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WisdomTree Trust

Annual Report

March 31, 2023

 

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

WisdomTree Europe SmallCap Dividend Fund (DFE)

WisdomTree International AI Enhanced Value Fund (AIVI)

WisdomTree International Equity Fund (DWM)

WisdomTree International High Dividend Fund (DTH)

WisdomTree International LargeCap Dividend Fund (DOL)

WisdomTree International MidCap Dividend Fund (DIM)

WisdomTree International Multifactor Fund (DWMF)

WisdomTree International Quality Dividend Growth Fund (IQDG)

WisdomTree International SmallCap Dividend Fund (DLS)

WisdomTree Japan SmallCap Dividend Fund (DFJ)


Table of Contents

 

Market Environment Overview (unaudited)

       1  

Information about Performance and Shareholder Expense Examples (unaudited)

       3  

Management’s Discussion of Funds’ Performance (unaudited)

       4  

Description of Terms and Indexes (unaudited)

       15  
Schedules of Investments     

WisdomTree Europe Quality Dividend Growth Fund

       18  

WisdomTree Europe SmallCap Dividend Fund

       21  

WisdomTree International AI Enhanced Value Fund

       26  

WisdomTree International Equity Fund

       29  

WisdomTree International High Dividend Fund

       40  

WisdomTree International LargeCap Dividend Fund

       47  

WisdomTree International MidCap Dividend Fund

       51  

WisdomTree International Multifactor Fund

       58  

WisdomTree International Quality Dividend Growth Fund

       63  

WisdomTree International SmallCap Dividend Fund

       67  

WisdomTree Japan SmallCap Dividend Fund

       77  

Statements of Assets and Liabilities

       86  

Statements of Operations

       89  

Statements of Changes in Net Assets

       92  

Financial Highlights

       96  

Notes to Financial Statements

       102  

Report of Independent Registered Public Accounting Firm

       117  

Liquidity Risk Management Program (unaudited)

       119  

Trustees and Officers Information (unaudited)

       120  

Supplemental Information (unaudited)

       122  

General Information (unaudited)

       123  

“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.

 

WisdomTree Trust      1  


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.

 

2   WisdomTree Trust


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.

 

WisdomTree Trust      3  


Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

 

Sector Breakdown

 

Sector   % of Net Assets  

Health Care

    18.6%  

Consumer Staples

    18.1%  

Industrials

    17.4%  

Consumer Discretionary

    16.4%  

Financials

    8.5%  

Information Technology

    7.2%  

Communication Services

    6.0%  

Materials

    3.5%  

Utilities

    2.4%  

Energy

    0.7%  

Real Estate

    0.6%  

Other Assets less Liabilities‡

    0.6%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

LVMH Moet Hennessy Louis Vuitton SE

    6.0%  

Novartis AG, Registered Shares

    4.4%  

Nestle SA, Registered Shares

    3.6%  

Sanofi

    3.3%  

Deutsche Telekom AG, Registered Shares

    3.1%  

Industria de Diseno Textil SA

    2.9%  

British American Tobacco PLC

    2.9%  

GSK PLC

    2.8%  

Roche Holding AG

    2.8%  

Unilever PLC

    2.7%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

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)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,294.10        0.59   $ 3.37  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,021.99        0.59   $ 2.97  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.58% and the actual and hypothetical expenses paid during the period would have been $3.34 and $2.95, respectively.

Performance

 

   
      Average Annual Total Return  
      1 Year     3 Year     5 Year     Since Inception1  

Fund NAV Returns

     -1.64     13.90     5.65     4.49

Fund Market Price Returns

     -1.02     14.39     5.55     4.45

WisdomTree Europe Quality Dividend Growth Index

     -1.28     14.48     6.17     5.00

MSCI Europe Index

     1.38     15.00     4.35     3.17
1 

Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on May 7, 2014.

 

LOGO

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.

 

4   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree Europe SmallCap Dividend Fund (DFE)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    26.7%  

Consumer Discretionary

    14.8%  

Financials

    14.1%  

Materials

    13.8%  

Information Technology

    6.5%  

Real Estate

    6.2%  

Consumer Staples

    6.0%  

Energy

    4.1%  

Health Care

    2.9%  

Communication Services

    2.7%  

Utilities

    1.1%  

Investment Company

    0.0%

Other Assets less Liabilities‡

    1.1%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

 

*

Represents less than 0.1%.

Top Ten Holdings*

 

Description   % of Net Assets  

SSAB AB, Class A

    3.2%  

D/S Norden A/S

    1.9%  

Sydbank A/S

    1.3%  

Konecranes Oyj

    1.3%  

Redrow PLC

    1.2%  

MPC Container Ships ASA

    1.1%  

Pagegroup PLC

    1.1%  

Kloeckner & Co. SE

    1.1%  

Lenzing AG

    1.0%  

Outokumpu Oyj

    1.0%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

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)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized Net
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,294.60        0.66   $ 3.78  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,021.64        0.66   $ 3.33  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.58% and the actual and hypothetical expenses paid during the period would have been $3.34 and $2.94, respectively.

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

       -8.50      16.79      0.54      7.08

Fund Market Price Returns

       -7.33      17.26      0.43      7.14

WisdomTree Europe SmallCap Dividend Index

       -8.80      17.16      0.86      7.68

MSCI Europe Small Cap Index

       -11.20      13.93      1.30      6.82

 

LOGO

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.

 

WisdomTree Trust      5  


Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree International AI Enhanced Value Fund (AIVI)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    23.9%  

Industrials

    12.4%  

Consumer Staples

    10.9%  

Materials

    10.4%  

Health Care

    8.6%  

Real Estate

    8.2%  

Utilities

    6.7%  

Communication Services

    5.1%  

Consumer Discretionary

    4.6%  

Energy

    3.9%  

Information Technology

    3.3%  

Investment Company

    0.5%  

Other Assets less Liabilities‡

    1.5%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

Koninklijke Philips NV

    3.5%  

Enagas SA

    3.2%  

HeidelbergCement AG

    3.2%  

Swiss Re AG

    2.9%  

Aviva PLC

    2.9%  

M&G PLC

    2.8%  

Henkel AG & Co. KGaA

    2.7%  

Phoenix Group Holdings PLC

    2.7%  

Holcim AG, Registered Shares

    2.6%  

Publicis Groupe SA

    2.5%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

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)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,285.80        0.59   $ 3.36  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,021.99        0.59   $ 2.97  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.58% and the actual and hypothetical expenses paid during the period would have been $3.33 and $2.95, respectively.

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns1

       0.80      12.24      2.48      3.56

Fund Market Price Returns1

       1.74      12.55      2.38      3.56

MSCI EAFE Value Index

       -0.31      14.58      1.75      3.75
1 

The Fund’s investment objective changed effective January 18, 2022. Prior to January 18, 2022, the Fund’s investment objective sought to track the price and yield performance, before fees and expenses, of the WisdomTree International Dividend ex-Financials Index.

 

LOGO

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.

 

6   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree International Equity Fund (DWM)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    21.1%  

Industrials

    12.8%  

Materials

    11.3%  

Consumer Discretionary

    10.4%  

Consumer Staples

    8.9%  

Health Care

    8.1%  

Communication Services

    7.0%  

Energy

    6.5%  

Utilities

    5.1%  

Real Estate

    4.3%  

Information Technology

    3.4%  

Other Assets less Liabilities‡

    1.1%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

BHP Group Ltd.

    3.7%  

Nestle SA, Registered Shares

    1.7%  

Novartis AG, Registered Shares

    1.7%  

Shell PLC

    1.6%  

LVMH Moet Hennessy Louis Vuitton SE

    1.5%  

TotalEnergies SE

    1.4%  

HSBC Holdings PLC

    1.4%  

Rio Tinto Ltd.

    1.2%  

Roche Holding AG

    1.0%  

Mercedes-Benz Group AG

    0.9%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

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)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,251.30        0.49   $ 2.75  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.49        0.49   $ 2.47  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.48% and the actual and hypothetical expenses paid during the period would have been $2.72 and $2.44, respectively.

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

       -1.55      12.12      1.96      4.17

Fund Market Price Returns

       -1.01      12.35      1.85      4.10

WisdomTree International Equity Index

       -1.33      12.53      2.18      4.40

MSCI EAFE Index

       -1.38      12.99      3.52      5.00

MSCI EAFE Value Index

       -0.31      14.58      1.75      3.75

 

LOGO

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.

 

WisdomTree Trust      7  


Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree International High Dividend Fund (DTH)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    24.0%  

Materials

    15.8%  

Utilities

    8.8%  

Industrials

    8.6%  

Energy

    8.1%  

Communication Services

    7.8%  

Consumer Discretionary

    7.4%  

Health Care

    7.3%  

Real Estate

    6.3%  

Consumer Staples

    3.9%  

Information Technology

    0.5%  

Investment Company

    0.3%  

Other Assets less Liabilities‡

    1.2%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

BHP Group Ltd.

    5.8%  

Novartis AG, Registered Shares

    3.3%  

TotalEnergies SE

    2.9%  

Rio Tinto Ltd.

    2.4%  

HSBC Holdings PLC

    2.0%  

Mercedes-Benz Group AG

    1.8%  

Hapag-Lloyd AG

    1.5%  

British American Tobacco PLC

    1.4%  

BP PLC

    1.4%  

Sanofi

    1.4%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

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)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized Net
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,264.30        0.58   $ 3.27  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.04        0.58   $ 2.92  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio, actual and hypothetical expenses paid during the period would have been unchanged.

Performance

 

   
        Average Annual Total Return  
        1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

       0.01      13.95      2.01      3.66

Fund Market Price Returns

       0.55      14.27      1.89      3.62

WisdomTree International High Dividend Index

       0.26      14.43      2.31      3.95

MSCI EAFE Value Index

       -0.31      14.58      1.75      3.75

 

LOGO

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.

 

8   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree International LargeCap Dividend Fund (DOL)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    22.5%  

Consumer Discretionary

    10.8%  

Materials

    10.6%  

Consumer Staples

    10.1%  

Health Care

    10.0%  

Industrials

    9.9%  

Energy

    7.9%  

Communication Services

    7.6%  

Utilities

    5.1%  

Information Technology

    2.5%  

Real Estate

    1.8%  

Investment Company

    0.1%  

Other Assets less Liabilities‡

    1.1%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

BHP Group Ltd.

    5.1%  

Novartis AG, Registered Shares

    2.3%  

Nestle SA, Registered Shares

    2.3%  

LVMH Moet Hennessy Louis Vuitton SE

    2.2%  

Shell PLC

    2.1%  

TotalEnergies SE

    2.0%  

HSBC Holdings PLC

    1.9%  

Rio Tinto Ltd.

    1.6%  

Roche Holding AG

    1.5%  

Mercedes-Benz Group AG

    1.2%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

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)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized Net
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,260.50        0.49   $ 2.76  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.49        0.49   $ 2.47  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.48% and the actual and hypothetical expenses paid during the period would have been $2.73 and $2.44, respectively.

Performance

 

   
      Average Annual Total Return  
      1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

     -0.05      12.50      2.70      4.01

Fund Market Price Returns

     0.82      12.73      2.59      3.99

WisdomTree International LargeCap Dividend Index

     0.11      12.83      2.94      4.28

MSCI EAFE Index

     -1.38      12.99      3.52      5.00

MSCI EAFE Value Index

     -0.31      14.58      1.75      3.75

 

LOGO

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.

 

WisdomTree Trust      9  


Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree International MidCap Dividend Fund (DIM)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    19.9%  

Financials

    17.8%  

Materials

    13.8%  

Real Estate

    12.1%  

Consumer Discretionary

    7.8%  

Communication Services

    6.3%  

Utilities

    6.2%  

Consumer Staples

    5.6%  

Information Technology

    4.3%  

Energy

    3.1%  

Health Care

    2.2%  

Other Assets less Liabilities‡

    0.9%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

South32 Ltd.

    1.4%  

Nippon Yusen KK

    1.2%  

Mitsui OSK Lines Ltd.

    0.9%  

Power Assets Holdings Ltd.

    0.9%  

ICL Group Ltd.

    0.8%  

OCI NV

    0.8%  

Koninklijke KPN NV

    0.7%  

Randstad NV

    0.7%  

ACS Actividades de Construccion y Servicios SA

    0.7%  

Poste Italiane SpA

    0.6%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

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)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,239.80        0.59   $ 3.29  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,021.99        0.59   $ 2.97  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.58% and the actual and hypothetical expenses paid during the period would have been $3.26 and $2.95, respectively.

Performance

 

   
      Average Annual Total Return  
      1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

     -5.68      11.34      0.39      4.50

Fund Market Price Returns

     -4.60      11.80      0.29      4.50

WisdomTree International MidCap Dividend Index

     -5.58      11.72      0.77      4.90

MSCI EAFE Mid Cap Index

     -6.23      11.07      1.46      5.14

MSCI EAFE Mid Cap Value Index

     -4.65      12.46      0.60      4.80

 

LOGO

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.

 

10   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree International Multifactor Fund (DWMF)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    17.8%  

Consumer Staples

    15.9%  

Financials

    14.5%  

Communication Services

    10.4%  

Health Care

    9.5%  

Utilities

    8.1%  

Consumer Discretionary

    6.9%  

Energy

    5.2%  

Materials

    4.8%  

Real Estate

    4.2%  

Information Technology

    2.4%  

Other Assets less Liabilities‡

    0.3%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

National Grid PLC

    2.2%  

Novartis AG, Registered Shares

    2.1%  

Deutsche Telekom AG, Registered Shares

    1.9%  

ANZ Group Holdings Ltd.

    1.8%  

Toshiba Corp.

    1.8%  

Sanofi

    1.7%  

Swisscom AG, Registered Shares

    1.5%  

BHP Group Ltd.

    1.5%  

Jeronimo Martins SGPS SA

    1.4%  

TotalEnergies SE

    1.4%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

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)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,168.90        0.39   $ 2.11  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.99        0.39   $ 1.97  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.38% and the actual and hypothetical expenses paid during the period would have been $2.08 and $1.94, respectively.

Performance

 

   
      Average Annual Total Return  
      1 Year      3 Year      Since Inception1  

Fund NAV Returns

     2.76      9.70      3.27

Fund Market Price Returns

     3.50      9.59      3.34

MSCI EAFE Local Currency Index

     3.84      14.63      5.70

MSCI EAFE Index

     -1.38      12.99      4.13
1 

Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on August 10, 2018.

 

LOGO

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.

 

WisdomTree Trust      11  


Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree International Quality Dividend Growth Fund (IQDG)

 

Sector Breakdown

 

Sector   % of Net Assets  

Consumer Discretionary

    20.9%  

Consumer Staples

    18.9%  

Health Care

    18.3%  

Industrials

    14.7%  

Information Technology

    11.7%  

Financials

    4.7%  

Communication Services

    3.6%  

Materials

    2.6%  

Utilities

    2.1%  

Energy

    1.1%  

Real Estate

    1.0%  

Other Assets less Liabilities‡

    0.4%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

LVMH Moet Hennessy Louis Vuitton SE

    6.2%  

Unilever PLC

    4.4%  

Nestle SA, Registered Shares

    4.0%  

Novartis AG, Registered Shares

    4.0%  

Industria de Diseno Textil SA

    3.9%  

GSK PLC

    3.8%  

Novo Nordisk A/S, Class B

    3.1%  

L’Oreal SA

    3.0%  

SAP SE

    2.9%  

ASML Holding NV

    2.7%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

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)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,283.90        0.43   $ 2.45  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.79        0.43   $ 2.17  
1

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio would have been 0.42% and the actual and hypothetical expenses paid during the period would have been $2.39 and $2.12, respectively.

Performance

 

   
      Average Annual Total Return  
      1 Year      3 Year      5 Year      Since Inception1  

Fund NAV Returns

     -4.85      12.55      4.79      6.95

Fund Market Price Returns

     -3.59      13.07      4.66      7.06

WisdomTree International Quality Dividend Growth Index

     -4.83      12.95      5.15      7.31

MSCI EAFE Index

     -1.38      12.99      3.52      6.62
1 

Total returns are calculated based on the commencement of Fund trading on the Cboe BZX Exchange, Inc. on April 7, 2016.

 

LOGO

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.

 

12   WisdomTree Trust


Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree International SmallCap Dividend Fund (DLS)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    23.9%  

Consumer Discretionary

    13.4%  

Materials

    13.1%  

Financials

    13.1%  

Real Estate

    10.9%  

Information Technology

    7.1%  

Consumer Staples

    5.7%  

Communication Services

    3.7%  

Health Care

    3.6%  

Utilities

    2.0%  

Energy

    2.0%  

Investment Company

    0.3%  

Other Assets less Liabilities‡

    1.2%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

D/S Norden A/S

    0.9%  

SSAB AB, Class A

    0.8%  

Sims Ltd.

    0.6%  

Coface SA

    0.6%  

Azimut Holding SpA

    0.6%  

Charter Hall Long Wale REIT

    0.6%  

NOS SGPS SA

    0.6%  

Sydbank A/S

    0.5%  

Deterra Royalties Ltd.

    0.5%  

VGP NV

    0.5%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

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)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized Net
Expense Ratio1
    Expenses Paid
During the
Period1
 

Actual

   $ 1,000.00      $ 1,201.10        0.58   $ 3.18  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.04        0.58   $ 2.92  
1 

Included in the expense ratio are “Other fees” described in Note 6 which are not annualized. Without these expenses, the expense ratio, actual and hypothetical expenses paid during the period would have been unchanged.

Performance

 

   
      Average Annual Total Return  
      1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

     -7.23      12.20      -0.63      4.54

Fund Market Price Returns

     -6.04      12.62      -0.77      4.56

WisdomTree International SmallCap Dividend Index

     -6.99      13.15      0.33      5.28

MSCI EAFE Small Cap Index

     -9.83      12.07      0.87      5.86

MSCI EAFE Small Cap Value Index

     -7.08      13.44      0.49      5.32

 

LOGO

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.

 

WisdomTree Trust      13  


Management’s Discussion of Funds’ Performance

as of March 31, 2023 (unaudited)

WisdomTree Japan SmallCap Dividend Fund (DFJ)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    25.7%  

Materials

    16.3%  

Consumer Discretionary

    16.2%  

Information Technology

    12.8%  

Financials

    9.2%  

Consumer Staples

    7.2%  

Health Care

    4.7%  

Communication Services

    2.1%  

Real Estate

    1.8%  

Energy

    1.4%  

Utilities

    0.8%  

Investment Company

    0.2%  

Other Assets less Liabilities‡

    1.6%  

Total

    100.0%  

 

The Fund’s sector breakdown is expressed as a percentage of net assets and may change over time. In addition, a sector may be comprised of several industries. It does not include derivatives (if any).

 

Other assets less liabilities may include investment of cash collateral for securities on loan and/or receivables/payables on derivatives (if any).

Top Ten Holdings*

 

Description   % of Net Assets  

Kobe Steel Ltd.

    1.1%  

Cosmo Energy Holdings Co. Ltd.

    0.9%  

Seven Bank Ltd.

    0.6%  

Nippon Steel Trading Corp.

    0.6%  

Nippon Electric Glass Co. Ltd.

    0.6%  

Aozora Bank Ltd.

    0.6%  

Tokyo Seimitsu Co. Ltd.

    0.6%  

Konica Minolta, Inc.

    0.5%  

K’s Holdings Corp.

    0.5%  

Tokyo Ohka Kogyo Co. Ltd.

    0.5%  
*

The ten largest holdings are subject to change, and there are no guarantees the Fund will remain invested in any particular company. Excludes derivatives and investment of cash collateral for securities on loan (if any).

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)

 

         
      Beginning
Account Value
     Ending
Account Value
     Annualized Net
Expense Ratio
    Expenses Paid
During the
Period
 

Actual

   $ 1,000.00      $ 1,193.90        0.58   $ 3.17  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.04        0.58   $ 2.92  

Performance

 

   
      Average Annual Total Return  
      1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

     3.62      7.27      -1.23      5.35

Fund Market Price Returns

     5.33      7.96      -1.38      5.37

WisdomTree Japan SmallCap Dividend Index

     3.94      7.61      -0.82      5.98

MSCI Japan Small Cap Index

     -1.43      6.07      -1.34      5.36

 

LOGO

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.

 

14   WisdomTree Trust


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.

 

WisdomTree Trust      15  


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

 

16   WisdomTree Trust


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.

* * * * * *

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

 

Currency abbreviations:           
AUD   Australian dollar    JPY   Japanese yen
CHF   Swiss franc    NOK   Norwegian krone
DKK   Danish krone    NZD   New Zealand dollar
EUR   Euro    SEK   Swedish krona
GBP   British pound    SGD   Singapore dollar
HKD   Hong Kong dollar    USD   U.S. dollar
Other abbreviations:           
CVA   Certificaten Van Aandelen (Certificate of Stock)
RSP   Risparmio Italian Savings Shares

 

WisdomTree Trust      17  


Schedule of Investments

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

March 31, 2023

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 99.4%

 

Austria – 0.4%

 

EVN AG

     3,272      $ 72,697  

Oesterreichische Post AG

     2,337        86,454  

Verbund AG

     1,152        100,127  
     

 

 

 
Total Austria

 

     259,278  
Belgium – 0.8%

 

D’ieteren Group

     363        70,555  

Etablissements Franz Colruyt NV(a)

     2,156        63,057  

Melexis NV

     863        99,761  

UCB SA

     1,425        127,633  

VGP NV

     1,028        91,807  

Warehouses De Pauw CVA

     3,250        96,466  
     

 

 

 
Total Belgium

 

     549,279  
China – 0.4%

 

Prosus NV*

     3,487        272,541  
Denmark – 3.5%

 

Alm Brand A/S

     26,705        49,932  

Chr Hansen Holding A/S

     1,057        80,317  

Coloplast A/S, Class B

     1,842        242,267  

Dfds A/S

     1,184        47,971  

Novo Nordisk A/S, Class B

     10,135        1,604,974  

Novozymes A/S, Class B

     1,601        81,935  

Pandora A/S

     2,012        192,322  

Royal Unibrew A/S

     739        64,452  

Scandinavian Tobacco Group A/S(b)

     2,256        44,814  

SimCorp A/S

     470        35,562  
     

 

 

 
Total Denmark

 

     2,444,546  
Finland – 2.9%

 

Elisa Oyj

     3,561        214,953  

Fortum Oyj*

     34,678        531,796  

Kone Oyj, Class B

     9,899        516,229  

Konecranes Oyj

     2,334        78,203  

Metso Outotec Oyj

     13,739        149,864  

Neste Oyj

     6,571        324,328  

Sanoma Oyj

     3,393        29,896  

Valmet Oyj

     4,981        161,482  
     

 

 

 
Total Finland

 

     2,006,751  
France – 23.4%

 

Air Liquide SA

     5,208        872,499  

Airbus SE

     5,666        758,890  

BioMerieux

     588        61,967  

Bollore SE(a)

     18,572        114,810  

Bouygues SA

     12,056        407,224  

Bureau Veritas SA

     5,079        146,064  

Capgemini SE

     1,204        223,356  

Carrefour SA

     8,810        178,319  

Danone SA

     9,812        610,939  

Dassault Aviation SA

     737        146,210  

Dassault Systemes SE

     3,284        135,134  

Eurazeo SE

     1,326        94,361  

Gaztransport Et Technigaz SA

     600        61,406  

Hermes International

     312      631,845  

Kering SA

     1,594        1,039,081  

L’Oreal SA

     2,810        1,255,515  

La Francaise des Jeux SAEM(b)

     3,757        156,700  

LVMH Moet Hennessy Louis Vuitton SE

     4,544        4,168,658  

Metropole Television SA(a)

     6,052        98,299  

Remy Cointreau SA

     233        42,528  

Rubis SCA

     4,505        120,746  

Sanofi

     21,114        2,299,436  

Sartorius Stedim Biotech

     178        54,535  

Schneider Electric SE

     6,134        1,024,167  

Societe BIC SA

     752        47,468  

Sodexo SA

     1,038        101,564  

Sopra Steria Group SACA

     333        69,934  

Teleperformance

     362        87,193  

Thales SA

     2,396        354,937  

Veolia Environnement SA

     15,256        470,727  

Verallia SA(b)

     2,289        97,735  

Vivendi SE

     16,212        163,806  

Wendel SE

     854        90,324  
     

 

 

 
Total France

 

     16,186,377  
Georgia – 0.1%

 

Bank of Georgia Group PLC

     1,611        54,778  
Germany – 10.5%

 

adidas AG

     3,328        588,565  

Bechtle AG

     1,016        48,558  

Beiersdorf AG

     718        93,570  

Carl Zeiss Meditec AG, Bearer Shares

     377        52,428  

Deutsche Telekom AG, Registered Shares

     88,256        2,143,046  

Fielmann AG

     2,102        87,649  

Hannover Rueck SE

     2,158        422,841  

Hella GmbH & Co. KGaA

     509        44,323  

Henkel AG & Co. KGaA

     3,167        230,533  

MTU Aero Engines AG

     365        91,445  

Muenchener Rueckversicherungs – Gesellschaft AG in Muenchen, Registered Shares

     2,930        1,026,614  

Puma SE

     1,620        100,076  

Rheinmetall AG

     457        135,844  

SAP SE

     12,206        1,539,096  

Scout24 SE(b)

     772        45,879  

Siemens Healthineers AG(b)

     8,278        476,842  

Stroeer SE & Co. KGaA

     1,478        78,137  

Symrise AG

     701        76,312  
     

 

 

 
Total Germany

 

     7,281,758  
Ireland – 0.2%

 

Glanbia PLC

     3,008        43,661  

Kerry Group PLC, Class A

     698        69,646  
     

 

 

 
Total Ireland

 

     113,307  
Israel – 0.1%

 

Plus500 Ltd.

     2,965        62,030  
Italy – 2.3%

 

Azimut Holding SpA

     6,265        134,090  

 

See Notes to Financial Statements.

 

18   WisdomTree Trust


Schedule of Investments (continued)

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

March 31, 2023

 

 

 

Investments    Shares      Value  

Banca Generali SpA(a)

     4,094      $ 130,680  

Banca Mediolanum SpA

     23,454        212,975  

BPER Banca

     25,480        62,923  

Buzzi Unicem SpA

     2,798        67,972  

De’ Longhi SpA

     3,999        91,500  

Enav SpA(b)

     8,803        36,879  

Ferrari NV

     694        187,971  

FinecoBank Banca Fineco SpA

     8,835        135,727  

Italgas SpA

     25,536        156,058  

Leonardo SpA

     5,538        65,101  

Moncler SpA

     2,015        139,102  

RAI Way SpA(b)

     8,466        50,956  

Recordati Industria Chimica e Farmaceutica SpA

     2,527        106,963  
     

 

 

 
Total Italy               1,578,897  
Netherlands – 5.6%

 

Aegon NV

     48,617        208,692  

ASM International NV

     238        96,164  

ASML Holding NV

     2,108        1,431,856  

BE Semiconductor Industries NV

     2,595        225,829  

Euronext NV(b)

     1,733        132,889  

Heineken Holding NV

     2,436        223,769  

Heineken NV

     3,344        359,894  

Koninklijke KPN NV

     106,194        375,659  

SBM Offshore NV

     6,736        100,078  

Universal Music Group NV

     18,992        480,872  

Wolters Kluwer NV

     2,020        255,345  
     

 

 

 
Total Netherlands               3,891,047  
Norway – 0.6%

 

Austevoll Seafood ASA

     4,786        42,910  

Gjensidige Forsikring ASA

     10,088        165,001  

Kongsberg Gruppen ASA

     1,274        51,432  

Leroy Seafood Group ASA

     12,014        62,289  

Salmar ASA

     2,779        120,945  
     

 

 

 
Total Norway               442,577  
Portugal – 0.3%

 

Jeronimo Martins SGPS SA

     8,443        198,318  
Spain – 3.6%

 

Cie Automotive SA

     2,063        59,396  

Ferrovial SA

     9,524        280,310  

Industria de Diseno Textil SA

     60,512        2,031,466  

Laboratorios Farmaceuticos Rovi SA

     672        28,094  

Unicaja Banco SA(a)(b)

     43,477        46,669  

Viscofan SA

     656        47,039  
     

 

 

 
Total Spain               2,492,974  
Sweden – 5.5%

 

Alfa Laval AB

     4,824        171,987  

Assa Abloy AB, Class B

     9,389        224,821  

Atlas Copco AB, Class A

     23,688        300,487  

Atlas Copco AB, Class B

     16,574        190,489  

Avanza Bank Holding AB(a)

     3,618        84,784  

Axfood AB

     2,348        57,333  

Bilia AB, Class A

     3,393        41,883  

Elekta AB, Class B(a)

     7,156      54,573  

Epiroc AB, Class A(a)

     5,381        106,794  

Epiroc AB, Class B

     5,851        99,562  

Essity AB, Class B(a)

     7,510        214,664  

Evolution AB(b)

     1,660        222,229  

Hexagon AB, Class B

     15,400        176,506  

Hexpol AB

     9,781        121,207  

Husqvarna AB, Class B(a)

     12,731        110,299  

Indutrade AB(a)

     2,655        56,354  

Investment AB Latour, Class B

     5,793        117,653  

Loomis AB

     1,290        44,163  

Nibe Industrier AB, Class B

     5,345        60,720  

Nordnet AB publ

     5,497        90,516  

Saab AB, Class B

     899        54,705  

Sagax AB, Class B

     1,845        42,488  

Sandvik AB

     16,669        353,327  

Securitas AB, Class B

     11,226        99,902  

SKF AB, Class B

     9,449        185,890  

Sweco AB, Class B

     4,765        60,427  

Telefonaktiebolaget LM Ericsson, Class B(a)

     64,585        377,437  

Thule Group AB(a)(b)

     3,558        87,393  
     

 

 

 
Total Sweden               3,808,593  
Switzerland – 20.4%

 

ABB Ltd., Registered Shares

     30,198        1,036,956  

BKW AG

     732        115,223  

Clariant AG, Registered Shares*

     4,003        66,209  

Coca-Cola HBC AG*

     4,137        113,199  

DKSH Holding AG

     1,010        81,426  

Galenica AG(b)

     715        60,539  

Geberit AG, Registered Shares

     495        275,906  

Georg Fischer AG, Registered Shares

     953        73,962  

Givaudan SA, Registered Shares

     99        322,179  

Landis & Gyr Group AG*

     680        52,142  

Logitech International SA, Registered Shares

     1,766        102,649  

Lonza Group AG, Registered Shares

     203        121,638  

Nestle SA, Registered Shares

     20,653        2,519,822  

Novartis AG, Registered Shares

     33,491        3,070,665  

Partners Group Holding AG

     503        471,754  

Roche Holding AG

     6,700        1,913,814  

Roche Holding AG, Bearer Shares

     918        276,340  

Schindler Holding AG, Participation Certificate

     350        77,429  

Schindler Holding AG, Registered Shares

     1,058        223,517  

SFS Group AG

     568        73,615  

SGS SA, Registered Shares

     137        301,578  

SIG Group AG*

     4,438        114,259  

Sika AG, Registered Shares

     1,013        283,314  

Sonova Holding AG, Registered Shares

     520        152,889  

Stadler Rail AG(a)

     1,645        64,284  

Straumann Holding AG, Registered Shares(a)

     568        84,776  

Sulzer AG, Registered Shares

     1,000        84,779  

Temenos AG, Registered Shares

     582        40,314  

VAT Group AG(a)(b)

     407        146,218  

Zurich Insurance Group AG

     3,772        1,807,240  
     

 

 

 
Total Switzerland

 

     14,128,635  

 

See Notes to Financial Statements.

 

WisdomTree Trust      19  


Schedule of Investments (concluded)

WisdomTree Europe Quality Dividend Growth Fund (EUDG)

March 31, 2023

 

 

 

Investments    Shares      Value  
United Kingdom – 16.0%

 

Airtel Africa PLC(b)

     70,269      $ 92,532  

Ashtead Group PLC

     3,604        220,937  

Auto Trader Group PLC(b)

     7,878        60,022  

BAE Systems PLC

     50,586        614,587  

Beazley PLC

     6,702        49,513  

British American Tobacco PLC

     56,808        1,995,174  

Burberry Group PLC

     5,318        170,041  

CNH Industrial NV

     15,184        232,273  

Compass Group PLC

     11,750        295,360  

Computacenter PLC

     2,519        66,590  

Croda International PLC

     1,113        89,423  

Diageo PLC

     17,157        766,666  

Diploma PLC

     1,522        52,881  

Drax Group PLC

     8,440        63,396  

Dunelm Group PLC

     4,999        68,300  

Fresnillo PLC

     12,893        118,924  

Games Workshop Group PLC

     829        98,812  

Greggs PLC

     1,637        56,148  

Halma PLC

     1,909        52,613  

Hargreaves Lansdown PLC

     11,703        115,674  

Howden Joinery Group PLC

     11,658        100,613  

IMI PLC

     3,114        59,064  

Imperial Brands PLC

     24,685        568,926  

Intertek Group PLC

     2,296        115,060  

Investec PLC

     20,153        112,032  

ITV PLC

     146,211        149,688  

Next PLC

     2,444        198,598  

Ninety One PLC(a)

     26,691        61,120  

Pagegroup PLC

     16,941        95,601  

Pearson PLC

     8,165        85,247  

Pets at Home Group PLC

     11,061        50,466  

Reckitt Benckiser Group PLC

     7,834        596,485  

RELX PLC

     21,843        707,064  

Rentokil Initial PLC

     13,430        98,238  

Rightmove PLC

     8,385        58,370  

Rotork PLC

     9,263      36,055  

RS Group PLC

     5,221        59,003  

Sage Group PLC

     14,218        136,244  

Segro PLC

     18,346        174,122  

Smith & Nephew PLC

     12,140        168,418  

Spectris PLC

     1,633        73,880  

Spirax-Sarco Engineering PLC

     507        74,317  

Tate & Lyle PLC

     5,814        56,403  

TBC Bank Group PLC

     2,238        61,985  

Unilever PLC

     36,355        1,883,452  

Victrex PLC

     1,236        24,345  
     

 

 

 
Total United Kingdom

 

     11,084,662  
United States – 2.8%

 

GSK PLC

     109,484        1,934,459  
TOTAL COMMON STOCKS
(Cost: $62,090,438)

 

     68,790,807  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 1.6%

 

United States – 1.6%

 

State Street Navigator Securities Lending Government Money Market Portfolio, 4.84%(c)

     
(Cost: $1,121,606)      1,121,606        1,121,606  
TOTAL INVESTMENTS IN SECURITIES – 101.0%
(Cost: $63,212,044)

 

     69,912,413  

Other Assets less Liabilities – (1.0)%

 

     (671,715
     

 

 

 
NET ASSETS – 100.0%

 

   $ 69,240,698  

 

* 

Non-income producing security.

 

(a) 

Security, or portion thereof, was on loan at March 31, 2023 (See Note 2). At March 31, 2023, the total market value of the Fund’s securities on loan identified in the Schedule of Investments was $1,436,515 and the total market value of the collateral held by the Fund was $1,512,492. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $390,886.

 

(b) 

This security is exempt from registration under rule 144A of the Securities Act of 1933. This security may be sold in transactions that are exempt from registration, normally to qualified institutional buyers.

 

(c) 

Rate shown represents annualized 7-day yield as of March 31, 2023.

 

FAIR VALUATION SUMMARY

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the Fund’s investments (See Note 2 — Fair Value Measurement):

 

     

Quoted
Prices in
Active
Markets

(Level 1)

    

Other
Significant
Observable
Inputs

(Level 2)

    

Significant
Unobservable
Inputs

(Level 3)

     Total  

Assets:

        

Investments in Securities

  

Common Stocks

   $ 68,790,807      $      $      $ 68,790,807  

Investment of Cash Collateral for Securities Loaned

            1,121,606               1,121,606  

Total Investments in Securities

   $ 68,790,807      $ 1,121,606      $      $ 69,912,413  

 

See Notes to Financial Statements.

 

20   WisdomTree Trust


Schedule of Investments

WisdomTree Europe SmallCap Dividend Fund (DFE)

March 31, 2023

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 98.9%

 

Austria – 1.8%

 

AT&S Austria Technologie & Systemtechnik AG

     23,926      $ 736,941  

Lenzing AG

     33,790        2,551,424  

S IMMO AG

     35,303        509,354  

Schoeller-Bleckmann Oilfield Equipment AG

     6,574        423,540  

Semperit AG Holding

     11,331        305,302  
     

 

 

 
Total Austria

 

     4,526,561  
Belgium – 1.7%

 

Bekaert SA

     47,421        2,143,254  

Deceuninck NV

     524        1,429  

Fagron

     28,754        491,402  

Recticel SA

     28,458        529,938  

Xior Student Housing NV(a)

     31,523        1,061,693  
     

 

 

 
Total Belgium

 

     4,227,716  
Denmark – 6.6%

 

Cementir Holding NV

     56,279        482,429  

Chemometec A/S*

     2,653        151,754  

D/S Norden A/S

     70,301        4,728,737  

Dfds A/S

     43,463        1,760,947  

FLSmidth & Co. A/S

     21,123        807,761  

Matas A/S

     31,311        384,506  

Per Aarsleff Holding A/S

     13,560        583,413  

Scandinavian Tobacco Group A/S(b)

     90,708        1,801,843  

Schouw & Co. A/S

     11,575        970,696  

Spar Nord Bank A/S

     100,943        1,592,934  

Sydbank A/S

     73,633        3,316,226  
     

 

 

 
Total Denmark

 

     16,581,246  
Finland – 5.7%

 

Aktia Bank Oyj

     22,300        231,376  

Caverion Oyj

     55,739        518,979  

Citycon Oyj(a)

     187,701        1,283,725  

Harvia Oyj

     19,547        465,512  

Kamux Corp.(a)

     49,115        278,011  

Kemira Oyj

     59,610        1,050,460  

Konecranes Oyj

     94,109        3,153,227  

Lassila & Tikanoja Oyj(a)

     13,649        149,772  

Marimekko Oyj

     34,789        368,894  

Musti Group Oyj*

     21,600        378,059  

Outokumpu Oyj(a)

     449,540        2,452,758  

Puuilo Oyj

     93,817        684,953  

Rovio Entertainment Oyj(b)

     44,368        376,229  

Terveystalo Oyj(a)(b)

     62,199        474,384  

Tokmanni Group Corp.(a)

     112,377        1,551,789  

Uponor Oyj

     51,101        945,483  
     

 

 

 
Total Finland

 

     14,363,611  
France – 4.4%

 

Beneteau SA

     46,737        781,972  

Coface SA

     148,698        2,108,266  

Derichebourg SA

     214,716        1,259,702  

Etablissements Maurel et Prom SA

     246,075        921,015  

Fnac Darty SA

     43,730        1,614,405  

Lectra

     13,652      539,151  

LISI(a)

     15,319        406,097  

Maisons du Monde SA(a)(b)

     64,803        697,364  

Mersen SA

     13,869        618,540  

Quadient SA

     28,691        523,055  

Television Francaise 1(a)

     173,400        1,532,556  
     

 

 

 
Total France

 

     11,002,123  
Georgia – 0.8%

 

Bank of Georgia Group PLC

     60,090        2,043,203  
Germany – 8.0%

 

7C Solarparken AG

     80,122        329,044  

AURELIUS Equity Opportunities SE & Co. KGaA

     36,679        591,771  

BayWa AG

     13,364        590,210  

Bilfinger SE

     31,915        1,355,755  

Cliq Digital AG

     10,501        334,278  

CropEnergies AG

     57,002        699,807  

Deutz AG

     103,731        673,374  

Duerr AG

     27,866        1,000,286  

Energiekontor AG

     4,750        342,666  

Gerresheimer AG

     16,885        1,672,120  

GFT Technologies SE

     6,736        261,996  

Hamborner REIT AG

     40,277        319,878  

Hamburger Hafen und Logistik AG

     37,267        460,762  

Hornbach Holding AG & Co. KGaA

     14,045        1,123,839  

Instone Real Estate Group SE(b)

     77,943        660,513  

Jenoptik AG

     15,250        518,921  

JOST Werke AG(b)

     8,094        427,815  

Kloeckner & Co. SE

     249,554        2,685,522  

Mutares SE & Co. KGaA

     15,749        335,708  

SAF-Holland SE

     58,616        748,279  

Salzgitter AG

     52,004        2,056,591  

Varta AG(a)

     73,963        2,029,017  

Wacker Neuson SE

     22,582        473,265  

Wuestenrot & Wuerttembergische AG

     16,307        285,594  
     

 

 

 
Total Germany

 

     19,977,011  
Ireland – 0.3%

 

Kenmare Resources PLC

     63,331        367,645  

Origin Enterprises PLC

     66,330        297,625  
     

 

 

 
Total Ireland

 

     665,270  
Italy – 6.5%

 

Alerion Cleanpower SpA(a)

     25,880        830,867  

Anima Holding SpA(b)

     468,325        1,906,008  

Ariston Holding NV

     44,685        492,762  

Banca Popolare di Sondrio SpA

     263,957        1,122,441  

Cairo Communication SpA(a)

     142,299        289,103  

Danieli & C. Officine Meccaniche SpA(a)

     4,784        127,081  

Danieli & C. Officine Meccaniche SpA, RSP

     29,195        579,822  

El.En. SpA

     31,175        407,457  

Esprinet SpA(a)

     94,070        942,306  

Maire Tecnimont SpA(a)

     338,388        1,455,125  

MARR SpA

     41,886        602,513  

OVS SpA(b)

     148,679        389,293  

 

See Notes to Financial Statements.

 

WisdomTree Trust      21  


Schedule of Investments (continued)

WisdomTree Europe SmallCap Dividend Fund (DFE)

March 31, 2023

 

 

 

Investments    Shares      Value  

Piaggio & C. SpA

     221,472      $ 946,111  

RAI Way SpA(b)

     102,296        615,713  

Salcef Group SpA(a)

     27,685        646,685  

Sanlorenzo SpA(a)

     16,688        725,227  

SOL SpA

     15,095        405,079  

Technogym SpA(a)(b)

     116,188        1,034,475  

Unieuro SpA(a)(b)

     41,712        492,153  

Webuild SpA(a)

     626,077        1,428,423  

Zignago Vetro SpA

     39,218        765,247  
     

 

 

 
Total Italy

 

     16,203,891  
Netherlands – 2.4%

 

AMG Advanced Metallurgical Group NV

     18,281        778,964  

Brunel International NV

     25,460        353,508  

Corbion NV

     31,893        1,047,820  

ForFarmers NV(a)

     129,560        458,175  

Heijmans NV, CVA

     49,056        673,673  

Ordina NV

     150,288        973,151  

RHI Magnesita NV

     52,536        1,455,062  

Sligro Food Group NV

     24,369        417,257  
     

 

 

 
Total Netherlands

 

     6,157,610  
Norway – 5.9%

 

ABG Sundal Collier Holding ASA

     348,050        202,720  

Atea ASA*

     46,805        572,041  

Austevoll Seafood ASA

     206,450        1,850,995  

Bonheur ASA

     13,520        300,140  

Borregaard ASA

     46,695        779,357  

DNO ASA

     1,328,597        1,302,832  

Europris ASA(b)

     171,073        1,186,702  

Grieg Seafood ASA

     128,891        1,006,086  

Kid ASA(b)

     22,912        185,736  

MPC Container Ships ASA

     1,764,235        2,810,654  

OKEA ASA(a)

     190,259        573,151  

SpareBank 1 Nord Norge(a)

     86,389        726,707  

SpareBank 1 SMN(a)

     90,796        1,071,544  

Sparebanken Vest

     42,231        370,974  

TGS ASA

     101,213        1,812,984  
     

 

 

 
Total Norway

 

     14,752,623  
Peru – 0.2%

 

Hochschild Mining PLC

     623,376        651,303  
Portugal – 1.9%

 

Altri SGPS SA(a)

     215,105        1,109,144  

Corticeira Amorim SGPS SA(a)

     41,885        455,059  

CTT – Correios de Portugal SA(a)

     135,440        531,943  

Mota-Engil SGPS SA(a)

     304,561        525,454  

Sonae SGPS SA

     1,939,159        2,117,333  
     

 

 

 
Total Portugal

 

     4,738,933  
Spain – 3.6%

 

Applus Services SA

     74,033        578,717  

Construcciones y Auxiliar de Ferrocarriles SA

     28,202        784,386  

Ence Energia y Celulosa SA(a)

     442,921        1,650,555  

Ercros SA

     91,616        433,480  

Faes Farma SA

     184,550        631,589  

Global Dominion Access SA(b)

     69,276      271,706  

Indra Sistemas SA(a)

     76,012        1,028,161  

Linea Directa Aseguradora SA Cia de Seguros y Reaseguros(a)

     455,692        491,373  

Neinor Homes SA(a)(b)

     54,638        537,815  

Pharma Mar SA(a)

     5,303        254,771  

Sacyr SA(a)

     673,273        2,165,173  

Talgo SA(a)(b)

     73,184        248,471  
     

 

 

 
Total Spain

 

     9,076,197  
Sweden – 15.8%

 

AcadeMedia AB(b)

     98,736        491,321  

AddLife AB, Class B

     46,987        425,031  

AddNode Group AB

     30,363        365,133  

AFRY AB

     85,282        1,535,472  

Akelius Residential Property AB, Class D(a)

     158,934        318,756  

Ambea AB(b)

     78,507        274,824  

Beijer Alma AB(a)

     17,537        349,233  

Betsson AB, Class B*

     150,935        1,435,182  

Bilia AB, Class A

     60,078        741,593  

BioGaia AB, Class B

     22,214        196,379  

Biotage AB

     13,732        175,067  

Bufab AB

     12,844        342,480  

Catena AB

     23,344        864,463  

Clas Ohlson AB, Class B(a)

     134,644        1,001,109  

Cloetta AB, Class B

     393,994        831,337  

Coor Service Management Holding AB(b)

     74,799        477,162  

Corem Property Group AB, Class B(a)

     1,242,456        866,881  

Dios Fastigheter AB

     151,157        1,003,627  

Electrolux Professional AB, Class B

     70,162        366,726  

Ferronordic AB*(a)

     12,821        105,342  

G5 Entertainment AB(a)

     8,964        185,166  

GARO AB

     11,613        85,729  

Granges AB

     85,313        812,442  

HMS Networks AB

     12,944        528,518  

Instalco AB(a)

     88,234        425,277  

Inwido AB

     78,134        830,351  

JM AB(a)

     147,918        2,450,667  

KNOW IT AB

     17,046        339,291  

Lagercrantz Group AB, Class B

     72,014        900,735  

Lindab International AB

     56,015        856,737  

Medicover AB, Class B(a)

     17,169        278,160  

MEKO AB

     42,820        509,981  

MIPS AB(a)

     9,461        477,724  

Munters Group AB(b)

     42,103        387,957  

Mycronic AB

     36,319        892,428  

NCC AB, Class B(a)

     135,074        1,197,092  

New Wave Group AB, Class B

     33,211        569,448  

Nolato AB, Class B

     178,887        906,550  

Nordic Waterproofing Holding AB

     18,327        287,730  

Paradox Interactive AB

     15,159        377,895  

Peab AB, Class B

     386,164        1,930,904  

Platzer Fastigheter Holding AB, Class B

     34,449        267,099  

Ratos AB, Class B(a)

     181,956        554,841  

Rvrc Holding AB(a)

     76,319        238,903  

 

See Notes to Financial Statements.

 

22   WisdomTree Trust


Schedule of Investments (continued)

WisdomTree Europe SmallCap Dividend Fund (DFE)

March 31, 2023

 

 

 

Investments    Shares      Value  

Sagax AB, Class D(a)

     220,841      $ 557,983  

Samhallsbyggnadsbolaget i Norden AB, Class D(a)

     626,715        973,052  

Skandinaviska Enskilda Banken AB, Class C*(a)

     24,521        314,034  

SkiStar AB(a)

     30,161        362,413  

SSAB AB, Class A

     1,074,539        7,921,054  

Svenska Handelsbanken AB, Class B(a)

     40,655        435,972  

Troax Group AB

     24,746        514,271  

Vitec Software Group AB, Class B

     224        11,524  
     

 

 

 
Total Sweden

 

     39,549,046  
Switzerland – 3.9%

 

Arbonia AG

     35,461        423,878  

Ascom Holding AG, Registered Shares(a)

     32,108        283,280  

Comet Holding AG, Registered Shares

     4,366        1,209,127  

Huber + Suhner AG, Registered Shares

     14,804        1,268,845  

Landis & Gyr Group AG*

     28,117        2,155,980  

Medmix AG(b)

     28,951        604,658  

Mobilezone Holding AG, Registered Shares

     81,796        1,335,883  

Swissquote Group Holding SA, Registered Shares

     7,236        1,412,270  

u-blox Holding AG*

     3,239        453,116  

Zehnder Group AG

     6,952        566,936  
     

 

 

 
Total Switzerland

 

     9,713,973  
United Kingdom – 29.3%

 

AG Barr PLC

     94,848        591,065  

AJ Bell PLC

     174,940        746,683  

Alliance Pharma PLC(a)

     296,968        253,358  

Ashmore Group PLC

     771,647        2,276,490  

Bloomsbury Publishing PLC

     66,145        364,761  

Bodycote PLC

     130,395        1,052,006  

Bytes Technology Group PLC

     102,910        494,212  

Central Asia Metals PLC

     197,748        578,256  

Chemring Group PLC

     133,215        457,904  

Chesnara PLC

     91,693        340,121  

Clarkson PLC

     15,120        577,679  

Close Brothers Group PLC

     173,344        1,931,124  

CLS Holdings PLC

     454,670        755,566  

CMC Markets PLC(b)

     292,108        634,949  

Coats Group PLC

     988,882        901,132  

Concentric AB

     11,719        239,589  

Craneware PLC

     12,416        176,545  

Cranswick PLC

     43,224        1,605,467  

Crest Nicholson Holdings PLC

     372,338        1,005,464  

Currys PLC

     1,088,540        790,731  

Devro PLC

     111,090        450,532  

DFS Furniture PLC

     350,930        590,982  

DiscoverIE Group PLC

     26,803        255,514  

Diversified Energy Co. PLC

     2,029,123        2,373,428  

Domino’s Pizza Group PLC

     407,043        1,442,424  

EMIS Group PLC

     24,373        452,040  

Empiric Student Property PLC

     705,866        788,110  

Essentra PLC

     178,244        426,234  

FDM Group Holdings PLC

     67,666        606,576  

Fevertree Drinks PLC

     39,471        626,642  

Firstgroup PLC

     206,131      264,811  

Forterra PLC(b)

     373,920        918,194  

Gamma Communications PLC

     25,250        337,180  

Genuit Group PLC

     173,356        598,025  

Great Portland Estates PLC

     120,441        755,021  

Halfords Group PLC

     215,225        465,169  

Hammerson PLC

     1,833,844        591,579  

Helical PLC

     57,609        213,692  

Hill & Smith PLC

     47,822        793,518  

Hilton Food Group PLC

     68,207        583,595  

Hollywood Bowl Group PLC

     84,407        243,171  

Hunting PLC

     111,384        325,021  

I3 Energy PLC(a)

     1,580,379        357,984  

Ibstock PLC(b)

     669,681        1,428,347  

Impax Asset Management Group PLC

     86,140        849,932  

IntegraFin Holdings PLC

     285,158        959,028  

Jadestone Energy PLC

     400,139        336,431  

James Halstead PLC(a)

     109,949        248,782  

Keller Group PLC

     39,099        328,256  

Learning Technologies Group PLC

     178,031        283,963  

Liontrust Asset Management PLC

     120,922        1,528,033  

Lok’nStore Group PLC(a)

     20,570        185,667  

Mitie Group PLC

     624,901        632,035  

MJ Gleeson PLC(a)

     56,938        304,132  

Moneysupermarket.com Group PLC

     678,918        2,090,226  

Morgan Advanced Materials PLC

     207,992        727,796  

Morgan Sindall Group PLC

     44,916        938,565  

Mortgage Advice Bureau Holdings Ltd.

     17,252        158,278  

NCC Group PLC

     148,269        187,360  

Next Fifteen Communications Group PLC

     28,876        299,197  

Ninety One PLC(a)

     758,389        1,736,639  

Oxford Instruments PLC

     10,568        327,323  

Pagegroup PLC

     494,904        2,792,822  

Pan African Resources PLC

     2,053,710        421,018  

PayPoint PLC

     63,208        355,599  

Pets at Home Group PLC

     416,201        1,898,917  

Premier Foods PLC

     214,973        324,280  

PZ Cussons PLC

     269,055        616,111  

Quilter PLC(b)

     1,674,086        1,744,118  

Redde Northgate PLC

     264,176        1,128,543  

Redrow PLC

     531,870        3,131,637  

Restore PLC(a)

     60,110        200,672  

RWS Holdings PLC

     264,384        977,424  

Savills PLC

     118,741        1,455,694  

Serica Energy PLC

     437,759        1,198,907  

Shaftesbury Capital PLC

     295,576        419,188  

Smart Metering Systems PLC

     94,401        866,078  

Speedy Hire PLC

     580,233        241,415  

Spirent Communications PLC

     256,522        549,667  

SThree PLC

     77,903        401,186  

TBC Bank Group PLC

     32,341        895,732  

Telecom Plus PLC

     64,465        1,506,477  

TP ICAP Group PLC

     810,708        1,805,322  

TT Electronics PLC

     106,903        247,441  

 

See Notes to Financial Statements.

 

WisdomTree Trust      23  


Schedule of Investments (continued)

WisdomTree Europe SmallCap Dividend Fund (DFE)

March 31, 2023

 

 

 

Investments    Shares      Value  

Tyman PLC

     229,578      $ 682,687  

Vertu Motors PLC

     490,596        362,745  

Vesuvius PLC

     249,746        1,277,808  

VIDENDUM PLC

     33,018        361,302  

Volex PLC(a)

     41,724        111,434  

Volution Group PLC

     71,989        383,192  

Watkin Jones PLC

     485,995        533,607  

Wickes Group PLC

     511,515        874,064  

Wincanton PLC

     116,792        311,920  

Workspace Group PLC

     203,275        1,097,850  

XPS Pensions Group PLC

     174,156        344,536  

YouGov PLC

     15,753        177,247  
     

 

 

 
Total United Kingdom

 

     73,479,174  
United States – 0.1%

 

PolyPeptide Group AG*(a)(b)

     8,522        172,670  

TOTAL COMMON STOCKS

(Cost: $247,652,688)

 

 

     247,882,161  
EXCHANGE-TRADED FUND – 0.0%

 

United States – 0.0%

 

WisdomTree International MidCap Dividend Fund(c) (Cost: $61,960)      1,100        64,306  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 11.7%

 

United States – 11.7%

 

State Street Navigator Securities Lending Government Money Market Portfolio, 4.84%(d)

     
(Cost: $29,380,946)      29,380,946      $ 29,380,946  
TOTAL INVESTMENTS IN SECURITIES – 110.6%
(Cost: $277,095,594)

 

     277,327,413  

Other Assets less Liabilities – (10.6)%

 

     (26,530,095
     

 

 

 
NET ASSETS – 100.0%

 

   $ 250,797,318  

 

* 

Non-income producing security.

 

(a) 

Security, or portion thereof, was on loan at March 31, 2023 (See Note 2). At March 31, 2023, the total market value of the Fund’s securities on loan identified in the Schedule of Investments was $34,250,422 and the total market value of the collateral held by the Fund was $36,261,394. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $6,880,448.

 

(b) 

This security is exempt from registration under rule 144A of the Securities Act of 1933. This security may be sold in transactions that are exempt from registration, normally to qualified institutional buyers.

 

(c) 

Affiliated holding. See “Investment in Affiliates” supplementary table included in this Schedule of Investments for additional information.

 

(d) 

Rate shown represents annualized 7-day yield as of March 31, 2023.

 

INVESTMENT IN AFFILIATES               

Affiliated holdings are investments in entities in which the Fund owns 5% or more of the outstanding voting securities or are investments in entities which are under common ownership or control. Investments in affiliates during the fiscal year ended March 31, 2023 were as follows:

 

Affiliate   Value at
3/31/2022
    Purchases/
Additions
    Sales/
Reductions
    Realized
Gain/(Loss)
    Change in
Unrealized
Appreciation/
Depreciation
    Value at
3/31/2023
    Dividend
Income
 

WisdomTree International MidCap Dividend Fund

  $ 1,141,154     $ 9,125,044     $ 9,892,178     $ (321,495   $ 11,781     $ 64,306     $ 72,655  

 

FINANCIAL DERIVATIVE INSTRUMENTS                                                 
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER)                                                 
Counterparty