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)

Developed international equity markets, as measured by the MSCI EAFE Index, were roughly flat for the 12-month fiscal year ending March 31, 2023 (the “period”), returning only -1.38% in U.S. dollar (USD) terms despite significant volatility at certain points.

Developed market currencies steadily weakened versus the USD during the period, as an aggressive rate hike campaign by the Federal Reserve in the U.S. created a policy gap that bolstered the USD and weighed on others whose central banks were not keeping pace. The USD also likely benefited due to its perceived status as a global safe-haven currency during market turmoil. The euro steadily weakened against the USD during the period, weakening by about 2.06%. Although not in Europe, this effect was even more pronounced in the Japanese yen, which is being suppressed by the Bank of Japan in attempt to stimulate economic growth while the rest of the global economy is overheating. The yen weakened by more than 8% versus the USD, though it fell even further during the fall of 2022 before slightly bouncing back. The British pound sterling (GBP) also struggled, weakening by over 6% versus the USD. The lone currency that strengthened among the G10 basket of currencies was the Swiss franc, another beneficiary of safe-haven status during periods of market stress, which rose by about 0.8%.

Similar to the rest of the world, developed international equity markets embarked on a protracted battle against record inflation and strong labor markets for most of calender year 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 14.5% in USD terms. The European Central Bank (ECB) held its benchmark refinancing rate at 0% during the quarter, but investors quickly surmised that it would soon have to act swiftly and decisively to combat inflation climbing into the 7-8% range. For context, the ECB has held rates at 0% in effort to stimulate economic growth since about 2016, 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 0.7% during the quarter.

Inflation neared its peak during the June to September quarter, reaching 9.9% year-over-year and marking the beginning of what would become five straight months of inflation in the 9-10% range. This weighed on market sentiment, especially as the ECB started to combat it by raising rates 1.25% from 0%. The MSCI EAFE Index fell 9.36% in USD terms, following broader market sentiment around the world with regional indexes heading deeper toward bear market territory. Eurozone gross domestic product (GDP) growth was relatively muted during the quarter at 0.3%.

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 2.5% by the end of 2022.

Optimism from the end of 2022 continued into the first quarter of 2023, the final quarter of the fiscal period. 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 3.5%. 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 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.

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 continued improvement in the global banking sector and economic data releases, due to their influence on the future path of monetary policy.

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 Europe Quality Dividend Growth Fund (EUDG)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Europe Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies with growth characteristics in the European 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 -1.64% 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 and Real Estate due to a mix of allocation and stock selection effects in each. Consumer Staples and Health Care dragged on performance as a result of poor stock selection impacts. Although high quality stocks benefited in the U.S. last year, the same result was not evident in Europe. When analyzing performance by return-on-equity quintiles, the results are mixed. Overweighting higher-quality companies was additive within certain quintiles and negative in others. The same can be said for underweighting lower-quality companies, where it was beneficial in certain groups and but detracted in other segments.

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 Europe SmallCap Dividend Fund (DFE)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree Europe SmallCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe SmallCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the European 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 -8.50% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from positions in Communication Services and Materials, primarily due to stock selection effects. Industrials and Energy weighed on performance, again due to stock selection. Due to the Fund’s focus on allocating more to European small caps that pay greater dividends, there was a positive allocation effect from the top quintile of payers, since that group was overweighted and outperformed during the fiscal year. Avoiding non-payers ultimately had a negative impact on performance, as non-payers rallied toward the end of the fiscal year and the Fund was not able to benefit.

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 International AI Enhanced Value Fund (AIVI)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International AI Enhanced Value Fund (the “Fund”) seeks income and capital appreciation by investing primarily in equity securities selected from a universe of developed market equities, excluding the United States and Canada, that exhibit value characteristics based on the selection results of a proprietary, quantitative artificial intelligence (AI) model developed by Voya Investment Management Co., LLC., the Fund’s sub-adviser. Prior to January 18, 2022, Fund performance reflects the investment objective of the Fund when it was the WisdomTree International Dividend ex-Financials Fund and tracked the price and yield performance, before fees and expenses, of the WisdomTree International Dividend ex-Financials Index (the “Former Index”). In seeking to track the Former Index, the Fund invested in high-dividend-yielding companies in the developed world excluding the U.S. and Canada, and excluding the financials sector.

The Fund returned 0.80% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). As an AI-driven actively managed fund, the portfolio positioning underwent changes throughout the year. In fiscal Q1, significant returns were contributed by allocations to small caps with quality factor characteristics, while allocations to ‘deep-value’ mid-caps detracted. Shifting to Q2, the factor exposures transitioned to a combination of value and low volatility, with a small allocation to growth-oriented stocks that outperformed while much of the rest of the portfolio lagged. However, selection and allocation effects within the Energy and Utilities sectors were major detractors. Moving into Q3, the fund benefited from security selection in the Energy and Communications Services sectors, while selection within Utilities, Health Care, and Information Technology drove relative underperformance. Furthermore, reducing exposure to the momentum factor had positive effects. As the fiscal year concluded, the fund’s security selection in Materials and Communication Services sectors resulted in relative outperformance in Q4, although there were some detracting effects from selection within Industrials. Despite fluctuations and periods of underperformance earlier in the year, the fund rebounded in Q3 and Q4 to end the fiscal year performing in line with the market.

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 International Equity Fund (DWM)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International Equity Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies in the developed world excluding the U.S. and Canada. 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 -1.55% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). From a sector perspective, no individual sectors made outsized positive or negative contributions, with most resulting in fewer than 10 basis points of outperformance or underperformance. The same can be said for country allocations. There were more significant impacts from dividend quintiles, where the Fund’s emphasis on overweighting larger dividend-payers was additive for performance, along with avoiding those that do not pay dividends. Certain quintiles, such as the third and fourth (representing groups of average-to-relatively smaller dividend-payers), had idiosyncratic effects that weighed on performance, which was evinced through negative stock selection effects.

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 International High Dividend Fund (DTH)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned 0.01% 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 Financials and Industrials, entirely due to stock selection effects. Materials and Consumer Discretionary weighed on performance via negative allocation effects, due to overweighting the former when it lagged the market and underweighting the latter when it outperformed. Japan and Switzerland were the two greatest country contributors due to positive stock selection, while the Netherlands and Australia lagged. Australia was overweighted when it subsequently underperformed, resulting in a negative allocation effect, while the Netherlands’ adverse impact was due to a combination of stock selection and allocation effects. The Fund’s emphasis on companies paying large dividends in the developed international universe was generally positive, as it was heavily overweight the top two quintiles of dividend-paying companies, both of which outperformed and resulted in positive allocation effects.

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 International LargeCap Dividend Fund (DOL)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International LargeCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International LargeCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying large-cap companies in the developed world excluding the U.S. and Canada. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -0.05% 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 Financials, Communication Services, and Real Estate, owing to positive stock selection impacts in each. Health Care weighed on performance due to poor stock selection, while Materials hurt performance due to the allocation effect, resulting from overweighting a lagging sector. Japan and Germany contributed positively at the country level due to positive stock selection, while the Netherlands and Australia both detracted, due to underweighting the former when it outperformed and overweighting the latter when it underperformed. Within the international large cap space, overweighting the top two quintiles of dividend-payers was additive, resulting in positive allocation effects.

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 International MidCap Dividend Fund (DIM)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International MidCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International MidCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying mid-cap companies in the developed world excluding the U.S. and Canada. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of securities in the Index.

The Fund returned -5.68% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its positions in Industrials, Financials, and Consumer Staples, primarily due to positive stock selection. Communication Services and Utilities weighed on performance due to poorer stock selection. Japan and Switzerland contributed the most positively from a country standpoint, while the Netherlands and Australia detracted. All four were due to stock selection effects. Within the international midcap space, performance attribution by dividend quintiles was more mixed, owing to stock selection effects within each of the five 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 International Multifactor Fund (DWMF)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International Multifactor Fund (the “Fund”) seeks capital appreciation by investing primarily in equity securities of developed countries, excluding the U.S. and Canada, with the highest composite scores based on two fundamental factors, value and quality measures, and two technical factors, momentum and correlation. The Fund seeks to manage its currency risk by dynamically hedging currency fluctuations in the relative value of the applicable international currencies against the U.S. dollar, ranging from a 0% to 100% hedge.

The Fund returned 2.76% 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 its exposures to the Consumer Discretionary, Communication Services, and Financials sectors, primarily due to stock selection effects. The Fund was negatively impacted by its exposure to the Information Technology sector due to both allocation and stock selection effects, as well as its exposure to the Energy sector, primarily due to stock selection effects. In terms of country exposures, the Fund’s allocations to companies in France and Japan drove much of its returns. The Fund’s overexposure to companies with the highest dividend yields and underexposure to those with zero dividend yields were also major drivers of the Fund’s performance. The Fund also benefited from being currency-hedged during the period, as broad strength in the U.S. dollar versus most other developed market currencies would have otherwise weighed on Fund 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 International Quality Dividend Growth Fund (IQDG)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies with growth characteristics in the developed world excluding the U.S. and Canada. 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 -4.85% 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 Real Estate, Communication Services, and Consumer Discretionary. Real Estate’s impact was a result of the allocation effect, where the sector was underweighted and subsequently underperformed the market. The latter two sectors contributed positively due to strong stock selection. Materials was a headwind, as the Fund was overweight and underperforming sector, resulting in a negative allocation effect that was compounded by poor stock selection. Spain and France were positive contributors at the country level, while Switzerland and the United Kingdom detracted. All four countries’ effects were a result of stock selection. Despite quality stocks being rewarded in the U.S. last year, 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. Lastly, local currency effects also weighed on the Fund, as most currencies in the developed market universe weakened versus the U.S. dollar for much of the fiscal year. During a period where the U.S. dollar steadily trended higher, hedging foreign currency exposures would have been additive.

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 International SmallCap Dividend Fund (DLS)

Sector Breakdown†

Top Ten Holdings*

The WisdomTree International SmallCap Dividend Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International SmallCap Dividend Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying small-cap companies in the developed world excluding the U.S. and Canada. 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 -7.23% 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 Materials, Communication Services, and Industrials, all of which were entirely due to positive stock selection. Utilities and Consumer Staples were a slight drag on performance also due to negative stock selection. At the country-level, Japan and France were additive due to stock selection, while Israel and Australia weighed on performance due to stock selection and allocation effects, respectively. When analyzing performance by dividend quintiles, a combination of allocation and stock selection effects positively contributed to performance within the top two quintiles, representing overweights to larger payers.

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

Performance

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

Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree Japan SmallCap Dividend Fund (DFJ)

Sector Breakdown†

Top Ten Holdings*

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

The Fund returned 3.62% at net asset value (“NAV”) for the fiscal year ended March 31, 2023 (for more complete performance information please see the table below). The Fund benefited from its positions in the Real Estate, Information Technology and Industrials sectors, due to a combination of allocation and stock selection effects in Real Estate and primarily stock selection in the latter two. Consumer Discretionary had a negative impact on performance for the fiscal year, due to poor stock selection, while Consumer Staples also weighed on performance but was relatively modest. The Fund received strong performance contributions by overweighting the higher dividend-paying companies in the Japanese small cap universe while also benefitting from underweighting lower dividend-payers and avoiding non-payers altogether.

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.

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.

The MSCI EAFE Index is a market cap-weighted index composed of companies representative of the developed market structure of developed countries in Europe, Australasia and Japan.

The MSCI EAFE Local Currency Index is a free float-adjusted market capitalization weighted index that is designed to measure developed market equity performance, excluding the U.S. and Canada, calculated in local currency.

The MSCI EAFE Mid Cap Index is a free float-adjusted market capitalization index that is designed to measure the performance of mid-capitalization equities in the developed markets, excluding the U.S. and Canada.

The MSCI EAFE Mid Cap Value Index captures mid cap securities exhibiting overall value style characteristics across Developed Markets countries, excluding the U.S. and Canada.

The MSCI EAFE Small Cap Index is a free float-adjusted market capitalization equity index that is designed to measure the performance of small-cap stocks within the developed equity market, excluding the U.S. and Canada.

The MSCI EAFE Small Cap Value Index captures small cap securities exhibiting overall value style characteristics across Developed Markets countries, excluding the U.S. and Canada.

The MSCI EAFE Value Index is a free float-adjusted market capitalization index that is designed to measure the performance of the “value” stocks within the developed equity market, excluding the U.S. and Canada.

The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure the performance of large- and mid-cap stocks within developed market European countries.

The MSCI Europe Small Cap Index is a free float-adjusted market capitalization index that is designed to measure the performance of “small” stocks within developed market

European countries.

The MSCI Japan Small Cap Index is a free float-adjusted market capitalization index that

is designed to measure the performance of small cap stocks within Japan.

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.

Description of Terms and Indexes (unaudited) (continued)

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

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.

Volatility is a statistical measure of the dispersion of returns for a given security or market index around a particular average level. If the price stays relatively stable, the security has low volatility. A highly volatile security hits new highs and lows quickly, moves erratically, and has rapid increases and dramatic falls.

The WisdomTree Europe Quality Dividend Growth Index is a fundamentally weighted index that measures the performance of dividend-paying common stocks with growth characteristics selected from the WisdomTree International Equity Index.

The WisdomTree Europe SmallCap Dividend Index is a fundamentally weighted index that measures the performance of the small-capitalization segment of the European dividend-paying market.

The WisdomTree International Dividend ex-Financials Index measures the performance

of high dividend-yielding international stocks outside the financial sector.

The WisdomTree International Equity Index is a fundamentally weighted Index that measures the performance of dividend-paying companies in the industrialized world, excluding Canada and the United States.

The WisdomTree International High Dividend Index is comprised of companies with high dividend yields selected from the WisdomTree International Equity Index.

The WisdomTree International LargeCap Dividend Index is comprised of the large-capitalization segment of the dividend-paying market in the industrialized world outside the U.S. and Canada.

The WisdomTree International MidCap Dividend Index is comprised of the mid-capitalization segment of the dividend-paying market in the industrialized world outside the U.S. and Canada.

The WisdomTree International Quality Dividend Growth Index is a fundamentally weighted index designed to provide exposure to dividend paying developed market

companies.

The WisdomTree International SmallCap Dividend Index is comprised of the small-capitalization segment of the dividend-paying market in the industrialized world outside the U.S. and Canada.

The WisdomTree Japan SmallCap Dividend Index is comprised of dividend-paying

small-capitalization companies in Japan.

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

Description of Terms and Indexes (unaudited) (concluded)

any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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

WisdomTree, 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 Europe Quality Dividend Growth Fund (EUDG)

March 31, 2023