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)

Global equity markets, as measured by the MSCI All Country World Index (ACWI), lost 7.44% in U.S. dollar (USD) terms for the 12-month fiscal period ending March 31, 2023 (the “period”). Emerging markets (EM) (measured by the MSCI Emerging Markets Index) fell 10.70% in USD terms.

Most global currencies steadily weakened versus the USD during the period. Among EM currencies, the Chinese yuan renminbi weakened by 7.76% relative to the USD. The Indian rupee, Brazilian real, South Korean won, and Taiwanese dollar all weakened between 6-8% each. Other currencies suffered even more, including the South African rand, Turkish lira, and Argentine peso, which weakened by 18%, 24% and 47%, respectively. Ironically, one of the best performers (and one of only three significant EM currencies to strengthen against the USD) was the Russian ruble, which strengthened by 4.5% despite ongoing global sanctions and embargoes due to its invasion of Ukraine in early 2022.

Global equities generally struggled during the period, as most regions confronted economic challenges resulting from record monetary and fiscal stimulus introduced to support the post-pandemic recovery. Central banks worldwide were forced to raise interest rates at various intervals to combat skyrocketing inflation, beginning with the U.S. Federal Reserve, European Central Bank, and more. EM followed suit, though to varying degrees as each region encountered idiosyncratic issues that diverged their policy pathways.

The first quarter of the period (from March to June 2022), was the most challenging for global and EM equity indexes. The MSCI ACWI and MSCI EM indexes sunk -15.66% and -11.45%, respectively, in USD terms. Inflation began to rise in earnest at this point during 2022, with many year-over-year indicators around the world above 6%, and well above central bank expectations. The economic growth outlook was mixed during the period, as certain EM economies managed to grow while other prominent, developed market economies either stagnated or contracted. China, the largest allocation within most EM indexes, contracted 2.4% quarter-over-quarter.

The second quarter of the period didn’t show much improvement from the first quarter. Global equities fell approximately 7% in USD terms, 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 interest rate hikes would be needed to combat inflation, and central banks continued to do so. Global and EM equities remained under constant pressure as a result. China’s economy bounced back by approximately 4% during the June to September quarter.

Global equities regained their footing heading into the third quarter of the period and the final quarter of 2022, returning 9.76% in USD terms. EM followed suit, returning 9.7% in USD terms. As disinflationary pressures became evident, many 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 benefited 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, Chinese equities rallied, which spread to EM as the largest allocation within most EM indexes. Despite this, Chinese economic growth was flat to end the year.

Optimistic sentiment prevailed to the end of the year and 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 interest rate hikes were in sight. Notably, markets confronted the threat 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. Global economic growth for the first quarter of 2023 remained positive.

Market Environment Overview

(unaudited) (concluded)

Entering the new fiscal year, many of these risk factors remain paramount, and global financial market performance will be heavily dependent on the ongoing fight against inflation around the world and what it means for central bank policy rate paths. A secondary factor to watch will be the health of the global banking sector and whether there are any more existential threats that have yet to be uncovered.

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 China ex-State-Owned Enterprises Fund (CXSE)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned -13.72% 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 Financials and Utilities sectors, largely due to positive stock selection within each sector. All other sectors (except for Consumer Discretionary, which was negligible), weighed on performance during the period, as part of a broader struggle for the Chinese equity market. For much of the period, China was committed to its COVID Zero policy, which hampered economic growth. Simultaneously, other policies and domestic agendas set by the Chinese Communist Party were not “business-friendly”, which weighed on sentiment in the sizable Information Technology and Communication Services sectors, two significant drivers of economic growth. Both of these positions weighed on Fund performance due to a mix of poor stock selection and allocation effects. As of March 31, 2023, the COVID Zero policy has been abandoned, so business prospects for many of the previous year’s sector laggards and China as a whole may benefit from the change. SOEs outperformed at the expense of non-SOEs during the period as well, and the lack of exposure to SOEs 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 Emerging Markets ex-State-Owned Enterprises Fund (XSOE)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned -14.20% 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 positions in the Information Technology sector primarily due to stock selection. All other sectors either had a negligibly positive effect, or an outright negative effect. Communication Services was the biggest detractor from performance due to poor stock selection. Emerging markets (EM) as a region struggled during the fiscal year, as risk-off sentiment around the world deterred investor appetite for the asset class. Individual country effects from countries that comprise larger allocations compounded the poor performance. As the largest position in the EM universe, China weighed negatively on performance the most, as its commitment to the COVID Zero policy and other non-business-friendly policies hampered economic growth and business prospects for important sectors. Poor stock selection within China weighed negatively on Fund performance more than any country component during the period. Other countries had modestly positive effects, but not enough to offset the pressure from China and other regions that had their own idiosyncratic issues (such as political regime changes in Brazil). State-owned enterprises (SOEs) outperformed at the expense of non-SOEs during the period as well, and the lack of exposure to SOEs 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 Emerging Markets High Dividend Fund (DEM)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned -6.97% 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 positive stock selection primarily within Information Technology, Energy, and Financials. An underweight allocation in Information Technology during a period of high interest rates worldwide also provided a strong allocation effect, as higher interest rates tend discount the value of technology shares more severely than other sectors. Positions in the Real Estate and Materials sectors weighed negatively on Fund performance due to a mix of both poor stock selection and allocation effects. These two cyclical sectors struggled under the pressure of rising interest rates and increasing fears of recession. Taiwan and India were the two strongest country positions during the period, due to a mix of allocation and stock selection impacts in both countries. China and South Africa weighed negatively on performance, especially as the Chinese region continued to combat COVID-19 with non-business-friendly economic policies, that hampered growth. The Fund’s emphasis on emerging market equities that pay large dividends was additive in the rising interest rate environment. Overweighting larger dividend-payers and underweighting lower dividend-payers was universally additive, with stock selection compounding the effect in most quintiles.

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 Emerging Markets Multifactor Fund (EMMF)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned -5.74% 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 and Financials sectors, primarily due to stock selection. The Fund’s performance was negatively impacted by stock selection in the Information Technology and Health Care sectors. The Fund’s performance was also negatively impacted by allocations to Chinese stocks, which faced significant downward pressure, including the government’s zero-COVID rules and heightened geopolitical tensions with the U.S. and Europe. The Fund saw some benefit in its underweight to companies with zero dividend yields, which returned close to -20% over the period. The overall strength of the U.S. dollar compared to other currencies improved Fund returns during the year, as it is hedged against movements in foreign currencies.

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 Emerging Markets Quality Dividend Growth Fund (DGRE)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned -10.75% 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 Communication Services and Consumer Discretionary sectors, due to stock selection effects. The Materials sector had a negative impact on the Fund’s performance, due to both allocation and stock selection effects. The Fund’s exposure to Indian companies also put downward pressure on returns. The Fund’s overweight to emerging market companies with the highest dividends, which performed poorly during 2022, also weighed down returns.

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 Emerging Markets SmallCap Dividend Fund (DGS)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned -9.76% 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 positions in the Financials, Consumer Discretionary, and Information Technology sectors, primarily due to stock selection in each sector. Positions in Energy, Real Estate, and Materials weighed negatively on performance for the same reasons. Regionally, Turkey and India aided performance the most, due to allocation effects in the former and stock selection effects in the latter. However, South Korea weighed negatively on performance due to stock selection and South Africa detracted from performance due to allocation impacts. The Fund’s emphasis on dividend-paying small cap stocks in the Emerging Markets space was universally additive during the period, with overweights to the highest dividend-paying quintiles and underweights to the lowest dividend-paying quintiles all providing beneficial performance impacts.

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

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned -7.53% 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, Health Care, and Communication Services, almost entirely due to positive stock selection in each sector. Industrials and Materials weighed negatively on performance the most, due to stock selection in the former and both poor stock selection and allocation effects in the latter. Positions in France and China were additive during the period, with an underweight to China especially additive during a period when it underperformed. The United Kingdom and Australia weighed negatively on performance due to poor stock selection effects. Despite quality stocks being rewarded in the U.S. during 2022, high-quality stocks elsewhere did not have as much success during the period. The performance picture among quintiles ranked by return-on-equity was mixed for the Fund, ultimately due to stock selection effects within each quintile.

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 Global High Dividend Fund (DEW)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned -4.28% 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 Staples, Health Care, and Communication Services during the period, mainly due to stock selection. Positions in Real Estate and Financials, two notable payers of high dividends, weighed negatively on performance due to overweight positions during a period when both sectors struggled. Allocation effects explained the challenges within each of these sectors. Positions in the U.S. and Japan were additive due to positive stock selection, while the United Kingdom and Australia detracted modestly due to poorer stock selection impacts. The Fund’s emphasis on overweighting the highest dividend-paying companies was additive, as the first quintile of dividend-payers had a pronounced positive impact. Avoiding non-dividend-paying companies was also beneficial 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 Growth Leaders Fund (PLAT)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned -20.79% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). Fund performance was negatively affected by its concentration in growth stocks in the Consumer Discretionary, Communication Services, and Information Technology sectors, which were heavily pressured by rising real interest rates last year that posed significant challenges to these businesses. Lack of significant exposure to other sectors resulted in modestly positive, but overall negligible, allocation effects. Growth stocks tend to suffer in rising interest rate environments because their cash flows (or terminal values over an investor’s time horizon) are discounted at higher rates, resulting in lower values.

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 India Earnings Fund (EPI)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned -8.05% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). Despite the negative performance, the Indian equity market was one of the best performing regions last year. The Fund benefited from positions in the Utilities, Energy, and Information Technology sectors, primarily due to stock selection effects in the former two and a mix of stock selection and allocation impacts in the latter sector. Consumer Discretionary and Consumer Staples weighed negatively on performance because the Fund was underweight when those sectors outperformed in India, resulting in a negative allocation impact. Communication Services also presented a headwind for Fund performance, but that was primarily due to poor stock selection within the sector. The performance difference between the Fund NAV return and Index return for the fiscal year ended March 31, 2023 was primarily attributable to foreign capital gains taxes incurred by the Fund that are not deducted from Index 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 India ex-State-Owned Enterprises Fund (IXSE)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned -12.97% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). Despite the negative performance, the Indian equity market was one of the best performing regions last year. The Fund benefited from its underweight position in Information Technology, which was a weak performer. It also benefited from Materials due to positive stock selection. Poor stock selection within Utilities weighed negatively on performance the most among non-SOEs. The lack of exposure to SOEs in India over the period negatively impacted performance, as SOEs outperformed non-SOEs during the fiscal period.

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 New Economy Real Estate Fund (WTRE)

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

Sector Breakdown†

Top Ten Holdings*

The WisdomTree New Economy Real Estate Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the CenterSquare New Economy Real Estate Index (the “Index”). In seeking to track the Index, the Fund invests in dividend- paying companies in global equity securities, including American Depositary Receipts, of listed real estate investment trusts and companies identified as being significantly real estate related. The Fund’s objective and strategies changed effective April 20, 2022. Prior to April 20, 2022, Fund performance reflects the investment objective of the Fund when it was the WisdomTree Global ex-U.S. Real Estate Fund (DRW) and tracked the performance, before fees and expenses, of the WisdomTree Global ex-U.S. Real Estate Index. 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 -25.82% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The global Real Estate sector struggled significantly last year in a rising interest rate environment, which disproportionately affected the sector as a whole. Higher borrowing costs discouraged new construction and renovation of existing properties, while also presenting a budgetary headwind for Real Estate companies relying on credit financing. Property markets slumped around the world as part of the ongoing paradigmatic shift to “working from anywhere” and the Fund was not immune to this adverse trend.

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.

Description of Terms and Indexes (unaudited)

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

Allocation Effect measures an investment manager’s ability to effectively allocate a portfolio’s assets to various segments. A segment refers to assets or securities that are grouped within a certain classification such as sectors, industries, or countries. The allocation effect determines whether the overweighting or underweighting of segments relative to a benchmark contributes positively or negatively to the overall portfolio return. Positive allocation occurs when the portfolio is overweighted in a segment that outperforms the benchmark and underweighted in a segment that underperforms the benchmark. Negative allocation occurs when the portfolio is overweighted in a segment that underperforms the benchmark and underweighted in a segment that outperforms the benchmark.

The CenterSquare New Economy Real Estate Index is a weighted index that consists of global stocks of real estate companies that have material direct and/or indirect exposure to technology, sciences and/or ecommerce related business models and meet specific screening requirements that consider factors including growth, valuation and leverage criteria.

Correlation is a statistical measure of how two sets of returns move in relation to each other. Correlation coefficients range from -1 to 1. A correlation of 1 means the two subjects of analysis move in lockstep with each other. A correlation of -1 means the two subjects of analysis have moved in exactly the opposite direction.

The Dow Jones Global ex-U.S. Select Real Estate Securities Index is a float-adjusted market capitalization weighted index that defines and measures the investable universe of publicly traded real estate securities in countries outside the U.S.

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

The FTSE China 50 Index is a capitalization weighted index that is comprised of the 50 largest and most liquid Chinese securities.

Growth is generally characterized by higher price levels relative to fundamentals, such as dividends or earnings. Price levels are higher because investors are willing to pay more due to their expectations of future improvements in these fundamentals.

Momentum is generally characterized by assets with recent price increase trends over time. This term is also associated with the momentum factor which associates these stock characteristics with excess return vs. the market over time.

The MSCI AC World ex-USA Growth Index is comprised of growth stocks in the developed and emerging markets covered by MSCI, excluding the U.S.

The MSCI AC World ex-USA Index is a free float-adjusted market capitalization-weighted index designed to measure the combined equity market performance of developed and emerging markets countries, excluding the U.S.

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

The MSCI China Index is a free float-adjusted market capitalization weighted index designed to measure the performance of the Chinese equity market.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure emerging markets equity performance.

The MSCI Emerging Markets Small Cap Index is a free float-adjusted market capitalization index that is designed to measure the performance of small capitalization equities in the emerging markets.

The MSCI Emerging Markets Value Index captures large and mid cap securities exhibiting overall value style characteristics across 27 Emerging Markets countries.

The MSCI India Index is a free float-adjusted market capitalization index that is designed to measure the performance of the Indian equity market.

Description of Terms and Indexes (unaudited) (continued)

The MSCI World Real Estate Investment Trusts Index is a free float-adjusted market capitalization index that captures large and mid cap companies.

Quality is generally characterized by higher efficiency and profitability. Typical measures include earnings, return-on-equity, return on assets, operating profitability as well as others. This term is also related to the quality factor, which associates these stock characteristics with excess returns vs. the market over time.

Quintiles refers to separating a universe of companies into five groups of equal size on the basis of dividend yield, price-to-earnings, or return-on-equity, as applicable.

Return-on-Equity (ROE) measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested.

Risk-on and Risk-off refers to investors’ appetites for risk which rise and fall over time. During periods when risk is perceived as low, the risk-on risk-off theory states that investors tend to engage in higher-risk investments (i.e., “Risk-on”). When risk is perceived to be high, investors have the tendency to gravitate toward lower-risk investments (i.e., “Risk-off”).

The S&P 500^® Index is a capitalization-weighted index of 500 stocks selected by the Standard & Poor’s Index Committee, designed to represent the performance of the leading industries in the United States economy.

Selection Effect measures an investment manager’s ability to select securities within a given segment relative to a benchmark. The over or underperformance of the portfolio is weighted by the benchmark weight, therefore, selection is not affected by the investment manager’s allocation to the segment. The weight of the segment in the portfolio determines the size of the effect — the larger the segment, the larger the effect is, positive or negative. A positive selection effect occurs when the portfolio return is greater than the benchmark return. Thus, the investment manager made good decisions in selecting securities that, as a whole, outperformed similar securities in the benchmark. A negative selection effect occurs when the portfolio return is less than the benchmark return. Thus, the investment manager made poor decisions in selecting securities that, as a whole, underperformed similar securities in the benchmark.

The WisdomTree China Dividend ex-Financials Index is comprised of Chinese dividend paying stocks outside the Financials sector.

The WisdomTree China ex-State-Owned Enterprises Index measures the performance of Chinese stocks that are not state-owned enterprises. WisdomTree, Inc., as index provider, defines state-owned enterprises as companies with over 20% government ownership.

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

The WisdomTree Emerging Markets High Dividend Index is comprised of the highest dividend-yielding stocks selected from the WisdomTree Emerging Markets Dividend Index.

The WisdomTree Emerging Markets SmallCap Dividend Index is comprised of primarily small-capitalization stocks selected from the WisdomTree Emerging Markets Dividend Index.

The WisdomTree Global ex-U.S. Quality Dividend Growth Index is comprised of growth companies selected from developed and emerging markets outside the U.S.

The WisdomTree Global ex-U.S. Real Estate Index is comprised of companies in developed and emerging markets outside of Canada and the U.S., which WisdomTree classifies as being Global Real Estate securities.

The WisdomTree Global High Dividend Index is comprised of high dividend-paying companies selected from the WisdomTree Global Dividend Index.

Description of Terms and Indexes (unaudited) (continued)

The WisdomTree Growth Leaders Index is a modified market capitalization-weighted index that is designed to provide exposure to mid and large-cap companies that are leveraging platform-based business models with high revenue growth.

The WisdomTree India Earnings Index is a fundamentally weighted index that is comprised of companies incorporated and traded in India that are profitable and that are eligible to be purchased by foreign investors as of the index measurement date.

The WisdomTree India ex-State-Owned Enterprises Index measures the performance of Indian stocks that are not state-owned enterprises. State-owned enterprises are defined as government ownership of more than 20% of outstanding shares of companies.

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

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

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

The New Economy Real Estate Fund is not sponsored, endorsed, sold or promoted by CenterSquare Investment Management LLC (“CenterSquare”), any of its affiliates or any other third party involved in, or related to, calculating, compiling or creating the CenterSquare New Economy Real Estate Index (collectively, the “CenterSquare Parties”). The CenterSquare New Economy Real Estate Index is the exclusive property of CenterSquare and has been licensed for use by WisdomTree Asset Management and WisdomTree Trust as the Issuer of the New Economy Real Estate Fund. CenterSquare and the CenterSquare New Economy Real Estate Index’s name are trademarks of CenterSquare. None of the CenterSquare Parties makes any representation or warranty, express or implied, to the issuer or owners of shares of the New Economy Real Estate Fund, or any other person or entity, regarding the advisability of investing in funds generally, or in the New Economy Real Estate Fund particularly, or the ability of the CenterSquare New Economy Real Estate Index to track its corresponding market performance. None of the CenterSquare Parties has any obligation to take the needs of the issuer or owners of shares of the New Economy Real Estate Fund, or any other person or entity, into consideration in determining, composing or calculating the CenterSquare New Economy Real Estate Index. None of the CenterSquare

Description of Terms and Indexes (unaudited) (concluded)

Parties is responsible for, or has participated in, the determination of the timing of, prices at, or quantities of the New Economy Real Estate Fund to be issued or in the determination or calculation of the equation by, or the consideration into which, the New Economy Real Estate Fund is redeemable. Further, none of the CenterSquare Parties has any obligation or liability to the issuer or owners of shares of the New Economy Real Estate Fund, or any other person or entity, in connection with the administration, marketing or offering of the New Economy Real Estate Fund, whether as a result of statements included in the New Economy Real Estate Fund’s public offering documents or otherwise.

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

Index performance information assumes the reinvestment of dividends and excludes management fees, transaction costs and expenses. You cannot directly invest in an index.

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

Schedule of Investments

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

March 31, 2023