raising rates, preferring to let the cumulative impact of rate hikes over the past year work its way throughout the economy. They implied that a “pause” before eventually pivoting to rate cuts, when necessary, would be the likely policy path in the interim. Nonetheless, this stoked enthusiasm and risk-on appetite in the equity markets. The S&P 500 and Russell 2000 climbed higher by 8.74% and 5.21%, respectively. Labor markets never soured either, vindicating the “soft landing” supporters, as the unemployment rate finished the period at 3.6%. GDP data is not yet available as of this writing.

Developed International Markets

Developed international equity markets, as measured by the MSCI EAFE Index, returned 18.77% in USD terms during the 12-month fiscal period ending June 30, 2023 (the “period”).

Currency performance was mixed during the period, though most of the G10 basket of currencies weakened versus the USD. The Norwegian krone (-8.29%), Japanese yen (-5.95%), and Swedish krona (-5.31%) were the worst performing currencies, while the Swiss franc (6.64%), British pound (4.31%) and euro (4.05%) were among the few that strengthened versus the USD. The pound and euro benefited from improving interest rate differentials between the U.K. and European markets, which continued to raise rates to combat inflation while the U.S. appeared to be ending its rate hike cycle. The krone struggled as a “petrocurrency”, which is one that is linked to global oil prices, since oil benchmarks and broader commodity prices declined during the period and remained in a narrow trading range for most of the year-to-date 2023 period. The yen, meanwhile, exhibits idiosyncratic weakness, as the Bank of Japan continues to suppress interest rates to stimulate economic growth. As a result, the yen has weakened due to widening interest rate differentials with the rest of the developed world.

Developed international equity markets embarked on a protracted battle against record inflation for most of 2022 after record monetary and fiscal stimulus to support the post-pandemic economic recovery. Risk-off sentiment from the U.S. Federal Reserve’s campaign to combat inflation migrated to developed markets, and the MSCI EAFE plummeted by 9.36% in USD terms during the first quarter of the period. The European Central Bank (“ECB”) began raising its benchmark refinancing rate from -0.5% to positive 0.75%, but investors quickly surmised that more would be needed to combat inflation climbing into double digit range. For context, the ECB held rates below 0% in an effort to stimulate economic growth since about 2014 and has held year-over-year inflation under 2% since roughly 2013, so these developments marked a significant paradigm shift. As the largest component of the developed market universe, Eurozone GDP grew 0.4% during the quarter.

Market Environment Overview

(unaudited) (continued)

After two straight quarters of deep declines, the final quarter of 2022 provided some optimism. Europe began to see disinflationary pressures materialize as inflation rolled off its 10.6% high in October. With signs of the ECB’s rate hike effort working so far, this provided a welcome respite to developed market investors, and the MSCI EAFE Index returned 17.34% in USD terms. Eurozone GDP growth was flat during the quarter, slightly declining by 0.1%. Continuing its fight against inflation, the ECB hiked another 1.25% to bring its refinancing rate up to 2.0% by the end of 2022.

Optimism from the end of 2022 continued into the first quarter of 2023. Disinflation continued in Europe, falling from 9.2% down to 6.9% through March, as the ECB slowed the pace of its rate hike campaign. During the quarter, it raised rates only 1% between two 50 basis point hikes to conclude the period at 3.0%. Rates have not been this high since late 2008 amid a policy rate easing campaign during the Global Financial Crisis. Markets began to believe the end of the fight against inflation was in sight, and the MSCI EAFE Index returned 8.47% in USD terms. The quarter finished on a resounding note, despite fears of a banking crisis originating in the U.S. spreading overseas. Credit Suisse faced major solvency issues, but a crisis was averted after regulators helped facilitate a sale to UBS to stabilize the banking system, which appeased markets and contributed to the strong finish for the quarter. Despite the banking scare, eurozone GDP was mostly flat, though it slightly fell 0.1% quarter-over-quarter.

The final quarter of the period, March to June 2023, saw the MSCI EAFE Index return 2.95% in USD terms. The ECB continued its rate hike campaign amid its battle with high inflation, bringing its refinancing rate up to 4.0%. Despite a slight pickup from 6.9% to 7.0% in April compared to the month prior, year-over-year inflation continued to fall through the end of the quarter, registering at 6.1% in May and 5.5% in June. Markets have been intently watching the ECB for any signals about the future path of monetary policy, though markets are expecting a 25-basis point increase in July to 3.75%. Beyond that, expectations are that the ECB will follow the lead of the U.S. Federal Reserve, which indicated it will be more “data-dependent” for future policy rate decisions. Markets are becoming optimistic that rate hikes are nearing their conclusion, as a result.

Global Markets/Emerging Markets

Global equity markets, as measured by the MSCI All Country World Index (ACWI), returned 16.53% in USD terms for the 12-month fiscal period ending June 30, 2023 (the “period”). Emerging markets (“EM”) (measured by the MSCI Emerging Markets Index) moved slightly higher, rising 1.75% in USD terms.

Currency performance was mixed during the period. The major emerging market currencies to strengthen versus the USD were the Mexican peso (17.48%), Brazilian real (9.85%), and Singaporean dollar (2.82%). Most others weakened versus the USD, including the Argentine peso (-51.23%), Russian ruble (-39.35%), Turkish lira (-35.81%), Chinese yuan renminbi (-7.64%), and Indian rupee (-3.74%).

Global equities generally advanced during the period, as most regions began to benefit from prevailing risk-on appetite that materialized in late 2022 and early 2023. Global central banks were forced to raise interest rates at various intervals to combat rising inflation, which eventually began to cool and encouraged investors that the end of the rising rate cycle was imminent. EM followed suit, though to varying degrees as each region encountered idiosyncratic issues that diverged their policy pathways.

Global equities fell about 7% in USD terms during the first quarter of the period, while the selloff in EM was more pronounced, falling over 11.5%. Many regions began to experience peak inflation at this point, which cemented the global monetary policy trajectory for the near future. More rate hikes would be needed to combat inflation, and central banks continued to do so. Equities remained under constant pressure as a result. As the largest component of the EM universe, China’s economy bounced back after lackluster growth in early 2022, growing by about 3.9% during the June to September quarter.

Market Environment Overview

(unaudited) (concluded)

Markets regained their footing heading into the second quarter of the period and the final quarter of 2022, returning about 9.76% in USD terms. EM followed suit, returning 9.7% in USD terms. As disinflationary pressures became evident, investors became encouraged that the end of policy tightening was in sight, which encouraged the possibility of a soft economic landing around the world. EM specifically also got a boost from the surprise announcement in the fall that China would be suspending its COVID Zero policy, thereby formally “reopening” its economy. On these revived growth prospects, China got an overdue tailwind, which spread to EM as the heavyweight allocation within most EM indexes. Despite this, Chinese economic growth was flat to end the year.

Optimistic sentiment persisted into the first quarter of 2023. Global equities returned 7.31% and EM returned just under 4%, both in USD terms. Economic data releases seemed to confirm ongoing disinflationary pressures, which supported investors’ sentiments that the end of rate hikes was on the horizon. Notably, markets survived the specter of a banking crisis in the U.S. that, at one point, threatened the global banking system via contagion. This fear was quickly dispelled as the failing banks were isolated and equities resumed their upward trajectory that characterized much of the first quarter.

During the final quarter of the period, global equities returned 6.18% in USD terms while EM grew by 0.9%. Most major economies remained resilient despite the cumulative effect of monetary tightening, which encouraged the idea of a soft landing around the world. Inflation continued to decelerate toward stable, tolerable levels over the long-term and investors remained optimistic. EM, however, continued to struggle as economic growth in China continues to sputter. Export data has been discouraging and several other barometers have missed expectations. That continued to weigh on prospects for the broader region as a whole as markets await steady improvement.

Fixed Income

U.S. fixed income performance was volatile amid a transforming economic landscape and changes in investor risk sentiment. The Bloomberg U.S. Aggregate Bond Index, a gauge of the broad U.S. fixed income market, fell about 1% during the period, with the deepest declines observed during the first four months of the period. U.S. Treasury yields, a barometer for domestic interest rates due to its relationship with the Fed funds rate at the short end of the yield curve and future economic growth prospects at the long end, rose while the slope and shape changed throughout the period. Yields on shorter-dated tenors began the period near 1-3%, commensurate with prevailing Fed’s monetary policy activity, but finished the period well above 5% as Treasury investors kept pace with policy activity. Longer-dated yields rose as well, though the 10-year Treasury yield (the market’s preferred indication of overall U.S. Treasury yields) varied during the period as the market digested the possibility that the Fed would have to raise rates high enough to tip the U.S. economy into recession just to combat historic inflation. The 10-year yield began the period at 2.98%, rose as high 4.24%, and then fell to 3.98% to conclude the period. Overall, the long-dated end of the curve rose by much less than front-end, which inverted the yield curve and sparked fears of recession due to curve inversion historically being a leading recessionary indicator.

Despite this, bullish sentiment in riskier fixed income sectors prevailed and fixed income markets climbed off their lows during the period from late-2022 through the end of June 2023. High yield corporate bonds, proxied by the Bloomberg U.S. Corporate High Yield Index, gained about 9% over the entire 12-month period, as many investors believed the Fed would achieve a soft landing without economic ramifications that would disproportionately harm riskier corporate borrowers. Investment grade credit was also successful, though to a lesser extent, as the Bloomberg U.S. Corporate Index returned 1.55%. Corporate and high yield spreads remained relatively rangebound near their longer-term lows, as investors remained confident that corporate balance sheets would remain resilient and a large default wave would be avoided.

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 January 1, 2023 to June 30, 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 181/365 (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 June 30, 2023 (unaudited)

WisdomTree Dynamic Currency Hedged International Equity Fund (DDWM)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Dynamic Currency Hedged International Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Dynamic Currency Hedged International Equity Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies in the industrialized world outside the U.S. and Canada while at the same time dynamically hedging exposure to fluctuations of the value of the applicable foreign currencies relative to the U.S. dollar (“USD”). 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 17.18% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). The Fund benefited from positions in Health Care, entirely due to positive allocation effects, and Consumer Staples, due to an almost even split of positive allocation and stock selection. Industrials and Information Technology were the two greatest detractors due to a mix of both poor allocation and stock selection effects in each. From a country perspective, only Switzerland had a notable positive impact, which was due to positive stock selection. The Netherlands and France detracted from performance due to poor stock selection. Currency performance was mixed during the period. The Fund was almost entirely hedged against the Swiss franc, which strengthened against the USD and therefore negatively impacted returns. The opposite occurred with the Norwegian krone, which was almost entirely hedged but weakened by over 8% versus the USD and was therefore additive to returns. The Fund was roughly half-hedged against movements in the euro (“EUR”), British pound (“GBP”), and Japanese yen (“JPY”), where the former two strengthened versus the USD and the latter weakened. Performance effects due to these currencies would have been stronger if the Fund had been completely unhedged against the EUR and GBP and completely hedged against the JPY.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund (DDLS)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Dynamic Currency Hedged International SmallCap Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Dynamic Currency Hedged International SmallCap Equity Index (the “Index”). In seeking to track the Index, the Fund invests in the small-capitalization segment of dividend-paying companies in the industrialized world outside the U.S. and Canada while at the same time dynamically hedging exposure to fluctuations of the value of the applicable foreign currencies relative to the U.S. dollar (“USD”). 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 10.27% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). The Fund benefited from positions in Real Estate and Health Care due to a mixture of allocation and stock selection effects within each, though neither made an outsized impact. Poor stock selection across Information Technology, Financials and Utilities detracted from performance, although most impacts were modest. Strong stock selection in Japan and Finland were additive, while poor stock selection in the Netherlands and Israel detracted. Currency performance was mixed during the period. The Fund was almost entirely hedged against the Swiss franc, which strengthened against the USD and therefore negatively impacted returns. The opposite occurred with the Norwegian krone, which was almost entirely hedged but weakened by over 8% versus the USD and was therefore additive to returns. The Fund was roughly half-hedged against movements in the euro (“EUR”), British pound (“GBP”), and Japanese yen (“JPY”), where the former two strengthened versus the USD and the latter weakened. Performance effects due to these currencies would have been stronger if the Fund had been completely unhedged against the EUR and GBP and completely hedged against the JPY.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree Emerging Markets ESG Fund (RESE)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Emerging Markets ESG Fund (the “Fund”) is actively managed using a model-based approach seeking capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in equity securities of issuers in emerging markets 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 3.82% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). The Fund benefited from positions in Financials and Information Technology, two sectors that score highly on ESG metrics, due to strong stock selection. Poor allocation effects led to Consumer Discretionary being a performance detractor, while poor stock selection effects led to Communication Services negatively weighing on performance as well. Excluding Energy, as part of the ESG methodology, was also detrimental during the period, as Energy was a strong performer within broad emerging markets. Taiwan and Mexico were the strongest contributors at the country level, due to a mix of allocation and stock selection effects in each. Poor stock selection in China led to it being the largest detractor.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree Emerging Markets ex-China Fund (XC)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Emerging Markets ex-China Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Emerging Markets ex-China Index (the “Index”). In seeking to track the Index, the Fund primarily invests in common stocks issued by companies in emerging markets, excluding companies incorporated or domiciled (i.e., maintain their principal place of business) in China and excluding common stocks of “state-owned enterprises”, which is defined as companies with over 20% government ownership. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities of the Index.

The Fund returned 11.59% at net asset value (“NAV”) between inception in September 2022 through the period ended June 30, 2023 (for more complete performance information please see the table below). The Fund benefited from positions in the Information Technology sector due to a combination of allocation and stock selection effects. Industrials and Materials were also additive due to positive stock selection. Energy, Utilities and Financials were detractors due to poor stock selection in these sectors. A lack of exposure to Chinese equities was additive during the period as China underperformed broader emerging markets stocks, resulting in a positive allocation effect for the Fund. Taiwan and South Korea were strong performers within emerging markets, and overweights to each region also resulted in strong allocation effects. An overweight to India during a period where it lagged broader emerging markets resulted in a negative allocation effect, exacerbated by poor stock selection as well. The Fund also avoids state-owned enterprises (“SOEs”) in its methodology, which resulted in a positive allocation effect during the period since SOEs lagged non-SOEs.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree International ESG Fund (RESD)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International ESG Fund (the “Fund”) is actively managed using a model-based approach seeking capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in equity securities of issuers in developed markets excluding the U.S. and Canada 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 15.77% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). The Fund benefited from positions in Real Estate and Consumer Staples due to allocation effects in the former and stock selection effects in the latter. Excluding Energy, as part of the ESG methodology, led to a positive allocation effect since Energy lagged broader developed markets during the period. Industrials and Information Technology were detrimental for performance due to poor stock selection in each. Positive stock selection in the United Kingdom and strong allocation effects in Hong Kong resulted in positive contributions. Poor stock selection in Japan and France negatively impacted performance more than any other country allocation.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree U.S. Corporate Bond Fund (WFIG)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. Corporate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Corporate Bond Index (the “Index”). In seeking to track the Index, the Fund primarily invests in issuers in the U.S. investment grade corporate bond market that are deemed to exhibit favorable fundamentals and opportunities for income. 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 1.69% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). During the period, the Fund did benefit slightly from a full allocation into corporate bonds when compared to a broad aggregate U.S. bond universe that includes other asset classes like U.S. Treasury bonds, agency debt, and securitized debt. Corporate bonds slightly outperformed the broad U.S. aggregate bond market. The Fund concentrates nearly 100% of its weight in debt issued by public corporations and these securities benefit in performance when credit spreads (the difference in yield between U.S. Treasury bonds and another debt security with the same maturity but of lesser quality) tighten. Investment grade corporate bond credit spreads tightened in aggregate by 20% over the period (1.64% credit spread at the beginning of the period versus 1.30% credit spread at the end of the period). Asset classes that are typically described as “risk-on”, like corporate debt, generate negative performance during the first half of the period as the global markets continued to grapple with persistent inflation, global supply chain concerns, global pressures on energy, and lockdowns in China because of the impacts of the COVID-19 pandemic. During the 2023 year-to-date period, there has been a reversal in the markets and many risk-on asset classes have rallied. The Fund’s largest sector weights were in more cyclical sectors like Financials and Utilities, which have generally performed better during the inflation driven markets in the first half of the period vs. the growth-oriented sectors like Information Technology and Consumer Services during the second half of the period. Another significant detractor to the Fund’s performance was the intermediate levels of duration risk in the Fund and the resulting impact on performance during a period that saw significant aggregate rate increases. The negative impact caused by the rising interest rate environment was partially offset by the elevated coupons seen throughout bonds presently. The Fund’s approach of screening out potential at-risk issuers to maintain quality in the portfolio helped alleviate some performance volatility and downgrade risk.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree U.S. High Yield Corporate Bond Fund (WFHY)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. High Yield Corporate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. High Yield Corporate Bond Index (the “Index”). In seeking to track the Index, the Fund primarily invests in issuers in the U.S. non-investment grade corporate bond (“junk bond” or “high yield”) market that are deemed to exhibit favorable fundamentals and opportunities for income. 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 6.42% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). During the period, the Fund benefitted from a full allocation into high yield (“HY”) corporate bonds when compared to a broad aggregate U.S. bond universe that includes other asset classes like U.S. Treasury bonds, agency debt, and securitized debt. In addition, HY corporate bonds outperformed investment grade corporate bonds during the period. The Fund concentrates nearly 100% of its weight in debt issued by HY public corporations and these securities benefit in performance when credit spreads (the difference in yield between U.S. Treasury bonds and another debt security with the same maturity but of lesser quality) tighten. HY corporate bond credit spreads tightened consistently by 31% over the period (5.87% HY credit spread at the beginning of the period versus 4.05% HY credit spread at the end of the period). Asset classes that are typically described as “risk-on”, like HY corporate debt, have continued to rally from elevated coupons throughout the fiscal period and a strong 2023 year-to-date market rebound. One of the Fund’s larger sector weights in Energy served as a first half of the period tailwind but a second half of the period headwind as Energy and Commodities sectors broadly have stabilized and have seen prices come down off of their former highs with easing inflation. The Fund’s relative underweight to duration when compared to the broader fixed income market served as a benefit in a higher interest rate environment over the entire period. The Fund’s approach of screening out potential at-risk issuers helped alleviate some performance volatility and default risk. However, the Fund was underweighting the lowest quality HY bonds, mainly bonds rated CCC and below, which had better performance when compared to higher quality HY securities during this risk-on rally.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree U.S. Short-Term Corporate Bond Fund (SFIG)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. Short-Term Corporate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. Short-Term Corporate Bond Index (the “Index”). In seeking to track the Index, the Fund primarily invests in issuers in the short-term U.S. investment grade corporate bond market that are deemed to exhibit favorable fundamentals and opportunities for income. 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 1.59% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). During the period, the Fund did benefit slightly from a full allocation into corporate bonds when compared to a broad aggregate U.S. bond universe that includes other asset classes like U.S. Treasury bonds, agency debt, and securitized debt. Corporate bonds slightly outperformed the broad U.S. aggregate bond market. The Fund concentrates nearly 100% of its weight in debt issued by public corporations and these securities benefit in performance when credit spreads (the difference in yield between U.S. Treasury bonds and another debt security with the same maturity but of lesser quality) tighten. Investment grade corporate bond credit spreads tightened in aggregate by 20% over the period (1.64% credit spread at the beginning of the period versus 1.30% credit spread at the end of the period). Asset classes that are typically described as “risk-on”, like corporate debt, generate negative performance during the first half of the period as the global markets continued to grapple with rampant inflation, global supply chain concerns, global pressures on energy, and lockdowns in China because of the impacts of the COVID-19 pandemic. During the 2023 year-to-date period, there has been a reversal in the markets and many risk-on asset classes have rallied. The Fund’s largest sector weights were in more cyclical sectors like Financials and Utilities, which have generally performed better during these inflation driven markets in the first half of the period vs. the growth-oriented sectors like Information Technology and Consumer Services during the second half of the period. The Fund’s approach of screening out potential at-risk issuers helped alleviate some performance volatility and downgrade risk. Given that the Fund is targeting shorter term maturities, performance was marginally better when compared to longer-term bonds, but this was partially offset by lower coupons.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree Emerging Markets Efficient Core Fund (NTSE)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Emerging Markets Efficient Core Fund (the “Fund”) is actively managed using a model-based approach seeking total return. The Fund seeks to achieve its investment objective by primarily investing in emerging markets equity securities and U.S. Treasury futures contracts. Under normal circumstances, the Fund will invest approximately 90% of its net assets in emerging market equity securities and the notional exposure to the U.S. Treasury futures contracts’ positions will represent approximately 60% of the Fund’s net assets.

The Fund returned -0.41% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). The Fund’s positions in equities generated modest returns whereas the fixed income exposure detracted from performance. While markets were volatile to start the period, emerging market equity performance bottomed in October 2022. From then, Information Technology and Financial stocks were strong performers whereas Consumer Discretionary and Communication Services were the primary detractors. This resulted in modestly positive returns for the period. The Fund utilized derivatives contracts to obtain broad-based fixed income exposure, through use of U.S. Treasury futures contracts, which had negative performance during the period as U.S. interest rates increased. The enhanced exposure compared to traditional 60% equity and 40% bond portfolios magnified the Fund’s returns and resulted in the slightly better performance for the Fund.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree International Efficient Core Fund (NTSI)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International Efficient Core Fund (the “Fund”) is actively managed using a model-based approach seeking total return. The Fund seeks to achieve its investment objective by primarily investing in international equity securities and U.S. Treasury futures contracts. Under normal circumstances, the Fund will invest approximately 90% of its net assets in international equity securities and the notional exposure to the U.S. Treasury futures contracts’ positions will represent approximately 60% of the Fund’s net assets.

The Fund returned 13.35% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). The Fund’s positions in equities generated strong returns whereas the fixed income exposure detracted from performance. While markets were volatile to start the period, international equity performance bottomed in October 2022. From then, Information Technology and Consumer Discretionary stocks were strong performers leading the market higher. The Fund utilized derivatives contracts to obtain broad-based fixed income exposure, through use of U.S. Treasury futures contracts, which had negative performance during the period as U.S. interest rates increased. The enhanced exposure provided by the investment in U.S. Treasury futures contracts compared to traditional 60% equity and 40% bond portfolios magnified the Fund’s returns and resulted in the slightly better performance for the Fund as compared to traditional 60% equity/40% bond portfolios.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree U.S. Efficient Core Fund (NTSX)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree U.S. Efficient Core Fund (the “Fund”) is actively managed using a model-based approach seeking total return. The Fund seeks to achieve its investment objective by investing in large-capitalization U.S. equity securities and U.S. Treasury futures contracts. Under normal circumstances, the Fund will invest approximately 90% of its net assets in U.S. equity securities and the notional exposure to the U.S. Treasury futures contracts’ positions will represent approximately 60% of the Fund’s net assets.

The Fund returned 12.68% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). The Fund’s positions in equities generated strong returns whereas the fixed income exposure detracted from performance. While markets were volatile to start the period, U.S. equity performance bottomed in October 2022. From then, Information Technology and Consumer Discretionary stocks were strong performers leading the market higher. The Fund utilized derivatives contracts to obtain broad-based fixed income exposure, through use of U.S. Treasury futures contracts, which had negative performance during the period as U.S. interest rates increased. The enhanced exposure provided by the investment in U.S. Treasury futures contracts compared to traditional 60% equity and 40% bond portfolios magnified the Fund’s returns and resulted in the slightly better performance for the Fund as compared to traditional 60% equity/40% bond portfolios.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree Artificial Intelligence and Innovation Fund (WTAI)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Artificial Intelligence and Innovation Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Artificial Intelligence & Innovation Index (the “Index”). In seeking to track the Index, the Fund primarily invests in equity securities of exchange-listed companies globally, including developed countries and emerging markets throughout the world, which are primarily involved in the investment theme of “Artificial Intelligence and Innovation”. Artificial intelligence (“AI”) refers to the application of computer systems or robotics to perform tasks that typically require human intelligence, discernment and adaption, such as decision-making, reasoning, learning from past experiences, visual perception, and speech recognition. Innovation refers to those companies that introduce a new, creative, or different (i.e., “innovative”) technology enabled product or service in seeking to potentially change an industry landscape, as well as companies that service those innovative technologies. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned 26.74% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). As a fund focused on artificial intelligence, the Fund has a significant allocation to the Information Technology sector, which benefited returns. More specifically, with over 70% of the Fund’s assets allocated to Software and Semiconductors, the Fund experienced outperformance as these industries rallied after the release of ChatGPT in late November of 2022, as well as after Nvidia earnings were announced in early 2023, where they forecasted significant datacenter revenue growth due to increased demand related to AI applications. Additionally, the Fund had significant weight in companies with positive earnings while maintaining strong growth characteristics which also benefited performance. Most detractors over the period were idiosyncratic, due to pessimistic news around companies operating within drug development or data processing and annotation.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree Battery Value Chain and Innovation Fund (WBAT)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Battery Value Chain and Innovation Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Battery Value Chain and Innovation Index (the “Index”). In seeking to track the Index, the Fund invests in companies primarily involved in battery and energy storage solutions that meet the index eligibility requirements. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned 0.58% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). As a fund heavily focused on the battery value chain, the Fund had significant allocations to the Industrials and Materials sectors, which lagged in performance versus the broader market due to allocation and selection effects. Alternatively, position selection within the Consumer Discretionary and the Information Technology sectors benefited the Fund’s performance, although these sectors had significantly less weight allocated as compared to the Industrials and Materials sectors. As a megatrend fund, there is significant weight allocated to companies with high growth rates, as well as those that have yet to report positive earnings. The fastest growth companies in the Fund detracted from performance, while those with steadier growth positively contributed. Likewise negative earners detracted from performance while those with positive earnings benefited the Fund. In terms of battery specific categories, the emerging technology category most benefited performance while raw materials and enabler firms detracted from performance.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree BioRevolution Fund (WDNA)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree BioRevolution Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree BioRevolution Index (the “Index”). In seeking to track the Index, the Fund primarily invests in equity securities of exchange-listed companies globally that will be significantly transformed by advancements in genetics and biotechnology. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned 0.61% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). With over 90% of the fund allocated to the Healthcare and Materials sectors, the Fund underperformed the broader market as these sectors failed to participate in the early 2023 rally in Information Technology, Consumer Discretionary and the Communications sectors that drove up broad market performance. Furthermore, allocations to small cap companies also detracted from returns, as well as those firms with slower earnings growth. Those with faster growth tended to benefit fund performance.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree Cloud Computing Fund (WCLD)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Cloud Computing Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the Bessemer Venture Partners (“BVP”) Nasdaq Emerging Cloud Index (the “Index”). In seeking to track the Index, the Fund invests in emerging public companies primarily involved in providing cloud computing software and services to their customers, which derive the majority of their revenues from business-oriented software products, as determined by BVP. 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 13.20% at net asset value (“NAV”) for the fiscal year ended June 30, 2023 (for more complete performance information please see the table below). The Fund is nearly fully allocated to the Information Technology sector, and more specifically, with 70% allocated to the Software industry, which benefited fund performance. With reduced exposure to mega-cap tech firms, particularly those that rallied to start the year 2023, the Fund’s overall positive performance was negatively impacted by these selection and allocation effects. Like other megatrends strategies, the Fund tends to overweight companies with strong growth characteristics, which benefited the Fund’s performance over the period. As these strong growth companies also tend to garner higher valuation multiples, the Fund also had more weight allocated to more expensive firms from a price to sales ratio perspective, which benefited returns. Firms with the lowest multiples underperformed significantly compared to their more expensive counterparts. Both positive and negative earners within the fund benefited overall returns.

Shareholder Expense Example (for the six-month period ended June 30, 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 June 30, 2023 (unaudited)

WisdomTree Cybersecurity Fund (WCBR)

Country Breakdown†