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WisdomTree Trust

Semi-Annual Report

September 30, 2023

 

WisdomTree Europe Hedged Equity Fund (HEDJ)

WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)

WisdomTree Germany Hedged Equity Fund (DXGE)

WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)

WisdomTree Japan Hedged Equity Fund (DXJ)

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)

 

 


Table of Contents

 

Information about Performance and Shareholder Expense Examples (unaudited)

       1  

Performance Summary (unaudited)

       2  

Description of Terms and Indexes (unaudited)

       8  
Schedules of Investments (unaudited)     

WisdomTree Europe Hedged Equity Fund

       10  

WisdomTree Europe Hedged SmallCap Equity Fund

       13  

WisdomTree Germany Hedged Equity Fund

       17  

WisdomTree International Hedged Quality Dividend Growth Fund

       19  

WisdomTree Japan Hedged Equity Fund

       27  

WisdomTree Japan Hedged SmallCap Equity Fund

       34  

Statements of Assets and Liabilities (unaudited)

       43  

Statements of Operations (unaudited)

       44  

Statements of Changes in Net Assets (unaudited)

       45  

Financial Highlights (unaudited)

       47  

Notes to Financial Statements (unaudited)

       50  

Approval of Investment Advisory and Sub-Advisory Agreements (unaudited)

       62  

General Information (unaudited)

       65  

“WisdomTree” is a registered mark of WisdomTree, Inc. (formerly, WisdomTree Investments, Inc.) and is licensed for use by the 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 April 1, 2023 to September 30, 2023. Except where noted, expenses are calculated using each Fund’s annualized expense ratio (after the effect of contractual or voluntary fee waivers, if any), multiplied by the average account value for the period, multiplied by 183/366 (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      1  


Performance Summary

as of September 30, 2023 (unaudited)

WisdomTree Europe Hedged Equity Fund (HEDJ)

 

Sector Breakdown

 

Sector   % of Net Assets  

Consumer Discretionary

    24.9

Consumer Staples

    14.9

Industrials

    14.1

Financials

    12.0

Information Technology

    9.4

Materials

    9.4

Health Care

    8.2

Communication Services

    5.7

Energy

    0.9

Utilities

    0.2

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  

Stellantis NV

    7.8%  

Banco Bilbao Vizcaya Argentaria SA

    4.9%  

Banco Santander SA

    4.3%  

Sanofi

    4.3%  

ASML Holding NV

    4.1%  

L’Oreal SA

    3.9%  

LVMH Moet Hennessy Louis Vuitton SE

    3.8%  

Mercedes-Benz Group AG

    3.7%  

Deutsche Telekom AG, Registered Shares

    3.5%  

Bayerische Motoren Werke AG

    3.4%  
*

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 Europe Hedged Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe Hedged Equity Index (the “Index”). In seeking to track the Index, the Fund invests in European dividend-paying companies while at the same time hedging exposure to the fluctuations of the value of the euro relative to the U.S. dollar. 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.

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

 

         
     

Beginning

Account Value

    

Ending

Account Value

    

Annualized

Expense Ratio

   

Expenses Paid

During the

Period

 

Actual

   $ 1,000.00      $ 995.60        0.58   $ 2.89  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.10        0.58   $ 2.93  

Performance

 

   
        Average Annual Total Return  
        6-Month*      1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

       -0.44      30.07      11.76      7.31      7.85

Fund Market Price Returns

       -0.86      31.30      11.69      7.30      7.77

WisdomTree Europe Hedged Equity Index

       -0.66      30.16      12.11      7.72      8.25

MSCI EMU Local Currency Index

       -1.78      24.29      9.93      5.01      6.35
*

Returns of less than one year are cumulative.

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.

 

2   WisdomTree Trust


Performance Summary

as of September 30, 2023 (unaudited)

WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    22.6%  

Financials

    19.3%  

Materials

    10.5%  

Utilities

    9.8%  

Real Estate

    8.5%  

Consumer Discretionary

    5.8%  

Information Technology

    5.7%  

Communication Services

    5.5%  

Consumer Staples

    5.1%  

Energy

    3.8%  

Health Care

    2.8%  

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  

Klepierre SA

    2.4%  

BE Semiconductor Industries NV

    2.0%  

Enagas SA

    2.0%  

Banco BPM SpA

    1.9%  

Rexel SA

    1.9%  

ASR Nederland NV

    1.9%  

Merlin Properties Socimi SA

    1.7%  

A2A SpA

    1.7%  

Mapfre SA

    1.6%  

BAWAG Group AG

    1.5%  
*

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 Europe Hedged SmallCap Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe Hedged SmallCap Equity Index (the “Index”). In seeking to track the Index, the Fund invests in European small-cap dividend-paying companies while at the same time hedging exposure to fluctuations of the value of the euro relative to the U.S. dollar. 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.

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

 

         
     

Beginning

Account Value

    

Ending

Account Value

    

Annualized

Expense Ratio

   

Expenses Paid

During the
Period

 

Actual

   $ 1,000.00      $ 1,008.80        0.58   $ 2.91  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.10        0.58   $ 2.93  

Performance

 

   
        Average Annual Total Return  
        6-Month*      1 Year      3 Year      5 Year      Since Inception1  

Fund NAV Returns

       0.88      23.65      10.67      5.44      6.87

Fund Market Price Returns

       0.66      25.24      10.82      5.54      6.77

WisdomTree Europe Hedged SmallCap Equity Index

       0.80      23.82      10.79      5.56      6.97

MSCI European Economic and Monetary Union (EMU) Small Cap Local Currency Index

       -2.76      18.54      7.63      4.03      5.99
*

Returns of less than one year are cumulative.

 

1 

Total returns are calculated based on the commencement of Fund trading on the NYSE Arca, Inc. on March 4, 2015.

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      3  


Performance Summary

as of September 30, 2023 (unaudited)

WisdomTree Germany Hedged Equity Fund (DXGE)

 

Sector Breakdown

 

Sector   % of Net Assets  

Financials

    23.6%  

Consumer Discretionary

    22.4%  

Materials

    11.0%  

Industrials

    9.8%  

Communication Services

    8.0%  

Health Care

    7.4%  

Information Technology

    6.8%  

Utilities

    6.3%  

Consumer Staples

    2.7%  

Energy

    0.1%  

Other Assets less Liabilities‡

    1.9%  

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  

Mercedes-Benz Group AG

    9.1%  

Allianz SE, Registered Shares

    8.6%  

Deutsche Telekom AG, Registered Shares

    8.1%  

Bayerische Motoren Werke AG

    6.4%  

Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares

    4.8%  

SAP SE

    4.6%  

E.ON SE

    4.5%  

BASF SE

    4.5%  

Hannover Rueck SE

    4.3%  

Deutsche Post AG, Registered Shares

    3.7%  
*

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 Germany Hedged Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Germany Hedged Equity Index (the “Index”). In seeking to track the Index, the Fund invests in German dividend-paying companies with an exporter tilt while at the same time hedging exposure to fluctuations of the value of the euro relative to the U.S. dollar. 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.

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

 

         
     

Beginning

Account Value

    

Ending

Account Value

    

Annualized

Expense Ratio

   

Expenses Paid

During the
Period

 

Actual

   $ 1,000.00      $ 999.50        0.48   $ 2.40  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.60        0.48   $ 2.43  

Performance

 

   
        Average Annual Total Return  
        6-Month*      1 Year      3 Year      5 Year      Since Inception1  

Fund NAV Returns

       -0.05      31.05      11.35      6.87      7.47

Fund Market Price Returns

       -0.22      32.43      11.32      6.91      7.36

WisdomTree Germany Hedged Equity Index

       -0.57      31.10      11.46      7.03      7.62

MSCI Germany Local Currency Index

       -2.65      25.40      3.19      2.14      4.31
*

Returns of less than one year are cumulative.

 

1 

Total returns are calculated based on the commencement of Fund trading on the NASDAQ on October 17, 2013.

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


Performance Summary

as of September 30, 2023 (unaudited)

WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)

 

Sector Breakdown

 

Sector   % of Net Assets  

Consumer Discretionary

    20.1%  

Health Care

    19.8%  

Consumer Staples

    18.3%  

Industrials

    14.5%  

Information Technology

    11.7%  

Financials

    5.0%  

Communication Services

    3.5%  

Materials

    2.4%  

Utilities

    2.0%  

Real Estate

    1.1%  

Energy

    0.8%  

Investment Company

    0.1%  

Other Assets less Liabilities‡

    0.7%  

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

    5.4%  

Novartis AG, Registered Shares

    4.7%  

Industria de Diseno Textil SA

    4.5%  

Unilever PLC

    4.5%  

GSK PLC

    4.1%  

Nestle SA, Registered Shares

    3.9%  

Novo Nordisk AS, Class B

    3.8%  

SAP SE

    3.1%  

L’Oreal SA

    2.9%  

Roche Holding AG

    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 Hedged Quality Dividend Growth Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree International Hedged Quality Dividend Growth Index (the “Index”). In seeking to track the Index, the Fund invests in dividend-paying companies with growth characteristics in developed countries, excluding U.S. and Canada, while at the same time hedging exposure to fluctuations of the value of the applicable foreign currencies relative to the U.S. dollar. 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.

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

 

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

Actual

   $ 1,000.00      $ 1,000.90        0.58   $ 2.90  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.10        0.58   $ 2.93  

Performance

 

   
        Average Annual Total Return  
        6-Month*      1 Year      3 Year      5 Year      Since Inception1  

Fund NAV Returns

       0.09      19.51      8.28      8.39      8.43

Fund Market Price Returns

       -0.53      20.06      8.19      8.39      8.32

WisdomTree International Hedged Quality Dividend Growth Index

       0.27      20.22      8.85      8.98      9.07

MSCI EAFE Local Currency Index

       2.96      20.32      10.81      5.65      6.50
*

Returns of less than one year are cumulative.

 

1 

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

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  


Performance Summary

as of September 30, 2023 (unaudited)

WisdomTree Japan Hedged Equity Fund (DXJ)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    25.9%  

Consumer Discretionary

    17.5%  

Financials

    15.9%  

Information Technology

    10.7%  

Materials

    10.4%  

Health Care

    7.3%  

Consumer Staples

    6.2%  

Communication Services

    2.7%  

Energy

    1.9%  

Real Estate

    0.0%

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).

 

*

Represents less than 0.1%.

Top Ten Holdings*

 

Description   % of Net Assets  

Toyota Motor Corp.

    5.1%  

Mitsubishi UFJ Financial Group, Inc.

    4.7%  

Mitsubishi Corp.

    3.5%  

Sumitomo Mitsui Financial Group, Inc.

    3.3%  

Mitsui & Co. Ltd.

    2.9%  

Japan Tobacco, Inc.

    2.7%  

Tokio Marine Holdings, Inc.

    2.4%  

Tokyo Electron Ltd.

    2.4%  

Takeda Pharmaceutical Co. Ltd.

    2.2%  

Honda Motor Co. Ltd.

    2.2%  
*

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 Japan Hedged Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Japan Hedged Equity Index (the “Index”). The Fund seeks to provide Japanese equity returns while mitigating or “hedging” against fluctuations between the value of the Japanese yen and the U.S. dollar. In seeking to track the Index, the Fund invests in Japanese dividend-paying companies with an exporter tilt while at the same time hedging exposure to fluctuations of the value of the Japanese yen relative to the U.S. dollar. 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.

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

 

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

Actual

   $ 1,000.00      $ 1,264.70        0.48   $ 2.72  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.60        0.48   $ 2.43  

Performance

 

   
      Average Annual Total Return  
      6-Month*      1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

     26.47      48.65      25.65      11.74      10.57

Fund Market Price Returns

     25.78      47.92      25.28      11.72      10.46

WisdomTree Japan Hedged Equity Index

     27.03      49.86      26.19      12.26      11.26

MSCI Japan Local Currency Index

     17.43      29.82      15.40      7.78      8.85
*

Returns of less than one year are cumulative.

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


Performance Summary

as of September 30, 2023 (unaudited)

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)

 

Sector Breakdown

 

Sector   % of Net Assets  

Industrials

    25.0%  

Materials

    16.7%  

Consumer Discretionary

    16.6%  

Information Technology

    12.1%  

Financials

    10.7%  

Consumer Staples

    7.3%  

Health Care

    4.4%  

Communication Services

    1.9%  

Real Estate

    1.8%  

Energy

    1.4%  

Utilities

    0.8%  

Other Assets less Liabilities‡

    1.3%  

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  

Kobe Steel Ltd.

    1.7

Cosmo Energy Holdings Co. Ltd.

    0.9

Tokyo Seimitsu Co. Ltd.

    0.7

Aozora Bank Ltd.

    0.7

Seven Bank Ltd.

    0.6

Nippon Electric Glass Co. Ltd.

    0.6

Macnica Holdings, Inc.

    0.6

Toyo Tire Corp.

    0.5

K’s Holdings Corp.

    0.5

Mebuki Financial Group, Inc.

    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 Hedged SmallCap Equity Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Japan Hedged SmallCap Equity Index (the “Index”). In seeking to track the Index, the Fund invests in Japanese small-cap dividend-paying companies while at the same time hedging exposure to fluctuations of the value of the Japanese yen relative to the U.S. dollar. 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.

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

 

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

Actual

   $ 1,000.00      $ 1,201.50        0.58   $ 3.19  

Hypothetical (5% return before expenses)

   $ 1,000.00      $ 1,022.10        0.58   $ 2.93  

Performance

 

   
      Average Annual Total Return  
      6-Month*      1 Year      3 Year      5 Year      10 Year  

Fund NAV Returns

     20.15      35.00      17.08      7.66      10.74

Fund Market Price Returns

     19.54      34.23      16.84      7.67      10.63

WisdomTree Japan Hedged SmallCap Equity Index

     20.63      35.98      17.66      8.20      11.48

MSCI Japan Small Cap Local Currency Index

     13.66      21.76      11.46      5.18      9.05
*

Returns of less than one year are cumulative.

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  


Description of Terms and Indexes (unaudited)

 

 

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

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 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 European Economic and Monetary Union (EMU) Local Currency Index is a

free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed market countries within the EMU. The securities are priced in local currency terms with no conversion into U.S. dollars.

The MSCI European Economic and Monetary Union (EMU) Small Cap Local Currency Index is a free float-adjusted market capitalization weighted index that captures small cap representation across the 10 Developed Market countries in the EMU and is calculated in local currency.

The MSCI Germany Local Currency Index is a capitalization weighted index that. measures the performance of the Germany equity market and provides local currency returns, which are not translated back to U.S. dollars.

The MSCI Japan Local Currency Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan and calculated in local currency.

The MSCI Japan Small Cap Local Currency Index is a free float-adjusted market capitalization index that is designed to measure the performance of small cap stocks within Japan and calculated in local currency.

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.

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

The WisdomTree Europe Hedged Equity Index is designed to provide exposure to European equities while at the same time neutralizing exposure to fluctuations between the Euro and the U.S. dollar.

The WisdomTree Europe Hedged SmallCap Equity Index is designed to provide exposure to the European equity markets while at the same time neutralizing exposure to fluctuations of the Euro movements relative to U.S. dollar.

The WisdomTree Germany Hedged Equity Index is designed to provide exposure to Germany equity markets while at the same time neutralizing exposure to fluctuations of the Euro movements relative to the U.S. dollar. In this sense, the Index “hedges” against fluctuations in the relative value of the Euro against the U.S. dollar.

The WisdomTree International Hedged Quality Dividend Growth Index is designed to provide exposure to the developed market companies while at the same time neutralizing exposure to fluctuations between the value of foreign currencies and the U.S. dollar.

The WisdomTree Japan Hedged Equity Index is designed to provide exposure to Japanese equity markets while at the same time neutralizing exposure to fluctuations of the Japanese Yen movements relative to the U.S. dollar.

The WisdomTree Japan Hedged SmallCap Equity Index is designed to provide exposure to the small-capitalization segment of the Japanese equity markets while at the same time neutralizing exposure to fluctuations of the Japanese Yen movements relative to the U.S.

dollar.

 

8   WisdomTree Trust


Description of Terms and Indexes (unaudited) (concluded)

 

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

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

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    ILS   Israeli new shekel     
CHF   Swiss franc    JPY   Japanese yen     
DKK   Danish krone    NOK   Norwegian krone     
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)  

 

WisdomTree Trust      9  


Schedule of Investments (unaudited)

WisdomTree Europe Hedged Equity Fund (HEDJ)

September 30, 2023

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 99.7%

 

Austria – 0.5%

 

ANDRITZ AG

     124,247      $ 6,290,555  

AT&S Austria Technologie & Systemtechnik AG

     17,775        527,316  
     

 

 

 
Total Austria

 

     6,817,871  
Belgium – 3.6%

 

Anheuser-Busch InBev SA

     420,759        23,392,082  

Barco NV

     41,673        810,949  

Bekaert SA

     71,186        3,198,626  

Melexis NV

     44,677        3,864,555  

Solvay SA

     101,261        11,240,978  

UCB SA

     78,682        6,459,436  
     

 

 

 
Total Belgium

 

     48,966,626  
Finland – 3.3%

 

Cargotec Oyj, Class B

     36,495        1,532,426  

Fiskars Oyj Abp(a)

     89,080        1,644,827  

Huhtamaki Oyj(a)

     63,736        2,102,017  

Kemira Oyj

     145,920        2,277,224  

Kone Oyj, Class B

     458,536        19,380,162  

Konecranes Oyj(a)

     102,288        3,407,037  

Metso Oyj(a)

     581,010        6,123,147  

Nokia Oyj

     1,172,683        4,429,951  

Valmet Oyj(a)

     206,528        4,736,209  
     

 

 

 
Total Finland

 

     45,633,000  
France – 25.7%

 

Air Liquide SA(a)

     112,310        19,006,289  

Airbus SE(a)

     123,061        16,544,331  

Arkema SA

     28,540        2,827,077  

BioMerieux(a)

     11,160        1,084,913  

Bureau Veritas SA(a)

     105,551        2,627,292  

Cie Generale des Etablissements Michelin SCA

     333,020        10,249,644  

Danone SA(a)

     292,421        16,179,735  

Dassault Aviation SA

     15,286        2,887,235  

Dassault Systemes SE

     65,936        2,463,935  

Eramet SA(a)

     17,208        1,316,321  

EssilorLuxottica SA(a)

     74,868        13,091,655  

Gaztransport & Technigaz SA(a)

     17,764        2,191,090  

Hermes International SCA

     10,151        18,590,803  

Imerys SA(a)

     36,482        1,081,509  

Interparfums SA

     12,139        676,024  

IPSOS SA

     15,133        697,601  

Kering SA(a)

     34,414        15,736,632  

L’Oreal SA

     128,423        53,462,561  

Lectra(a)

     6,888        187,786  

Legrand SA

     61,886        5,720,054  

LVMH Moet Hennessy Louis Vuitton SE(a)

     67,962        51,548,397  

Neoen SA(a)(b)

     1,654        48,367  

Nexans SA(a)

     8,102        660,934  

Pernod Ricard SA

     95,783        16,007,609  

Publicis Groupe SA

     109,899        8,349,676  

Remy Cointreau SA(a)

     6,407        784,502  

Rubis SCA

     97,297        2,188,000  

Sanofi

     542,900        58,330,237  

Sartorius Stedim Biotech(a)

     3,516      841,300  

Schneider Electric SE

     134,659        22,380,673  

Societe BIC SA

     15,522        1,026,298  

Sodexo SA

     22,248        2,297,091  

Teleperformance SE

     7,513        949,754  

Valeo SE(a)

     55,175        953,942  
     

 

 

 
Total France

 

     352,989,267  
Germany – 23.6%

 

adidas AG

     67,505        11,908,485  

AIXTRON SE

     12,309        453,780  

BASF SE

     683,606        31,085,830  

Bayer AG, Registered Shares

     398,367        19,169,495  

Bayerische Motoren Werke AG

     451,329        46,054,662  

Beiersdorf AG

     17,107        2,212,385  

Brenntag SE

     35,969        2,798,279  

Deutsche Telekom AG, Registered Shares

     2,263,626        47,615,929  

Duerr AG

     14,698        399,931  

Evonik Industries AG

     290,120        5,321,626  

GEA Group AG

     47,260        1,749,277  

Hannover Rueck SE

     65,768        14,476,466  

Hapag-Lloyd AG(a)(b)

     73,809        13,456,618  

Heidelberg Materials AG

     103,531        8,058,781  

Henkel AG & Co. KGaA

     79,914        5,052,847  

HOCHTIEF AG

     28,286        2,867,502  

Hugo Boss AG

     15,507        983,769  

Infineon Technologies AG

     136,528        4,532,335  

Jenoptik AG

     2,864        72,774  

Krones AG

     6,747        696,837  

Mercedes-Benz Group AG

     718,918        50,152,467  

Merck KGaA

     13,964        2,338,151  

MTU Aero Engines AG

     6,087        1,106,862  

Puma SE

     23,892        1,487,385  

SAP SE

     245,726        31,953,147  

Siemens Healthineers AG(b)

     201,376        10,233,929  

Siltronic AG

     13,572        1,163,199  

Symrise AG

     13,211        1,263,319  

Wacker Chemie AG

     36,346        5,219,992  
     

 

 

 
Total Germany

 

     323,886,059  
Ireland – 0.5%

 

Glanbia PLC(a)

     177,734        2,937,425  

Kerry Group PLC, Class A

     42,453        3,558,913  
     

 

 

 
Total Ireland

 

     6,496,338  
Italy – 2.4%

 

Brunello Cucinelli SpA(a)

     15,564        1,187,268  

Carel Industries SpA(b)

     15,857        381,101  

Davide Campari-Milano NV

     167,830        1,983,909  

DiaSorin SpA

     10,028        917,534  

Ferrari NV

     45,720        13,539,173  

Leonardo SpA

     246,341        3,562,713  

Moncler SpA

     78,073        4,552,901  

Prysmian SpA

     95,997        3,877,445  

Reply SpA

     5,042        475,368  

 

See Notes to Financial Statements.

 

10   WisdomTree Trust


Schedule of Investments (unaudited) (continued)

WisdomTree Europe Hedged Equity Fund (HEDJ)

September 30, 2023

 

 

 

Investments    Shares      Value  

Salvatore Ferragamo SpA(a)

     80,806      $ 1,072,839  

Webuild SpA

     890,503        1,588,652  
     

 

 

 
Total Italy

 

     33,138,903  
Netherlands – 17.2%

 

Aegon NV(a)

     2,212,709        10,734,278  

Arcadis NV

     61,630        2,779,682  

ASM International NV

     9,868        4,152,979  

ASML Holding NV

     95,851        56,738,726  

BE Semiconductor Industries NV

     116,534        11,474,375  

Corbion NV

     29,868        596,405  

Heineken Holding NV

     137,633        10,404,333  

Heineken NV(a)

     329,262        29,094,670  

IMCD NV(a)

     15,573        1,978,550  

JDE Peet’s NV(a)

     287,741        8,048,742  

Koninklijke Ahold Delhaize NV

     838,166        25,308,884  

Koninklijke Vopak NV

     188,558        6,472,192  

OCI NV*

     775,040        21,654,938  

SBM Offshore NV(a)

     317,015        4,172,001  

Signify NV(b)

     154,100        4,162,043  

Universal Music Group NV(a)

     846,713        22,169,392  

Wolters Kluwer NV

     139,143        16,889,969  
     

 

 

 
Total Netherlands

 

     236,832,159  
Portugal – 0.1%

 

Altri SGPS SA(a)

     198,238        899,565  

Greenvolt-Energias Renovaveis SA*

     189        1,067  
     

 

 

 
Total Portugal

 

     900,632  
Spain – 13.4%

 

Acerinox SA

     545,045        5,288,237  

ACS Actividades de Construccion y Servicios SA

     761,483        27,467,921  

Banco Bilbao Vizcaya Argentaria SA(a)

     8,237,590        67,243,141  

Banco Santander SA

     15,472,250        59,275,536  

CIE Automotive SA

     79,444        2,156,615  

Ebro Foods SA(a)

     104,878        1,765,529  

Fluidra SA(a)

     225,458      4,623,690  

Mapfre SA

     6,295,248        12,863,631  

Viscofan SA(a)

     48,690        2,979,621  
     

 

 

 
Total Spain

 

     183,663,921  
Switzerland – 1.0%

 

DSM-Firmenich AG

     81,881        6,946,591  

STMicroelectronics NV(a)

     148,483        6,443,103  
     

 

 

 
Total Switzerland

 

     13,389,694  
United Kingdom – 0.6%

 

CNH Industrial NV

     679,480        8,301,870  
United States – 7.8%

 

Stellantis NV

     5,546,271        106,931,208  

TOTAL COMMON STOCKS

(Cost: $1,236,065,139)

 

 

     1,367,947,548  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 4.3%

 

United States – 4.3%

 

State Street Navigator Securities Lending
Government Money Market Portfolio, 5.36%(c)

 

  
(Cost: $58,888,051)      58,888,051        58,888,051  

TOTAL INVESTMENTS IN SECURITIES – 104.0%

(Cost: $1,294,953,190)

 

 

     1,426,835,599  

Other Assets less Liabilities – (4.0)%

 

     (54,969,320
     

 

 

 
NET ASSETS – 100.0%

 

   $ 1,371,866,279  
* 

Non-income producing security.

 

(a) 

Security, or portion thereof, was on loan at September 30, 2023 (See Note 2). At September 30, 2023, the total market value of the Fund’s securities on loan identified in the Schedule of Investments was $68,385,583 and the total market value of the collateral held by the Fund was $71,924,905. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $13,036,854.

 

(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 September 30, 2023.

 

FINANCIAL DERIVATIVE INSTRUMENTS  
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER)  
Counterparty   Settlement
Date
    Amount and
Description of
Currency to
be Purchased
    Amount and
Description of
Currency to
be Sold
    Unrealized
Appreciation
    Unrealized
Depreciation
 

Barclays Bank PLC

    10/4/2023       354,337,039       USD       326,014,227       EUR     $ 9,155,541     $  

Citibank NA

    10/3/2023       664,515       USD       628,460       EUR             (867

Citibank NA

    10/4/2023       354,337,039       USD       326,014,227       EUR       9,155,541        

Goldman Sachs

    10/4/2023       332,738,126       EUR       352,306,455       USD             (5,742

Goldman Sachs

    11/3/2023       340,697,439       USD       321,379,328       EUR       3,201        

HSBC Holdings PLC

    10/4/2023       332,740,010       EUR       352,306,454       USD             (3,745

HSBC Holdings PLC

    10/4/2023       354,337,039       USD       326,013,927       EUR       9,155,858        

HSBC Holdings PLC

    11/3/2023       340,697,439       USD       321,380,843       EUR       1,594        

JP Morgan Chase Bank NA

    10/4/2023       7,572,325       EUR       8,122,339       USD             (104,816

JP Morgan Chase Bank NA

    10/4/2023       332,741,267       EUR       352,306,454       USD             (2,414

JP Morgan Chase Bank NA

    11/3/2023       340,697,439       USD       321,380,843       EUR       1,594        

Morgan Stanley & Co. International

    10/4/2023       332,740,953       EUR       352,306,454       USD             (2,747

Morgan Stanley & Co. International

    10/4/2023       354,337,039       USD       326,027,726       EUR       9,141,249        

Morgan Stanley & Co. International

    11/3/2023       340,697,439       USD       321,382,056       EUR       309        
                                            $ 36,614,887     $ (120,331

 

See Notes to Financial Statements.

 

WisdomTree Trust      11  


Schedule of Investments (unaudited) (concluded)

WisdomTree Europe Hedged Equity Fund (HEDJ)

September 30, 2023

 

 

 

FAIR VALUATION SUMMARY
The following is a summary of the fair valuations according to the inputs used as of September 30, 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

   $ 1,367,947,548      $      $      $ 1,367,947,548  

Investment of Cash Collateral for Securities Loaned

            58,888,051               58,888,051  

Total Investments in Securities

   $ 1,367,947,548      $ 58,888,051      $  —      $ 1,426,835,599  

Financial Derivative Instruments

  

Foreign Currency Contracts1

   $      $ 36,614,887      $      $ 36,614,887  

Liabilities:

 

     

Financial Derivative Instruments

  

Foreign Currency Contracts1

   $      $ (120,331    $      $ (120,331

Total – Net

   $ 1,367,947,548      $ 95,382,607      $      $ 1,463,330,155  
1 

Amount shown represents the unrealized appreciation (depreciation) on the financial instrument.

 

See Notes to Financial Statements.

 

12   WisdomTree Trust


Schedule of Investments (unaudited)

WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)

September 30, 2023

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 99.4%

 

Austria – 6.5%

 

ANDRITZ AG

     12,773      $ 646,690  

AT&S Austria Technologie & Systemtechnik AG

     2,201        65,295  

BAWAG Group AG*(a)

     19,405        892,888  

EVN AG

     13,422        359,527  

Oesterreichische Post AG

     8,618        283,310  

Porr AG

     2,982        37,065  

S IMMO AG*

     4,898        66,481  

Schoeller-Bleckmann Oilfield Equipment AG

     538        31,784  

Semperit AG Holding

     1,888        34,101  

Telekom Austria AG

     12,732        88,968  

UNIQA Insurance Group AG

     28,973        234,972  

Vienna Insurance Group AG Wiener Versicherung Gruppe

     6,039        168,796  

Voestalpine AG

     22,809        624,011  

Wienerberger AG

     8,944        227,646  
     

 

 

 
Total Austria

 

     3,761,534  
Belgium – 7.5%

 

Ackermans & van Haaren NV

     1,546        234,230  

Aedifica SA

     3,949        225,147  

Barco NV

     4,201        81,751  

Bekaert SA

     7,388        331,968  

bpost SA

     29,180        160,187  

Cofinimmo SA

     7,635        524,623  

Econocom Group SA

     5,921        15,641  

Etablissements Franz Colruyt NV

     14,620        634,017  

Euronav NV

     3,581        58,236  

Fagron

     2,878        49,088  

Intervest Offices & Warehouses NV

     2,972        43,108  

Melexis NV

     3,493        302,144  

Proximus SADP

     100,122        816,020  

Recticel SA(b)

     2,673        26,546  

VGP NV

     4,332        403,383  

Warehouses De Pauw CVA

     14,125        350,541  

Xior Student Housing NV

     2,784        79,879  
     

 

 

 
Total Belgium

 

     4,336,509  
Denmark – 0.1%

 

Cementir Holding NV

     8,037        63,819  
Finland – 8.7%

 

Cargotec Oyj, Class B

     4,024        168,968  

Caverion Oyj

     9,533        86,901  

Citycon Oyj*(b)

     33,062        185,698  

Harvia Oyj

     1,894        51,295  

Huhtamaki Oyj

     6,776        223,473  

Kemira Oyj

     11,341        176,987  

Kesko Oyj, Class B

     35,755        642,410  

Kojamo Oyj(b)

     16,597        147,605  

Konecranes Oyj

     10,555        351,569  

Lassila & Tikanoja Oyj

     3,392        34,979  

Metsa Board Oyj, Class B(b)

     30,699        247,182  

Metso Oyj

     59,938        631,675  

Musti Group Oyj*

     2,119        40,383  

Orion Oyj, Class B

     8,451      333,026  

Outokumpu Oyj

     41,133        172,848  

Puuilo Oyj

     12,092        103,123  

Raisio Oyj, Class V

     16,507        36,090  

Sanoma Oyj

     4,689        34,553  

Terveystalo Oyj(a)(b)

     11,313        90,551  

TietoEVRY Oyj

     16,176        364,791  

Tokmanni Group Corp.

     10,933        152,215  

Uponor Oyj

     8,369        251,998  

Valmet Oyj(b)

     21,743        498,622  
     

 

 

 
Total Finland

 

     5,026,942  
France – 16.7%

 

Alten SA

     887        117,013  

Antin Infrastructure Partners SA

     3,226        41,772  

Arkema SA

     6,438        637,727  

Beneteau SA

     5,642        68,456  

Cie Plastic Omnium SE

     7,269        118,519  

Coface SA

     28,780        368,087  

Derichebourg SA

     27,338        138,353  

Elis SA

     17,710        312,383  

Eramet SA

     4,000        305,979  

Etablissements Maurel & Prom SA

     21,771        112,761  

Eurazeo SE

     5,635        336,784  

Fnac Darty SA(b)

     3,682        90,441  

Gaztransport & Technigaz SA

     3,858        475,863  

Imerys SA

     7,666        227,258  

Interparfums SA

     2,925        162,894  

IPSOS SA

     3,594        165,676  

Klepierre SA

     56,898        1,399,393  

Lectra

     1,688        46,020  

LISI

     1,985        46,761  

Maisons du Monde SA(a)

     6,248        48,191  

Neoen SA(a)

     858        25,090  

Nexans SA

     1,785        145,614  

Quadient SA

     3,130        63,295  

Rexel SA

     48,203        1,087,044  

Rothschild & Co.

     2,269        92,729  

Rubis SCA

     21,137        475,326  

Societe BIC SA

     3,421        226,193  

Sopra Steria Group SACA

     1,115        231,261  

SPIE SA

     10,517        306,432  

Technip Energies NV

     14,981        373,847  

Television Francaise 1 SA(b)

     33,714        258,608  

Trigano SA

     811        110,336  

Valeo SE

     11,668        201,733  

Verallia SA(a)

     10,099        398,609  

Vicat SACA

     5,007        153,469  

Wendel SE

     3,864        307,030  
     

 

 

 
Total France

 

     9,676,947  
Germany – 13.1%

 

7C Solarparken AG

     7,952        27,236  

AIXTRON SE

     2,742        101,086  

alstria office REIT-AG

     4,086        16,115  

 

See Notes to Financial Statements.

 

WisdomTree Trust      13  


Schedule of Investments (unaudited) (continued)

WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)

September 30, 2023

 

 

 

Investments    Shares      Value  

Aurubis AG

     2,714      $ 201,544  

BayWa AG

     1,930        68,862  

Bechtle AG

     4,348        203,656  

Bilfinger SE

     3,710        127,423  

CompuGroup Medical SE & Co. KGaA

     1,759        69,056  

CropEnergies AG

     6,182        51,838  

Dermapharm Holding SE

     6,909        286,159  

Deutz AG

     11,990        53,063  

Duerr AG

     3,232        87,942  

Energiekontor AG

     522        42,555  

Fielmann Group AG

     6,464        279,773  

Freenet AG

     22,996        540,017  

GEA Group AG

     10,676        395,160  

Gerresheimer AG

     1,564        164,678  

Hamborner REIT AG

     8,769        59,883  

Hamburger Hafen und Logistik AG

     7,025        125,102  

Hensoldt AG

     2,691        79,604  

HOCHTIEF AG

     6,562        665,225  

Hornbach Holding AG & Co. KGaA

     1,377        88,130  

Hugo Boss AG

     3,646        231,303  

Indus Holding AG

     2,986        63,545  

Instone Real Estate Group SE(a)

     9,317        57,904  

JOST Werke SE(a)

     982        47,202  

K & S AG, Registered Shares

     6,124        111,391  

Kloeckner & Co. SE

     29,506        213,522  

Krones AG

     1,652        170,620  

Mutares SE & Co. KGaA

     2,733        79,718  

Rheinmetall AG

     2,123        548,220  

SAF-Holland SE

     5,442        70,351  

Salzgitter AG

     4,775        126,894  

Scout24 SE(a)

     3,048        211,889  

Siltronic AG

     3,242        277,858  

Sixt SE

     2,925        271,903  

Stroeer SE & Co. KGaA

     6,645        296,190  

Suedzucker AG

     23,533        350,811  

Synlab AG

     14,378        153,597  

United Internet AG, Registered Shares

     12,230        262,337  

Varta AG*(b)

     8,299        157,939  

VERBIO Vereinigte BioEnergie AG

     388        15,655  

Wacker Neuson SE

     4,766        97,388  
     

 

 

 
Total Germany

 

     7,550,344  
Ireland – 0.8%

 

Cairn Homes PLC

     75,282        87,197  

Glanbia PLC

     18,421        304,445  

Origin Enterprises PLC

     11,919        41,139  
     

 

 

 
Total Ireland

 

     432,781  
Italy – 19.8%

 

A2A SpA

     551,511        984,476  

ACEA SpA

     13,207        144,164  

Alerion Cleanpower SpA

     2,291        64,642  

Anima Holding SpA(a)

     71,919        302,293  

Ariston Holding NV

     4,399        28,713  

Arnoldo Mondadori Editore SpA

     22,400        50,752  

Azimut Holding SpA

     26,455      579,231  

Banca Generali SpA

     17,820        632,231  

Banca Mediolanum SpA

     91,186        782,193  

Banca Popolare di Sondrio SpA

     51,229        264,468  

Banco BPM SpA

     231,112        1,109,668  

BPER Banca

     112,184        344,091  

Brembo SpA

     19,832        246,926  

Brunello Cucinelli SpA(b)

     1,644        125,409  

Buzzi SpA

     11,047        303,161  

Cairo Communication SpA

     28,422        48,448  

Carel Industries SpA(a)

     1,622        38,982  

Credito Emiliano SpA

     18,343        151,093  

Danieli & C Officine Meccaniche SpA(b)

     2,616        74,505  

De’ Longhi SpA

     15,730        343,408  

El.En. SpA(b)

     3,036        27,981  

Enav SpA(a)

     32,434        120,326  

ERG SpA

     15,470        374,093  

Esprinet SpA(b)

     9,192        47,200  

Hera SpA

     186,030        510,124  

Immobiliare Grande Distribuzione SIIQ SpA(b)

     25,234        57,040  

Interpump Group SpA

     1,790        82,421  

Iren SpA

     215,682        416,745  

Italgas SpA

     167,805        862,024  

Italian Sea Group SpA

     3,708        28,933  

Leonardo SpA

     25,228        364,861  

Maire Tecnimont SpA

     46,940        193,424  

MARR SpA

     6,989        88,795  

OVS SpA(a)

     14,972        31,196  

Piaggio & C SpA

     41,512        132,995  

RAI Way SpA(a)

     18,224        95,509  

Reply SpA

     595        56,098  

Salcef Group SpA

     4,103        95,786  

Salvatore Ferragamo SpA(b)

     9,021        119,769  

Sanlorenzo SpA

     1,575        59,197  

SOL SpA

     2,572        72,979  

Technogym SpA(a)

     11,463        88,839  

Unieuro SpA(a)(b)

     5,633        50,515  

Unipol Gruppo SpA

     111,856        606,586  

Webuild SpA(b)

     91,515        163,262  

Zignago Vetro SpA

     6,309        94,717  
     

 

 

 
Total Italy

 

     11,460,269  
Netherlands – 8.0%

 

Aalberts NV

     7,336        269,359  

AMG Critical Materials NV

     1,672        50,452  

Arcadis NV(b)

     6,550        295,423  

ASR Nederland NV

     28,899        1,086,799  

BE Semiconductor Industries NV(b)

     11,981        1,179,694  

Corbion NV

     3,101        61,921  

ForFarmers NV(b)

     17,905        47,013  

Koninklijke Heijmans NV

     7,779        88,125  

Koninklijke Vopak NV

     19,437        667,169  

SBM Offshore NV(b)

     32,568        428,604  

Signify NV(a)

     15,883        428,979  

Sligro Food Group NV

     2,539        45,107  
     

 

 

 
Total Netherlands

 

     4,648,645  

 

See Notes to Financial Statements.

 

14   WisdomTree Trust


Schedule of Investments (unaudited) (continued)

WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)

September 30, 2023

 

 

 

Investments    Shares      Value  
Portugal – 2.7%

 

Altri SGPS SA(b)

     20,075      $ 91,096  

Banco Comercial Portugues SA, Class R*

     238,481        65,749  

Corticeira Amorim SGPS SA

     7,330        75,511  

CTT-Correios de Portugal SA

     15,311        56,332  

Mota-Engil SGPS SA

     32,070        116,293  

Navigator Co. SA

     83,374        314,955  

NOS SGPS SA

     82,685        304,824  

REN – Redes Energeticas Nacionais SGPS SA

     107,113        274,442  

Sonae SGPS SA

     253,094        246,526  
     

 

 

 
Total Portugal

 

     1,545,728  
Spain – 15.5%

 

Acerinox SA

     56,553        548,699  

Almirall SA

     8,616        87,755  

Applus Services SA

     8,462        88,695  

Banco de Sabadell SA

     508,058        591,966  

Bankinter SA

     127,472        815,704  

Cia de Distribucion Integral Logista Holdings SA

     27,938        715,820  

CIE Automotive SA

     8,376        227,378  

Construcciones y Auxiliar de Ferrocarriles SA

     3,255        102,008  

Ebro Foods SA

     5,445        91,662  

Enagas SA

     68,930        1,144,321  

Ence Energia y Celulosa SA(b)

     44,885        150,835  

Ercros SA

     8,223        26,205  

Faes Farma SA

     33,221        112,553  

Fluidra SA(b)

     23,161        474,986  

Gestamp Automocion SA(a)

     31,151        130,275  

Global Dominion Access SA(a)

     10,076        35,738  

Grupo Catalana Occidente SA

     2,974        96,036  

Indra Sistemas SA

     6,946        100,751  

Inmobiliaria Colonial Socimi SA

     56,555        322,142  

Laboratorios Farmaceuticos Rovi SA

     3,891        211,541  

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

     87,378        80,948  

Mapfre SA

     464,328        948,802  

Merlin Properties Socimi SA

     116,655        986,215  

Pharma Mar SA

     534        18,160  

Prosegur Cash SA(a)

     47,047      29,339  

Prosegur Compania de Seguridad SA

     47,585        76,881  

Sacyr SA

     75,257        221,665  

Talgo SA(a)(b)

     9,290        34,573  

Unicaja Banco SA(a)

     178,683        192,775  

Viscofan SA

     4,550        278,441  
     

 

 

 
Total Spain

 

     8,942,869  
TOTAL COMMON STOCKS
(Cost: $59,791,672)

 

     57,446,387  
RIGHTS – 0.0%

 

Italy – 0.0%

 

Brembo SpA, expiring 10/3/23*
(Cost: $0)
     18,786        0  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 2.9%

 

United States – 2.9%

 

State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(c)

(Cost: $1,664,262)

     1,664,262        1,664,262  

TOTAL INVESTMENTS IN SECURITIES – 102.3%

(Cost: $61,455,934)

 

 

     59,110,649  

Other Assets less Liabilities – (2.3)%

 

     (1,319,179
     

 

 

 
NET ASSETS – 100.0%

 

   $ 57,791,470  

 

* 

Non-income producing security.

 

 

This security is being fair valued using significant unobservable inputs (i.e., Level 3 on the fair value hierarchy) by WisdomTree Asset Management, Inc., as valuation designee, in accordance with valuation procedures approved by the Board of Trustees of WisdomTree Trust. The aggregate value of Level 3 fair valued securities is $92,729, which represents 0.16% of net assets.

 

(a) 

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.

 

(b) 

Security, or portion thereof, was on loan at September 30, 2023 (See Note 2). At September 30, 2023, the total market value of the Fund’s securities on loan identified in the Schedule of Investments was $3,458,188 and the total market value of the collateral held by the Fund was $3,605,697. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $1,941,435.

 

(c) 

Rate shown represents annualized 7-day yield as of September 30, 2023.

 

FINANCIAL DERIVATIVE INSTRUMENTS  
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER)  
Counterparty   Settlement
Date
    Amount and
Description of
Currency to
be Purchased
   

Amount and
Description of
Currency to
be Sold

    Unrealized
Appreciation
    Unrealized
Depreciation
 

Bank of America NA

    10/3/2023       28,053       USD       26,531       EUR     $     $ (37

Barclays Bank PLC

    10/4/2023       14,508,153       USD       13,348,490       EUR       374,869        

Barclays Bank PLC

    10/4/2023       1,706,841       USD       1,592,663       EUR       20,541        

Citibank NA

    10/4/2023       277,947       EUR       294,096       USD       193        

Citibank NA

    10/4/2023       14,508,152       USD       13,348,489       EUR       374,869        

Goldman Sachs

    10/4/2023       14,035,887       EUR       14,861,337       USD             (242

Goldman Sachs

    11/3/2023       14,334,798       USD       13,521,991       EUR       135        

HSBC Holdings PLC

    10/4/2023       14,035,968       EUR       14,861,339       USD             (158

HSBC Holdings PLC

    10/4/2023       14,508,152       USD       13,348,476       EUR       374,882        

HSBC Holdings PLC

    11/3/2023       14,334,797       USD       13,522,054       EUR       67        

 

See Notes to Financial Statements.

 

WisdomTree Trust      15  


Schedule of Investments (unaudited) (concluded)

WisdomTree Europe Hedged SmallCap Equity Fund (EUSC)

September 30, 2023

 

 

 

FINANCIAL DERIVATIVE INSTRUMENTS  
FOREIGN CURRENCY CONTRACTS (OTC – OVER THE COUNTER)  
Counterparty   Settlement
Date
    Amount and
Description of
Currency to
be Purchased
   

Amount and
Description of
Currency to
be Sold

    Unrealized
Appreciation
    Unrealized
Depreciation
 

JP Morgan Chase Bank NA

    10/4/2023       14,036,021       EUR       14,861,339       USD     $     $ (102

JP Morgan Chase Bank NA

    11/3/2023       14,334,797       USD       13,522,054       EUR       67        

Morgan Stanley & Co. International

    10/4/2023       14,036,008       EUR       14,861,339       USD             (116

Morgan Stanley & Co. International

    10/4/2023       14,508,152       USD       13,349,041       EUR       374,284        

Morgan Stanley & Co. International

    11/3/2023       14,334,797       USD       13,522,105       EUR       13        
                                            $ 1,519,920     $ (655

 

FAIR VALUATION SUMMARY

The following is a summary of the fair valuations according to the inputs used as of September 30, 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

           

France

   $ 9,584,218      $      $ 92,729 *     $ 9,676,947  

Other

     47,769,440                      47,769,440  

Rights

                   0 *       0  

Investment of Cash Collateral for Securities Loaned

            1,664,262               1,664,262  

Total Investments in Securities

   $ 57,353,658      $ 1,664,262      $ 92,729      $ 59,110,649  

Financial Derivative Instruments

           

Foreign Currency Contracts1

   $      $ 1,519,920      $      $ 1,519,920  

Liabilities:

        

Financial Derivative Instruments

           

Foreign Currency Contracts1

   $      $ (655    $      $ (655

Total – Net

   $ 57,353,658      $ 3,183,527      $ 92,729      $ 60,629,914  

 

* 

Fair valuations using significant unobservable inputs were determined by WisdomTree Asset Management, Inc., as valuation designee, in accordance with valuation procedures approved by the Board of Trustees of WisdomTree Trust.

 

1 

Amount shown represents the unrealized appreciation (depreciation) on the financial instrument.

 

See Notes to Financial Statements.

 

16   WisdomTree Trust


Schedule of Investments (unaudited)

WisdomTree Germany Hedged Equity Fund (DXGE)

September 30, 2023

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 98.1%

 

Germany – 98.1%

 

Aerospace & Defense – 1.2%

 

Hensoldt AG

     635      $ 18,784  

MTU Aero Engines AG

     377        68,554  

Rheinmetall AG

     525        135,570  
     

 

 

 
Total Aerospace & Defense

 

     222,908  
Air Freight & Logistics – 3.7%

 

Deutsche Post AG, Registered Shares

     17,372        708,759  
Automobile Components – 0.2%

 

Hella GmbH & Co. KGaA

     405        28,729  
Automobiles – 17.6%

 

Bayerische Motoren Werke AG

     12,026        1,227,161  

Mercedes-Benz Group AG

     25,066        1,748,630  

Volkswagen AG

     3,168        418,259  
     

 

 

 
Total Automobiles

 

     3,394,050  
Capital Markets – 4.4%

 

Deutsche Bank AG, Registered Shares

     26,097        288,735  

Deutsche Boerse AG

     2,196        380,605  

DWS Group GmbH & Co. KGaA(a)

     4,957        168,993  
     

 

 

 
Total Capital Markets

 

     838,333  
Chemicals – 8.1%

 

BASF SE

     18,880        858,536  

Evonik Industries AG

     16,908        310,141  

K & S AG, Registered Shares

     1,499        27,266  

Symrise AG

     790        75,544  

Wacker Chemie AG

     2,079        298,585  
     

 

 

 
Total Chemicals

 

     1,570,072  
Commercial Services & Supplies – 0.2%

 

Bilfinger SE

     901        30,946  
Construction & Engineering – 0.9%

 

HOCHTIEF AG

     1,619        164,127  
Construction Materials – 2.4%

 

Heidelberg Materials AG

     5,930        461,587  
Diversified Telecommunication Services – 8.1%

 

Deutsche Telekom AG, Registered Shares

     73,787        1,552,128  
Electrical Equipment – 0.2%

 

Varta AG*(b)

     2,047        38,957  
Electronic Equipment, Instruments & Components – 0.0%

 

Jenoptik AG

     338        8,589  
Food Products – 0.4%

 

Suedzucker AG

     5,791        86,328  
Ground Transportation – 0.3%

 

Sixt SE(b)

     714        66,372  
Health Care Equipment & Supplies – 3.2%

 

Carl Zeiss Meditec AG, Bearer Shares

     379        33,233  

Siemens Healthineers AG(a)

     11,545        586,717  
     

 

 

 
Total Health Care Equipment & Supplies

 

     619,950  
Health Care Providers & Services – 0.2%

 

Synlab AG

     3,543        37,849  
Health Care Technology – 0.1%

 

CompuGroup Medical SE & Co. KGaA

     398        15,625  
Household Products – 1.5%

 

Henkel AG & Co. KGaA

     4,673      295,467  
Independent Power & Renewable Electricity Producers – 1.8%

 

RWE AG

     9,229        343,458  
Insurance – 19.3%

 

Allianz SE, Registered Shares

     6,947        1,660,054  

Hannover Rueck SE

     3,786        833,352  

Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares

     2,350        918,344  

Talanx AG

     4,798        304,793  
     

 

 

 
Total Insurance

 

     3,716,543  
IT Services – 0.3%

 

Bechtle AG

     1,068        50,024  
Life Sciences Tools & Services – 0.2%

 

Gerresheimer AG

     381        40,116  
Machinery – 0.8%

 

Duerr AG

     749        20,380  

GEA Group AG

     2,592        95,940  

Krones AG

     399        41,209  
     

 

 

 
Total Machinery

 

     157,529  
Marine Transportation – 1.6%

 

Hapag-Lloyd AG(a)

     1,707        311,215  
Metals & Mining – 0.4%

 

Aurubis AG

     673        49,977  

Salzgitter AG

     1,190        31,624  
     

 

 

 
Total Metals & Mining

 

     81,601  
Multi-Utilities – 4.5%

 

E.ON SE

     73,847        875,678  
Oil, Gas & Consumable Fuels – 0.1%

 

CropEnergies AG

     1,503        12,603  
Personal Care Products – 0.7%

 

Beiersdorf AG

     1,013        131,008  
Pharmaceuticals – 3.7%

 

Bayer AG, Registered Shares

     12,123        583,361  

Merck KGaA

     825        138,139  
     

 

 

 
Total Pharmaceuticals

 

     721,500  
Semiconductors & Semiconductor Equipment – 1.8%

 

AIXTRON SE

     660        24,331  

Infineon Technologies AG

     7,760        257,610  

Siltronic AG

     803        68,822  
     

 

 

 
Total Semiconductors & Semiconductor Equipment

 

     350,763  
Software – 4.7%

 

Nemetschek SE

     491        30,089  

SAP SE

     6,788        882,682  
     

 

 

 
Total Software

 

     912,771  
Specialty Retail – 0.5%

 

Fielmann Group AG

     2,186        94,614  
Textiles, Apparel & Luxury Goods – 4.1%

 

adidas AG

     3,734        658,711  

Hugo Boss AG

     843        53,480  

Puma SE

     1,396        86,907  
     

 

 

 
Total Textiles, Apparel & Luxury Goods

 

     799,098  

 

See Notes to Financial Statements.

 

WisdomTree Trust      17  


Schedule of Investments (unaudited) (concluded)

WisdomTree Germany Hedged Equity Fund (DXGE)

September 30, 2023

 

 

 

Investments    Shares      Value  
Trading Companies & Distributors – 0.9%

 

BayWa AG

     479      $ 17,091  

Brenntag SE

     2,121        165,007  
     

 

 

 
Total Trading Companies & Distributors

 

     182,098  

TOTAL COMMON STOCKS

(Cost: $18,378,767)

 

 

     18,921,395  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 0.3%

 

United States – 0.3%

 

State Street Navigator Securities Lending
Government Money Market Portfolio, 5.36%(c)

     
(Cost: $54,130)      54,130        54,130  

TOTAL INVESTMENTS IN SECURITIES – 98.4%

(Cost: $18,432,897)

   18,975,525  

Other Assets less Liabilities – 1.6%

     299,790  
     

 

 

 
NET ASSETS – 100.0%    $ 19,275,315  

 

* 

Non-income producing security.

 

(a) 

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.

 

(b) 

Security, or portion thereof, was on loan at September 30, 2023 (See Note 2). At September 30, 2023, the total market value of the Fund’s securities on loan identified in the Schedule of Investments was $51,534 and the total market value of the collateral held by the Fund was $54,130.

 

(c) 

Rate shown represents annualized 7-day yield as of September 30, 2023.

 

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

Amount and

Description of
Currency to

be Purchased

   

Amount and

Description of
Currency to

be Sold

    Unrealized
Appreciation
    Unrealized
Depreciation
 

Barclays Bank PLC

    10/4/2023       9,856,845       USD       9,068,969       EUR     $ 254,686     $  

Citibank NA

    10/4/2023       4,654,707       EUR       4,928,422       USD             (52

Citibank NA

    10/4/2023       4,928,423       USD       4,534,485       EUR       127,343        

Citibank NA

    10/24/2023       4,807,079       USD       4,536,422       EUR       5        

Goldman Sachs

    10/4/2023       4,654,681       EUR       4,928,423       USD             (80

Goldman Sachs

    10/24/2023       4,807,081       USD       4,536,437       EUR             (8

HSBC Holdings PLC

    10/2/2023       1,200       USD       1,135       EUR             (2

HSBC Holdings PLC

    10/4/2023       4,654,708       EUR       4,928,423       USD             (52

HSBC Holdings PLC

    10/4/2023       4,928,423       USD       4,534,481       EUR       127,347        

HSBC Holdings PLC

    10/24/2023       4,807,081       USD       4,536,420       EUR       10        

JP Morgan Chase Bank NA

    10/4/2023       4,654,725       EUR       4,928,423       USD             (34

JP Morgan Chase Bank NA

    10/24/2023       4,807,081       USD       4,536,418       EUR       12        
                                            $ 509,403     $ (228

 

FAIR VALUATION SUMMARY

The following is a summary of the fair valuations according to the inputs used as of September 30, 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

   $ 18,921,395      $      $      $ 18,921,395  

Investment of Cash Collateral for Securities Loaned

            54,130               54,130  

Total Investments in Securities

   $ 18,921,395      $ 54,130      $      $ 18,975,525  

Financial Derivative Instruments

           

Foreign Currency Contracts1

   $      $ 509,403      $      $ 509,403  

Liabilities:

           

Financial Derivative Instruments

           

Foreign Currency Contracts1

   $      $ (228    $      $ (228

Total – Net

   $ 18,921,395      $ 563,305      $      $ 19,484,700  
1 

Amount shown represents the unrealized appreciation (depreciation) on the financial instrument.

 

See Notes to Financial Statements.

 

18   WisdomTree Trust


Schedule of Investments (unaudited)

WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)

September 30, 2023

 

 

 

Investments   Shares      Value  
COMMON STOCKS – 99.2%

 

Australia – 5.4%

 

Altium Ltd.

    39,910      $ 1,112,999  

ARB Corp. Ltd.(a)

    33,213        670,508  

Aristocrat Leisure Ltd.

    161,931        4,269,244  

AUB Group Ltd.

    50,090        942,040  

Beach Energy Ltd.

    551,589        583,832  

Breville Group Ltd.(a)

    112,896        1,602,987  

Cochlear Ltd.(a)

    17,936        2,955,557  

Coles Group Ltd.

    778,957        7,822,615  

Computershare Ltd.

    242,607        4,064,779  

CSL Ltd.

    89,669        14,514,388  

Goodman Group

    635,920        8,803,567  

IDP Education Ltd.(a)

    36,687        506,231  

Netwealth Group Ltd.

    58,272        567,892  

Northern Star Resources Ltd.

    490,714        3,312,753  

Pinnacle Investment Management Group Ltd.(a)

    210,702        1,223,883  

Pro Medicus Ltd.(a)

    6,731        362,262  

REA Group Ltd.(a)

    27,205        2,709,566  

Seven Group Holdings Ltd.

    181,719        3,653,316  

Technology One Ltd.

    121,219        1,213,421  

Washington H Soul Pattinson & Co. Ltd.(a)

    168,442        3,542,939  

Wesfarmers Ltd.

    819,843        27,969,631  

WiseTech Global Ltd.

    8,557        359,251  
    

 

 

 
Total Australia

 

     92,763,661  
Austria – 0.3%

 

Oesterreichische Post AG

    80,658        2,651,566  

Verbund AG

    33,335        2,719,359  
    

 

 

 
Total Austria

 

     5,370,925  
Belgium – 0.7%

 

Etablissements Franz Colruyt NV(a)

    91,385        3,963,039  

UCB SA

    53,219        4,369,039  

VGP NV(a)

    35,154        3,273,437  
    

 

 

 
Total Belgium

 

     11,605,515  
China – 0.6%

 

BOC Aviation Ltd.(b)

    466,100        3,252,407  

Prosus NV*

    245,494        7,256,877  
    

 

 

 
Total China

 

     10,509,284  
Denmark – 5.0%

 

Alm Brand AS

    918,736        1,381,391  

Chemometec AS*

    4,993        238,478  

Chr Hansen Holding AS

    32,520        1,996,486  

Coloplast AS, Class B

    63,877        6,780,220  

Novo Nordisk AS, Class B

    702,802        64,251,222  

Novozymes AS, Class B

    49,438        1,998,381  

Pandora AS

    69,661        7,235,914  

Royal Unibrew AS

    26,074        2,020,557  
    

 

 

 
Total Denmark

 

     85,902,649  
Finland – 1.7%

 

Kone Oyj, Class B

    335,157        14,165,512  

Konecranes Oyj

    74,667        2,487,029  

Neste Oyj(a)

     225,704      $ 7,677,917  

Valmet Oyj(a)

     164,707        3,777,147  
     

 

 

 
Total Finland

 

     28,107,605  
France – 12.9%

 

Bollore SE

     620,871        3,345,897  

Capgemini SE

     38,831        6,816,423  

Carrefour SA

     382,658        6,597,691  

Gaztransport & Technigaz SA

     20,129        2,482,799  

Hermes International SCA

     10,528        19,281,251  

Kering SA

     53,802        24,602,263  

L’Oreal SA

     119,168        49,609,700  

La Francaise des Jeux SAEM(b)

     129,386        4,219,213  

LVMH Moet Hennessy Louis Vuitton SE

     121,337        92,032,723  

Sartorius Stedim Biotech

     5,043        1,206,677  

Teleperformance SE

     11,152        1,409,777  

Verallia SA(b)

     75,276        2,971,159  

Vivendi SE

     578,111        5,077,775  
     

 

 

 
Total France

 

     219,653,348  
Germany – 5.2%

 

adidas AG

     112,184        19,790,259  

Bechtle AG

     33,857        1,585,831  

Carl Zeiss Meditec AG, Bearer Shares

     11,941        1,047,055  

CompuGroup Medical SE & Co. KGaA

     14,891        584,597  

Fielmann Group AG

     61,944        2,681,042  

Nemetschek SE

     16,527        1,012,782  

Puma SE

     51,024        3,176,474  

Rheinmetall AG

     15,083        3,894,870  

SAP SE

     408,652        53,139,341  

Stroeer SE & Co. KGaA

     46,943        2,092,408  

VERBIO Vereinigte BioEnergie AG

     3,559        143,602  
     

 

 

 
Total Germany

 

     89,148,261  
Hong Kong – 3.2%

 

CLP Holdings Ltd.

     2,611,000        19,319,503  

Hong Kong Exchanges & Clearing Ltd.

     746,800        27,900,647  

Techtronic Industries Co. Ltd.

     798,500        7,748,616  
     

 

 

 
Total Hong Kong

 

     54,968,766  
Indonesia – 0.1%

 

Nickel Industries Ltd.(a)

     2,891,430        1,399,596  
Ireland – 0.1%

 

Kerry Group PLC, Class A

     28,389        2,379,902  
Israel – 0.2%

 

Hilan Ltd.

     10,392        539,117  

Matrix IT Ltd.

     47,210        967,266  

Maytronics Ltd.

     53,430        561,808  

One Software Technologies Ltd.

     15,130        190,804  

Strauss Group Ltd.*

     65,753        1,382,937  
     

 

 

 
Total Israel

 

     3,641,932  
Italy – 2.7%

 

Amplifon SpA(a)

     32,850        978,012  

Azimut Holding SpA

     203,356        4,452,470  

Banca Generali SpA(a)

     128,923        4,574,022  

 

See Notes to Financial Statements.

 

WisdomTree Trust      19  


Schedule of Investments (unaudited) (continued)

WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)

September 30, 2023

 

 

 

Investments   Shares      Value  

Banca Mediolanum SpA

    763,974      $ 6,553,363  

Carel Industries SpA(b)

    9,300        223,513  

Davide Campari-Milano NV

    191,478        2,263,451  

De’ Longhi SpA

    82,436        1,799,695  

Ferrari NV

    22,319        6,609,379  

FinecoBank Banca Fineco SpA

    285,650        3,482,504  

Italgas SpA

    803,727        4,128,790  

Moncler SpA

    52,905        3,085,205  

RAI Way SpA(b)

    246,389        1,291,279  

Recordati Industria Chimica e Farmaceutica SpA(a)

    96,246        4,555,969  

Reply SpA

    7,983        752,651  

Technogym SpA(b)

    82,996        643,223  
    

 

 

 
Total Italy

 

     45,393,526  
Japan – 7.8%

 

ARE Holdings, Inc.(a)

    69,900        888,593  

Astellas Pharma, Inc.

    750,100        10,425,246  

AZ-COM MARUWA Holdings, Inc.(a)

    21,900        312,302  

BayCurrent Consulting, Inc.

    19,400        649,765  

Benefit One, Inc.

    44,800        324,686  

BIPROGY, Inc.

    64,000        1,601,447  

Capcom Co. Ltd.

    73,400        2,648,745  

Casio Computer Co. Ltd.(a)

    234,100        1,966,456  

CyberAgent, Inc.(a)

    155,500        840,205  

Daifuku Co. Ltd.

    109,100        2,068,678  

Daito Trust Construction Co. Ltd.

    43,300        4,570,112  

Daiwabo Holdings Co. Ltd.

    77,700        1,491,778  

eRex Co. Ltd.(a)

    17,400        89,434  

Fancl Corp.

    50,800        777,532  

Food & Life Cos. Ltd.

    19,600        330,202  

Fujimi, Inc.(a)

    45,600        918,264  

Fujitsu Ltd.(a)

    56,500        6,663,763  

Future Corp.

    17,500        176,613  

Goldwin, Inc.(a)

    9,500        645,535  

Hoya Corp.

    46,800        4,806,232  

Information Services International-Dentsu Ltd.

    19,900        762,794  

Japan Material Co. Ltd.(a)

    28,000        430,437  

Justsystems Corp.

    19,000        381,846  

Kakaku.com, Inc.

    56,091        570,213  

Kao Corp.

    214,400        7,975,436  

Katitas Co. Ltd.(a)

    20,100        293,368  

Keyence Corp.

    16,900        6,285,475  

Kobe Bussan Co. Ltd.(a)

    28,400        667,250  

Koei Tecmo Holdings Co. Ltd.(a)

    127,900        1,821,755  

Kose Corp.

    8,800        640,134  

M3, Inc.(a)

    30,800        560,582  

Meitec Corp.

    64,100        1,161,510  

MIRAIT ONE Corp.

    123,300        1,624,858  

MonotaRO Co. Ltd.

    51,700        554,504  

Murata Manufacturing Co. Ltd.

    778,500        14,263,153  

NEC Networks & System Integration Corp.

    99,800        1,313,501  

NET One Systems Co. Ltd.

    47,600        905,269  

Nexon Co. Ltd.

    65,300        1,169,908  

Nextage Co. Ltd.(a)

    8,200      $ 125,397  

Nifco, Inc.

    61,000        1,581,565  

Nihon M&A Center Holdings, Inc.

    62,300        300,384  

Nippon Gas Co. Ltd.

    68,300        1,014,259  

Nippon Shinyaku Co. Ltd.

    18,300        776,148  

Nissan Chemical Corp.

    70,268        2,994,366  

Nomura Research Institute Ltd.

    121,200        3,161,880  

NSD Co. Ltd.

    36,300        689,876  

Obic Co. Ltd.(a)

    15,200        2,310,685  

Open House Group Co. Ltd.

    68,200        2,318,960  

Oracle Corp.(a)

    51,800        3,853,108  

Osaka Gas Co. Ltd.

    203,300        3,354,161  

Persol Holdings Co. Ltd.

    755,000        1,231,476  

Recruit Holdings Co. Ltd.

    145,400        4,490,860  

Relo Group, Inc.

    52,800        572,671  

Sega Sammy Holdings, Inc.

    101,300        1,872,921  

Seria Co. Ltd.

    36,000        531,225  

Shinko Electric Industries Co. Ltd.(a)

    48,700        1,900,352  

SUMCO Corp.

    244,200        3,189,451  

Systena Corp.

    100,300        180,806  

Taiheiyo Cement Corp.

    95,100        1,688,826  

Taiyo Yuden Co. Ltd.(a)

    42,300        1,147,748  

TechnoPro Holdings, Inc.

    54,600        1,190,242  

Terumo Corp.

    82,600        2,193,626  

TIS, Inc.

    50,500        1,114,401  

Unicharm Corp.

    92,500        3,279,729  

West Holdings Corp.

    6,600        142,195  

Workman Co. Ltd.(a)

    20,200        615,239  

ZOZO, Inc.(a)

    97,900        1,799,234  
    

 

 

 
Total Japan

 

     133,199,372  
Netherlands – 5.5%

 

ASM International NV

    7,899        3,324,319  

ASML Holding NV

    70,537        41,754,176  

BE Semiconductor Industries NV

    85,939        8,461,876  

Corbion NV

    33,382        666,573  

Koninklijke KPN NV

    3,733,342        12,328,396  

SBM Offshore NV(a)

    211,383        2,781,856  

Universal Music Group NV(a)

    625,543        16,378,523  

Wolters Kluwer NV

    68,116        8,268,308  
    

 

 

 
Total Netherlands

 

     93,964,027  
Norway – 0.6%

 

Kongsberg Gruppen ASA

    24,217        1,004,106  

Leroy Seafood Group ASA

    477,652        2,014,597  

Salmar ASA

    112,336        5,736,702  

TOMRA Systems ASA

    52,399        601,506  
    

 

 

 
Total Norway

 

     9,356,911  
Portugal – 0.5%

 

Jeronimo Martins SGPS SA

    363,920        8,191,485  
Singapore – 1.0%

 

Kenon Holdings Ltd.

    85,822        1,983,803  

Singapore Exchange Ltd.

    691,100        4,936,790  

 

See Notes to Financial Statements.

 

20   WisdomTree Trust


Schedule of Investments (unaudited) (continued)

WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)

September 30, 2023

 

 

 

Investments    Shares      Value  

Singapore Technologies Engineering Ltd.

     2,931,840      $ 8,398,780  

StarHub Ltd.

     2,180,400        1,773,202  
     

 

 

 
Total Singapore

 

     17,092,575  
Spain – 4.8%

 

CIE Automotive SA

     38,110        1,034,547  

Industria de Diseno Textil SA

     2,068,896        77,300,759  

Laboratorios Farmaceuticos Rovi SA

     19,412        1,055,369  

Viscofan SA

     27,656        1,692,430  
     

 

 

 
Total Spain

 

     81,083,105  
Sweden – 5.5%

 

AAK AB(a)

     104,034        1,886,443  

AddTech AB, Class B

     83,428        1,345,390  

Alfa Laval AB

     164,465        5,688,955  

Assa Abloy AB, Class B

     306,547        6,721,111  

Atlas Copco AB, Class A

     965,312        13,083,540  

Atlas Copco AB, Class B

     356,698        4,209,116  

Avanza Bank Holding AB(a)

     117,734        2,052,505  

Beijer Ref AB(a)

     42,190        448,532  

Bilia AB, Class A

     69,810        684,336  

Elekta AB, Class B

     255,206        1,748,166  

Epiroc AB, Class A

     168,029        3,216,991  

Epiroc AB, Class B

     183,592        2,960,671  

Essity AB, Class B

     296,866        6,446,005  

Evolution AB(b)

     55,236        5,625,183  

HMS Networks AB

     10,023        369,029  

Husqvarna AB, Class B(a)

     346,039        2,667,229  

Instalco AB

     103,489        309,585  

Investment AB Latour, Class B(a)

     202,981        3,601,240  

Lagercrantz Group AB, Class B

     52,301        534,362  

Loomis AB

     44,202        1,198,607  

Nibe Industrier AB, Class B

     147,747        976,440  

Nolato AB, Class B

     164,800        679,878  

Nordnet AB publ

     120,946        1,607,537  

Paradox Interactive AB

     11,591        244,960  

Sagax AB, Class B

     66,272        1,271,857  

Sandvik AB

     523,764        9,719,153  

Securitas AB, Class B(a)

     397,837        3,173,409  

Telefonaktiebolaget LM Ericsson, Class B(a)

     2,205,572        10,826,674  
     

 

 

 
Total Sweden

 

     93,296,904  
Switzerland – 18.3%

 

ABB Ltd., Registered Shares

     895,563        32,110,261  

Coca-Cola HBC AG

     172,366        4,731,475  

Comet Holding AG, Registered Shares

     5,682        1,269,568  

Geberit AG, Registered Shares

     16,673        8,365,661  

Givaudan SA, Registered Shares

     3,121        10,214,554  

Logitech International SA, Registered Shares

     53,846        3,724,721  

Lonza Group AG, Registered Shares

     5,793        2,695,125  

Nestle SA, Registered Shares

     585,039        66,344,497  

Novartis AG, Registered Shares

     782,254        80,269,111  

Partners Group Holding AG

     15,021        16,986,472  

Roche Holding AG

     156,915        42,959,512  

Roche Holding AG, Bearer Shares

     22,174        6,530,035  

Schindler Holding AG, Participation Certificate

     16,035      3,207,701  

Schindler Holding AG, Registered Shares

     24,501        4,735,217  

SGS SA, Registered Shares

     105,563        8,887,694  

Sika AG, Registered Shares

     31,488        8,023,451  

Sonova Holding AG, Registered Shares

     14,775        3,516,088  

Stadler Rail AG(a)

     48,515        1,896,476  

Straumann Holding AG, Registered Shares(a)

     12,445        1,594,397  

Sulzer AG, Registered Shares

     31,704        3,037,665  

Temenos AG, Registered Shares(a)

     17,088        1,203,333  
     

 

 

 
Total Switzerland

 

     312,303,014  
United Kingdom – 13.0%

 

Airtel Africa PLC(b)

     2,232,776        3,422,869  

AJ Bell PLC

     283,307        948,848  

Ashtead Group PLC

     117,995        7,203,818  

Auto Trader Group PLC(b)

     241,308        1,819,007  

Burberry Group PLC

     156,736        3,651,038  

Compass Group PLC

     397,827        9,711,352  

Diageo PLC

     718,905        26,622,114  

Drax Group PLC

     261,115        1,398,472  

EMIS Group PLC

     15,689        369,963  

Fevertree Drinks PLC

     37,851        554,388  

Fresnillo PLC

     395,991        2,664,097  

Games Workshop Group PLC

     26,243        3,385,665  

Gamma Communications PLC

     24,372        324,840  

Greggs PLC

     52,966        1,582,574  

Halma PLC

     52,803        1,249,338  

Hargreaves Lansdown PLC(a)

     410,022        3,869,497  

IMI PLC

     112,413        2,151,385  

Imperial Brands PLC(a)

     1,016,596        20,684,234  

Intertek Group PLC

     75,821        3,805,380  

Kainos Group PLC

     42,614        597,624  

RELX PLC

     721,066        24,422,688  

Rentokil Initial PLC

     446,840        3,327,972  

Rightmove PLC

     213,650        1,466,051  

Rotork PLC

     430,991        1,644,420  

RS Group PLC

     134,116        1,203,815  

Sage Group PLC

     451,453        5,449,596  

Smith & Nephew PLC

     401,057        5,007,687  

Spectris PLC

     43,691        1,809,920  

Spirax-Sarco Engineering PLC

     15,805        1,837,640  

Tate & Lyle PLC

     194,054        1,623,624  

Unilever PLC

     1,533,457        76,026,846  

Victrex PLC

     56,875        975,334  
     

 

 

 
Total United Kingdom

 

     220,812,096  
United States – 4.1%

 

GSK PLC

     3,863,055        70,348,553  

TOTAL COMMON STOCKS

(Cost: $1,507,776,157)

 

 

     1,690,493,012  

 

See Notes to Financial Statements.

 

WisdomTree Trust      21  


Schedule of Investments (unaudited) (continued)

WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)

September 30, 2023

 

 

 

Investments   Shares     Value  
EXCHANGE-TRADED FUND – 0.1%

 

United States – 0.1%

 

WisdomTree International Quality Dividend Growth
Fund(c)

   
(Cost: $868,179)     30,222     $ 967,708  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 3.1%

 

United States – 3.1%

 

State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(d)

   
(Cost: $53,337,819)     53,337,819       53,337,819  

TOTAL INVESTMENTS IN SECURITIES – 102.4%

(Cost: $1,561,982,155)

 

 

    1,744,798,539  

Other Assets less Liabilities – (2.4)%

 

    (40,479,981
   

 

 

 
NET ASSETS – 100.0%

 

  $ 1,704,318,558  
* 

Non-income producing security.

 

(a)

Security, or portion thereof, was on loan at September 30, 2023 (See Note 2). At September 30, 2023, the total market value of the Fund’s securities on loan identified in the Schedule of Investments was $73,748,003 and the total market value of the collateral held by the Fund was $77,606,289. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $24,268,470.

 

(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 September 30, 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 six-month fiscal period ended September 30, 2023 were as follows:

 

Affiliate   Value at
3/31/2023
    Purchases/
Additions
    Sales/
Reductions
    Realized
Gain/
(Loss)
    Change in
Unrealized
Appreciation/
Depreciation
    Value at
9/30/2023
    Dividend
Income
 

WisdomTree International Quality Dividend Growth Fund

  $ 1,023,619     $     $     $     $ (55,911   $ 967,708     $ 10,275  

 

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

Amount and
Description of
Currency to
be Purchased

   

Amount and
Description of
Currency to
be Sold

    Unrealized
Appreciation
    Unrealized
Depreciation
 

Bank of America NA

    10/3/2023       1,400,000       NOK       131,403       USD     $ 166     $  

Bank of Montreal

    10/4/2023       1,791,462       USD       1,577,379       CHF       66,994        

Bank of Montreal

    10/4/2023       499,328       USD       3,423,140       DKK       13,283        

Bank of Montreal

    10/4/2023       3,616,572       USD       3,327,582       EUR       93,353        

Bank of Montreal

    10/4/2023       1,711,782       USD       1,350,693       GBP       63,185        

Bank of Montreal

    10/4/2023       34,574       USD       131,180       ILS       115        

Bank of Montreal

    10/4/2023       779,829       USD       113,002,532       JPY       22,446        

Bank of Montreal

    10/4/2023       52,001       USD       552,648       NOK       63        

Bank of Montreal

    10/4/2023       540,375       USD       5,908,737       SEK             (3,518

Bank of Montreal

    10/4/2023       82,417       USD       111,165       SGD       968        

Bank of Montreal

    10/5/2023       539,961       USD       832,796       AUD       2,455        

Bank of Montreal

    10/5/2023       342,247       USD       2,680,107       HKD       35        

Barclays Bank PLC

    10/4/2023       77,032,873       USD       67,828,754       CHF       2,879,145        

Barclays Bank PLC

    10/4/2023       1,433,170       USD       1,276,527       CHF       37,608        

Barclays Bank PLC

    10/4/2023       21,471,091       USD       147,199,337       DKK       570,535        

Barclays Bank PLC

    10/4/2023       155,512,574       USD       143,082,168       EUR       4,018,213        

Barclays Bank PLC

    10/4/2023       2,893,257       USD       2,699,714       EUR       34,819        

Barclays Bank PLC

    10/4/2023       73,606,613       USD       58,081,489       GBP       2,714,865        

Barclays Bank PLC

    10/4/2023       1,486,680       USD       5,640,266       ILS       5,052        

Barclays Bank PLC

    10/4/2023       33,532,636       USD       4,859,314,880       JPY       963,773        

Barclays Bank PLC

    10/4/2023       2,236,023       USD       23,764,354       NOK       2,646        

Barclays Bank PLC

    10/4/2023       41,600       USD       445,286       NOK             (248

Barclays Bank PLC

    10/4/2023       23,236,117       USD       254,074,833       SEK             (151,211

 

See Notes to Financial Statements.

 

22   WisdomTree Trust


Schedule of Investments (unaudited) (continued)

WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)

September 30, 2023

 

 

 

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

Amount and
Description of
Currency to
be Purchased

   

Amount and
Description of
Currency to
be Sold

    Unrealized
Appreciation
    Unrealized
Depreciation
 

Barclays Bank PLC

    10/4/2023       432,300       USD       4,809,544       SEK     $     $ (10,414

Barclays Bank PLC

    10/4/2023       3,543,914       USD       4,779,858       SGD       41,777        

Barclays Bank PLC

    10/5/2023       23,218,318       USD       35,811,450       AUD       104,799        

Barclays Bank PLC

    10/5/2023       14,716,614       USD       115,235,091       HKD       2,714        

Barclays Bank PLC

    10/5/2023       273,797       USD       2,144,562       HKD             (33

Citibank NA

    10/3/2023       13,590,000       EUR       14,383,520       USD       4,893        

Citibank NA

    10/4/2023       77,032,872       USD       67,827,213       CHF       2,880,829        

Citibank NA

    10/4/2023       21,471,093       USD       147,195,486       DKK       571,083        

Citibank NA

    10/4/2023       399,462       USD       2,779,399       DKK       4,820        

Citibank NA

    10/4/2023       155,512,573       USD       143,082,167       EUR       4,018,213        

Citibank NA

    10/4/2023       73,606,614       USD       58,081,352       GBP       2,715,032        

Citibank NA

    10/4/2023       1,369,425       USD       1,097,476       GBP       29,893        

Citibank NA

    10/4/2023       1,486,681       USD       5,640,616       ILS       4,961        

Citibank NA

    10/4/2023       27,659       USD       106,246       ILS             (250

Citibank NA

    10/4/2023       33,532,638       USD       4,859,298,404       JPY       963,885        

Citibank NA

    10/4/2023       623,863       USD       91,426,062       JPY       11,093        

Citibank NA

    10/4/2023       2,236,025       USD       23,763,481       NOK       2,730        

Citibank NA

    10/4/2023       23,236,119       USD       254,074,391       SEK             (151,168

Citibank NA

    10/4/2023       3,543,913       USD       4,779,963       SGD       41,700        

Citibank NA

    10/4/2023       65,933       USD       89,897       SGD       66        

Citibank NA

    10/5/2023       23,218,317       USD       35,811,228       AUD       104,942        

Citibank NA

    10/5/2023       431,969       USD       676,836       AUD             (4,876

Citibank NA

    10/5/2023       14,716,613       USD       115,243,913       HKD       1,587        

Deutsche Bank AG

    10/3/2023       22,480,000       DKK       3,190,870       USD       861        

Deutsche Bank AG

    10/3/2023       6,620,000       GBP       8,086,462       USD             (6,424

Deutsche Bank AG

    10/3/2023       462,000,000       JPY       3,092,411       USD       3,585        

Goldman Sachs

    10/4/2023       72,018,766       CHF       78,734,762       USD             (307

Goldman Sachs

    10/4/2023       154,561,174       DKK       21,945,454       USD       396        

Goldman Sachs

    10/4/2023       150,119,773       EUR       158,948,317       USD             (2,591

Goldman Sachs

    10/4/2023       61,638,649       GBP       75,232,807       USD       657        

Goldman Sachs

    10/4/2023       5,784,586       ILS       1,519,525       USD       14        

Goldman Sachs

    10/4/2023       5,113,650,303       JPY       34,273,474       USD       36        

Goldman Sachs

    10/4/2023       24,318,411       NOK       2,285,424       USD       23        

Goldman Sachs

    10/4/2023       258,012,101       SEK       23,749,474       USD       275        

Goldman Sachs

    10/4/2023       4,943,819       SGD       3,622,209       USD       60        

Goldman Sachs

    10/5/2023       36,769,080       AUD       23,731,279       USD       316        

Goldman Sachs

    10/5/2023       117,802,021       HKD       15,041,746       USD             (85

Goldman Sachs

    11/3/2023       23,389,080       USD       36,202,420       AUD             (510

Goldman Sachs

    11/3/2023       77,200,905       USD       70,391,862       CHF       339        

Goldman Sachs

    11/3/2023       21,622,855       USD       152,062,079       DKK             (1,768

Goldman Sachs

    11/3/2023       148,230,101       USD       139,825,208       EUR       1,393        

Goldman Sachs

    11/3/2023       74,460,990       USD       60,995,201       GBP             (894

Goldman Sachs

    11/3/2023       14,593,140       USD       114,222,039       HKD             (122

Goldman Sachs

    11/3/2023       1,533,428       USD       5,829,692       ILS             (56

Goldman Sachs

    11/3/2023       2,363,378       USD       25,127,567       NOK             (62

Goldman Sachs

    11/3/2023       23,066,815       USD       250,293,581       SEK             (542

Goldman Sachs

    11/3/2023       3,758,236       USD       5,122,712       SGD             (63

Goldman Sachs

    11/6/2023       33,554,430       USD       4,980,088,102       JPY             (362

HSBC Holdings PLC

    10/4/2023       72,018,528       CHF       78,734,761       USD             (566

HSBC Holdings PLC

    10/4/2023       154,558,914       DKK       21,945,454       USD       75        

HSBC Holdings PLC

    10/4/2023       150,120,623       EUR       158,948,316       USD             (1,690

HSBC Holdings PLC

    10/4/2023       61,638,649       GBP       75,232,806       USD       657        

HSBC Holdings PLC

    10/4/2023       5,784,568       ILS       1,519,526       USD       8        

HSBC Holdings PLC

    10/4/2023       5,113,681,298       JPY       34,273,475       USD       243        

 

See Notes to Financial Statements.

 

WisdomTree Trust      23  


Schedule of Investments (unaudited) (continued)

WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)

September 30, 2023

 

 

 

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

Amount and
Description of
Currency to
be Purchased

   

Amount and
Description of
Currency to
be Sold

    Unrealized
Appreciation
    Unrealized
Depreciation
 

HSBC Holdings PLC

    10/4/2023       24,318,277       NOK       2,285,425       USD     $ 9     $  

HSBC Holdings PLC

    10/4/2023       258,010,853       SEK       23,749,475       USD       159        

HSBC Holdings PLC

    10/4/2023       4,943,750       SGD       3,622,209       USD       9        

HSBC Holdings PLC

    10/4/2023       77,032,872       USD       67,827,367       CHF       2,880,661        

HSBC Holdings PLC

    10/4/2023       21,471,093       USD       147,194,219       DKK       571,263        

HSBC Holdings PLC

    10/4/2023       155,512,573       USD       143,082,035       EUR       4,018,352        

HSBC Holdings PLC

    10/4/2023       73,606,614       USD       58,081,307       GBP       2,715,088        

HSBC Holdings PLC

    10/4/2023       1,486,681       USD       5,641,601       ILS       4,703        

HSBC Holdings PLC

    10/4/2023       33,532,638       USD       4,859,298,404       JPY       963,885        

HSBC Holdings PLC

    10/4/2023       2,236,025       USD       23,763,611       NOK       2,718        

HSBC Holdings PLC

    10/4/2023       23,236,119       USD       254,070,928       SEK             (150,849

HSBC Holdings PLC

    10/4/2023       3,543,913       USD       4,779,835       SGD       41,793        

HSBC Holdings PLC

    10/5/2023       36,768,855       AUD       23,731,281       USD       169        

HSBC Holdings PLC

    10/5/2023       117,799,856       HKD       15,041,748       USD             (364

HSBC Holdings PLC

    10/5/2023       23,218,317       USD       35,811,725       AUD       104,621        

HSBC Holdings PLC

    10/5/2023       14,716,613       USD       115,241,705       HKD       1,869        

HSBC Holdings PLC

    11/3/2023       23,389,082       USD       36,203,039       AUD             (909

HSBC Holdings PLC

    11/3/2023       77,200,904       USD       70,393,637       CHF             (1,609

HSBC Holdings PLC

    11/3/2023       21,622,854       USD       152,055,239       DKK             (796

HSBC Holdings PLC

    11/3/2023       148,230,100       USD       139,825,866       EUR       694        

HSBC Holdings PLC

    11/3/2023       74,460,989       USD       60,995,450       GBP             (1,199

HSBC Holdings PLC

    11/3/2023       14,593,139       USD       114,217,128       HKD       504        

HSBC Holdings PLC

    11/3/2023       1,533,430       USD       5,829,760       ILS             (72

HSBC Holdings PLC

    11/3/2023       2,363,380       USD       25,127,385       NOK             (43

HSBC Holdings PLC

    11/3/2023       23,066,817       USD       250,293,602       SEK             (542

HSBC Holdings PLC

    11/3/2023       3,758,236       USD       5,122,641       SGD             (11

HSBC Holdings PLC

    11/6/2023       33,554,430       USD       4,980,091,458       JPY             (384

JP Morgan Chase Bank NA

    10/4/2023       72,018,402       CHF       78,734,761       USD             (703

JP Morgan Chase Bank NA

    10/4/2023       154,559,756       DKK       21,945,454       USD       194        

JP Morgan Chase Bank NA

    10/4/2023       150,121,190       EUR       158,948,316       USD             (1,089

JP Morgan Chase Bank NA

    10/4/2023       61,638,578       GBP       75,232,806       USD       571        

JP Morgan Chase Bank NA

    10/4/2023       5,784,590       ILS       1,519,526       USD       14        

JP Morgan Chase Bank NA

    10/4/2023       5,113,688,153       JPY       34,273,475       USD       289        

JP Morgan Chase Bank NA

    10/4/2023       24,318,407       NOK       2,285,425       USD       22        

JP Morgan Chase Bank NA

    10/4/2023       258,011,620       SEK       23,749,475       USD       230        

JP Morgan Chase Bank NA

    10/4/2023       4,943,757       SGD       3,622,209       USD       15        

JP Morgan Chase Bank NA

    10/4/2023       1,433,170       USD       1,275,033       CHF       39,241        

JP Morgan Chase Bank NA

    10/4/2023       1,074,877       USD       988,191       CHF             (5,462

JP Morgan Chase Bank NA

    10/4/2023       399,462       USD       2,776,717       DKK       5,201        

JP Morgan Chase Bank NA

    10/4/2023       299,597       USD       2,124,546       DKK             (2,063

JP Morgan Chase Bank NA

    10/4/2023       2,893,257       USD       2,697,337       EUR       37,336        

JP Morgan Chase Bank NA

    10/4/2023       2,169,943       USD       2,063,866       EUR             (15,264

JP Morgan Chase Bank NA

    10/4/2023       1,369,425       USD       1,096,736       GBP       30,797        

JP Morgan Chase Bank NA

    10/4/2023       1,027,069       USD       846,351       GBP             (5,951

JP Morgan Chase Bank NA

    10/4/2023       27,659       USD       106,241       ILS             (249

JP Morgan Chase Bank NA

    10/4/2023       20,744       USD       79,655       ILS             (180

JP Morgan Chase Bank NA

    10/4/2023       623,863       USD       91,797,067       JPY       8,606        

JP Morgan Chase Bank NA

    10/4/2023       467,897       USD       69,871,859       JPY             (409

JP Morgan Chase Bank NA

    10/4/2023       41,600       USD       443,244       NOK             (56

JP Morgan Chase Bank NA

    10/4/2023       31,200       USD       335,434       NOK             (324

JP Morgan Chase Bank NA

    10/4/2023       432,300       USD       4,792,245       SEK             (8,821

JP Morgan Chase Bank NA

    10/4/2023       324,225       USD       3,569,455       SEK             (4,340

JP Morgan Chase Bank NA

    10/4/2023       65,933       USD       89,904       SGD       62        

JP Morgan Chase Bank NA

    10/4/2023       49,450       USD       67,801       SGD             (227

 

See Notes to Financial Statements.

 

24   WisdomTree Trust


Schedule of Investments (unaudited) (continued)

WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)

September 30, 2023

 

 

 

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

Amount and
Description of
Currency to
be Purchased

   

Amount and
Description of
Currency to
be Sold

    Unrealized
Appreciation
    Unrealized
Depreciation
 

JP Morgan Chase Bank NA

    10/5/2023       36,769,055       AUD       23,731,281       USD     $ 297     $  

JP Morgan Chase Bank NA

    10/5/2023       117,802,390       HKD       15,041,748       USD             (40

JP Morgan Chase Bank NA

    10/5/2023       431,969       USD       675,199       AUD             (3,820

JP Morgan Chase Bank NA

    10/5/2023       323,977       USD       507,938       AUD             (3,857

JP Morgan Chase Bank NA

    10/5/2023       273,797       USD       2,145,024       HKD             (92

JP Morgan Chase Bank NA

    10/5/2023       205,348       USD       1,606,332       HKD       242        

JP Morgan Chase Bank NA

    11/3/2023       23,389,082       USD       36,202,966       AUD             (862

JP Morgan Chase Bank NA

    11/3/2023       77,200,904       USD       70,391,977       CHF       212        

JP Morgan Chase Bank NA

    11/3/2023       21,622,854       USD       152,054,967       DKK             (758

JP Morgan Chase Bank NA

    11/3/2023       148,230,100       USD       139,825,866       EUR       694        

JP Morgan Chase Bank NA

    11/3/2023       74,460,989       USD       60,995,001       GBP             (650

JP Morgan Chase Bank NA

    11/3/2023       14,593,139       USD       114,226,002       HKD             (630

JP Morgan Chase Bank NA

    11/3/2023       1,533,430       USD       5,829,852       ILS             (96

JP Morgan Chase Bank NA

    11/3/2023       2,363,380       USD       25,127,310       NOK             (36

JP Morgan Chase Bank NA

    11/3/2023       23,066,817       USD       250,292,564       SEK             (446

JP Morgan Chase Bank NA

    11/3/2023       3,758,236       USD       5,122,671       SGD             (33

JP Morgan Chase Bank NA

    11/6/2023       33,554,430       USD       4,980,111,590       JPY             (520

Morgan Stanley & Co. International

    10/4/2023       72,018,371       CHF       78,734,761       USD             (738

Morgan Stanley & Co. International

    10/4/2023       154,556,039       DKK       21,945,454       USD             (334

Morgan Stanley & Co. International

    10/4/2023       150,121,048       EUR       158,948,316       USD             (1,239

Morgan Stanley & Co. International

    10/4/2023       61,638,649       GBP       75,232,806       USD       657        

Morgan Stanley & Co. International

    10/4/2023       5,784,529       ILS       1,519,526       USD             (2

Morgan Stanley & Co. International

    10/4/2023       5,113,684,452       JPY       34,273,475       USD       264        

Morgan Stanley & Co. International

    10/4/2023       24,318,049       NOK       2,285,425       USD             (12

Morgan Stanley & Co. International

    10/4/2023       258,006,008       SEK       23,749,475       USD             (287

Morgan Stanley & Co. International

    10/4/2023       4,943,743       SGD       3,622,209       USD       4        

Morgan Stanley & Co. International

    10/4/2023       77,032,872       USD       67,835,840       CHF       2,871,397        

Morgan Stanley & Co. International

    10/4/2023       1,074,877       USD       960,317       CHF       25,012        

Morgan Stanley & Co. International

    10/4/2023       21,471,093       USD       147,208,369       DKK       569,254        

Morgan Stanley & Co. International

    10/4/2023       299,597       USD       2,082,005       DKK       3,977        

Morgan Stanley & Co. International

    10/4/2023       155,512,573       USD       143,088,091       EUR       4,011,941        

Morgan Stanley & Co. International

    10/4/2023       2,169,943       USD       2,023,280       EUR       27,709        

Morgan Stanley & Co. International

    10/4/2023       73,606,614       USD       58,081,352       GBP       2,715,032        

Morgan Stanley & Co. International

    10/4/2023       1,027,069       USD       828,346       GBP       16,025        

Morgan Stanley & Co. International

    10/4/2023       1,486,681       USD       5,640,530       ILS       4,984        

Morgan Stanley & Co. International

    10/4/2023       20,744       USD       78,936       ILS       9        

Morgan Stanley & Co. International

    10/4/2023       33,532,638       USD       4,859,268,425       JPY       964,086        

Morgan Stanley & Co. International

    10/4/2023       467,897       USD       68,968,428       JPY       5,646        

Morgan Stanley & Co. International

    10/4/2023       2,236,025       USD       23,763,119       NOK       2,764        

Morgan Stanley & Co. International

    10/4/2023       31,200       USD       333,813       NOK             (172

Morgan Stanley & Co. International

    10/4/2023       23,236,119       USD       254,073,229       SEK             (151,061

Morgan Stanley & Co. International

    10/4/2023       324,225       USD       3,582,242       SEK             (5,517

Morgan Stanley & Co. International

    10/4/2023       3,543,913       USD       4,779,909       SGD       41,738        

Morgan Stanley & Co. International

    10/4/2023       49,450       USD       67,271       SGD       162        

Morgan Stanley & Co. International

    10/5/2023       36,768,855       AUD       23,731,281       USD       169        

Morgan Stanley & Co. International

    10/5/2023       117,800,517       HKD       15,041,748       USD             (279

Morgan Stanley & Co. International

    10/5/2023       23,218,317       USD       35,811,394       AUD       104,835        

Morgan Stanley & Co. International

    10/5/2023       323,977       USD       498,405       AUD       2,295        

Morgan Stanley & Co. International

    10/5/2023       14,716,613       USD       115,239,498       HKD       2,151        

Morgan Stanley & Co. International

    10/5/2023       205,348       USD       1,606,618       HKD       205        

Morgan Stanley & Co. International

    11/3/2023       23,389,082       USD       36,203,039       AUD             (909

Morgan Stanley & Co. International

    11/3/2023       77,200,904       USD       70,391,861       CHF       339        

Morgan Stanley & Co. International

    11/3/2023       21,622,854       USD       152,053,574       DKK             (560

Morgan Stanley & Co. International

    11/3/2023       148,230,100       USD       139,826,394       EUR       134        

 

See Notes to Financial Statements.

 

WisdomTree Trust      25  


Schedule of Investments (unaudited) (concluded)

WisdomTree International Hedged Quality Dividend Growth Fund (IHDG)

September 30, 2023

 

 

 

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

Amount and
Description of
Currency to
be Purchased

   

Amount and
Description of
Currency to
be Sold

    Unrealized
Appreciation
    Unrealized
Depreciation
 

Morgan Stanley & Co. International

    11/3/2023       74,460,989       USD       60,995,500       GBP     $     $ (1,260

Morgan Stanley & Co. International

    11/3/2023       14,593,139       USD       114,220,090       HKD       126        

Morgan Stanley & Co. International

    11/3/2023       1,533,430       USD       5,829,767       ILS             (73

Morgan Stanley & Co. International

    11/3/2023       2,363,380       USD       25,127,414       NOK             (46

Morgan Stanley & Co. International

    11/3/2023       23,066,817       USD       250,288,735       SEK             (94

Morgan Stanley & Co. International

    11/3/2023       3,758,236       USD       5,122,682       SGD             (41

Morgan Stanley & Co. International

    11/6/2023       33,554,430       USD       4,980,099,578       JPY             (439

Royal Bank of Canada

    10/3/2023       2,900,000       AUD       1,869,798       USD       1,861        

UBS AG

    10/3/2023       5,740,000       CHF       6,280,527       USD             (5,932

UBS AG

    10/3/2023       25,120,000       SEK       2,305,812       USD       6,370        
                                            $ 45,813,340     $ (720,511

 

FAIR VALUATION SUMMARY

The following is a summary of the fair valuations according to the inputs used as of September 30, 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

   $ 1,690,493,012      $      $      $ 1,690,493,012  

Exchange-Traded Fund

     967,708                      967,708  

Investment of Cash Collateral for Securities Loaned

            53,337,819               53,337,819  

Total Investments in Securities

   $ 1,691,460,720      $ 53,337,819      $      $ 1,744,798,539  

Financial Derivative Instruments

  

Foreign Currency Contracts1

   $      $ 45,813,340      $      $ 45,813,340  

Liabilities:

 

     

Financial Derivative Instruments

  

Foreign Currency Contracts1

   $      $ (720,511    $      $ (720,511

Total – Net

   $ 1,691,460,720      $ 98,430,648      $      $ 1,789,891,368  

 

1 

Amount shown represents the unrealized appreciation (depreciation) on the financial instrument.

 

See Notes to Financial Statements.

 

26   WisdomTree Trust


Schedule of Investments (unaudited)

WisdomTree Japan Hedged Equity Fund (DXJ)

September 30, 2023

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 98.5%

 

Japan – 98.5%

 

Air Freight & Logistics – 0.4%

 

Mitsui-Soko Holdings Co. Ltd.

     56,500      $ 1,629,972  

NIPPON EXPRESS HOLDINGS, Inc.

     79,600        4,162,297  

SG Holdings Co. Ltd.

     465,700        5,976,314  
     

 

 

 
Total Air Freight & Logistics

 

     11,768,583  
Automobile Components – 4.8%

 

Aisan Industry Co. Ltd.

     120,900        1,083,219  

Aisin Corp.(a)

     394,808        14,948,334  

Bridgestone Corp.

     704,985        27,537,997  

Daikyonishikawa Corp.

     85,400        460,694  

Denso Corp.

     2,305,916        37,101,721  

Eagle Industry Co. Ltd.

     121,800        1,382,672  

Exedy Corp.

     128,500        2,250,957  

FuKoKu Co. Ltd.

     57,800        556,600  

Furukawa Battery Co. Ltd.

     15,000        98,006  

Futaba Industrial Co. Ltd.

     130,400        668,494  

H-One Co. Ltd.

     54,600        320,154  

JTEKT Corp.

     249,578        2,359,890  

KYB Corp.

     49,600        1,607,076  

Musashi Seimitsu Industry Co. Ltd.

     95,100        1,035,601  

NHK Spring Co. Ltd.

     409,900        3,142,406  

Nifco, Inc.

     60,190        1,560,564  

Niterra Co. Ltd.

     480,864        10,904,632  

NOK Corp.

     243,500        3,239,868  

Pacific Industrial Co. Ltd.

     128,500        1,233,979  

Piolax, Inc.

     54,800        840,224  

Press Kogyo Co. Ltd.

     332,800        1,536,600  

Riken Corp.*

     25,600        638,177  

Sanoh Industrial Co. Ltd.

     100,700        672,121  

Seiren Co. Ltd.(a)

     49,510        777,363  

Shoei Co. Ltd.(a)

     55,900        857,464  

Stanley Electric Co. Ltd.

     95,507        1,512,047  

Sumitomo Electric Industries Ltd.

     790,483        9,543,006  

Sumitomo Riko Co. Ltd.

     93,800        702,753  

Sumitomo Rubber Industries Ltd.

     280,491        3,103,305  

Suncall Corp.(a)

     71,700        235,436  

Tachi-S Co. Ltd.

     90,400        1,031,066  

Tokai Rika Co. Ltd.

     122,814        1,929,141  

Topre Corp.(a)

     55,000        625,465  

Toyo Tire Corp.

     229,700        3,543,437  

Toyoda Gosei Co. Ltd.

     94,400        2,031,917  

Toyota Boshoku Corp.

     223,836        4,088,973  

TPR Co. Ltd.

     53,194        650,555  

TS Tech Co. Ltd.

     155,364        1,765,772  

Yokohama Rubber Co. Ltd.

     143,700        2,996,779  
     

 

 

 
Total Automobile Components

 

     150,574,465  
Automobiles – 9.3%

 

Honda Motor Co. Ltd.

     6,103,141        68,791,980  

Isuzu Motors Ltd.(a)

     1,003,400        12,644,622  

Mazda Motor Corp.

     732,200        8,324,190  

Nissan Motor Co. Ltd.

     1,452,200        6,425,784  

Subaru Corp.

     586,067      11,413,039  

Suzuki Motor Corp.

     288,936        11,648,443  

Toyota Motor Corp.

     8,980,750        161,138,939  

Yamaha Motor Co. Ltd.

     436,900        11,509,157  
     

 

 

 
Total Automobiles

 

     291,896,154  
Banks – 10.0%

 

Mitsubishi UFJ Financial Group, Inc.

     17,287,022        146,949,823  

Mizuho Financial Group, Inc.

     3,733,264        63,569,937  

Sumitomo Mitsui Financial Group, Inc.

     2,124,100        104,578,742  
     

 

 

 
Total Banks

 

     315,098,502  
Beverages – 1.0%

 

Asahi Group Holdings Ltd.

     394,900        14,793,037  

Kirin Holdings Co. Ltd.

     822,245        11,532,644  

Suntory Beverage & Food Ltd.

     141,100        4,302,262  

Takara Holdings, Inc.

     217,700        1,752,104  
     

 

 

 
Total Beverages

 

     32,380,047  
Biotechnology – 0.0%

 

Takara Bio, Inc.

     72,900        675,629  
Broadline Retail – 0.1%

 

Ryohin Keikaku Co. Ltd.

     236,800        3,071,378  
Building Products – 0.9%

 

AGC, Inc.

     278,247        9,778,035  

Central Glass Co. Ltd.(a)

     49,500        983,532  

Daikin Industries Ltd.

     76,749        12,073,599  

Nihon Flush Co. Ltd.

     17,600        104,261  

Noritz Corp.

     49,500        526,098  

Okabe Co. Ltd.

     78,700        396,071  

Sanwa Holdings Corp.

     214,231        2,854,021  

TOTO Ltd.

     92,800        2,402,321  
     

 

 

 
Total Building Products

 

     29,117,938  
Capital Markets – 1.0%

 

Monex Group, Inc.(a)

     262,300        980,824  

Nomura Holdings, Inc.

     4,045,100        16,240,036  

SBI Holdings, Inc.(a)

     697,100        14,705,785  

Sparx Group Co. Ltd.

     67,000        676,623  
     

 

 

 
Total Capital Markets

 

     32,603,268  
Chemicals – 6.7%

 

ADEKA Corp.

     120,200        2,059,248  

Aica Kogyo Co. Ltd.

     80,100        1,791,213  

Arakawa Chemical Industries Ltd.(a)

     78,700        536,357  

Asahi Kasei Corp.

     1,481,496        9,331,266  

C Uyemura & Co. Ltd.

     25,100        1,586,149  

Chugoku Marine Paints Ltd.(a)

     79,300        720,064  

Daicel Corp.

     396,842        3,326,851  

Denka Co. Ltd.

     122,515        2,219,186  

DIC Corp.

     122,953        2,000,947  

Fujimi, Inc.

     117,200        2,360,101  

Fuso Chemical Co. Ltd.

     20,800        547,790  

Ishihara Sangyo Kaisha Ltd.

     72,300        717,549  

JCU Corp.

     13,700        285,522  

JSP Corp.

     49,500        677,691  

 

See Notes to Financial Statements.

 

WisdomTree Trust      27  


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged Equity Fund (DXJ)

September 30, 2023

 

 

 

Investments    Shares      Value  

Kaneka Corp.

     63,200      $ 1,644,111  

Kansai Paint Co. Ltd.

     124,000        1,776,177  

KH Neochem Co. Ltd.

     56,700        872,015  

Kumiai Chemical Industry Co. Ltd.

     128,700        955,601  

Kuraray Co. Ltd.

     639,537        7,590,015  

Kureha Corp.

     19,700        1,098,368  

Lintec Corp.

     165,347        2,650,981  

MEC Co. Ltd.(a)

     10,100        250,427  

Mitsubishi Chemical Group Corp.

     2,032,363        12,839,059  

Mitsubishi Gas Chemical Co., Inc.(a)

     266,782        3,597,914  

Mitsui Chemicals, Inc.

     261,415        6,791,797  

Nihon Nohyaku Co. Ltd.(a)

     74,500        328,005  

Nihon Parkerizing Co. Ltd.

     144,400        1,070,239  

Nippon Kayaku Co. Ltd.

     288,500        2,415,686  

Nippon Pillar Packing Co. Ltd.

     56,000        1,465,438  

Nippon Sanso Holdings Corp.

     201,953        4,797,610  

Nippon Shokubai Co. Ltd.

     65,800        2,394,331  

Nippon Soda Co. Ltd.

     60,500        2,229,854  

Nissan Chemical Corp.

     134,753        5,742,297  

Nitto Denko Corp.(a)

     188,474        12,387,690  

NOF Corp.

     70,900        2,839,326  

Osaka Soda Co. Ltd.(a)

     26,300        1,136,773  

Resonac Holdings Corp.(a)

     172,500        2,895,711  

Riken Technos Corp.

     120,600        577,846  

Sanyo Chemical Industries Ltd.

     48,800        1,339,159  

Shin-Etsu Chemical Co. Ltd.

     1,954,495        56,883,041  

Shin-Etsu Polymer Co. Ltd.

     127,100        1,139,620  

Sumitomo Bakelite Co. Ltd.

     49,500        2,163,770  

Sumitomo Chemical Co. Ltd.

     2,538,685        6,924,073  

T Hasegawa Co. Ltd.(a)

     49,600        1,013,771  

Taiyo Holdings Co. Ltd.

     94,852        1,629,757  

Teijin Ltd.

     219,600        2,138,240  

Tokai Carbon Co. Ltd.

     196,000        1,538,053  

Tokuyama Corp.

     78,300        1,233,071  

Tokyo Ohka Kogyo Co. Ltd.

     52,300        3,117,848  

Toray Industries, Inc.

     1,162,818        6,062,472  

Tosoh Corp.

     777,307        9,990,785  

Toyo Ink SC Holdings Co. Ltd.

     92,800        1,453,955  

Toyobo Co. Ltd.

     161,951        1,169,390  

UBE Corp.

     159,400        2,693,430  

Valqua Ltd.

     54,200        1,503,689  

Zeon Corp.(a)

     170,300        1,783,742  
     

 

 

 
Total Chemicals

 

     212,285,071  
Commercial Services & Supplies – 0.2%

 

Dai Nippon Printing Co. Ltd.

     187,300        4,882,540  

Inui Global Logistics Co. Ltd.(a)

     120,700        1,069,294  

Pilot Corp.

     23,600        811,470  

Sato Holdings Corp.(a)

     46,600        659,223  
     

 

 

 
Total Commercial Services & Supplies

 

     7,422,527  
Construction & Engineering – 0.7%

 

Integrated Design & Engineering Holdings Co. Ltd.

     17,600        421,645  

JGC Holdings Corp.

     100,600        1,401,894  

Kajima Corp.

     610,300      9,952,522  

Obayashi Corp.

     737,400        6,505,526  

Penta-Ocean Construction Co. Ltd.

     222,200        1,324,043  

Taikisha Ltd.

     57,100        1,729,549  
     

 

 

 
Total Construction & Engineering

 

     21,335,179  
Construction Materials – 0.1%

 

Taiheiyo Cement Corp.

     130,100        2,310,370  
Consumer Staples Distribution & Retail – 0.6%

 

Seven & I Holdings Co. Ltd.

     482,324        18,924,490  
Containers & Packaging – 0.2%

 

Fuji Seal International, Inc.

     49,700        593,502  

Toyo Seikan Group Holdings Ltd.

     375,500        6,158,729  
     

 

 

 
Total Containers & Packaging

 

     6,752,231  
Diversified Consumer Services – 0.0%

 

Aucnet, Inc.

     12,200        146,588  
Electrical Equipment – 1.0%

 

Daihen Corp.

     30,200        1,024,037  

Fuji Electric Co. Ltd.

     70,273        3,176,825  

Fujikura Ltd.(a)

     129,100        1,039,462  

Furukawa Electric Co. Ltd.(a)

     57,281        914,346  

GS Yuasa Corp.

     62,484        1,115,060  

Idec Corp.

     49,700        988,505  

Mabuchi Motor Co. Ltd.

     53,100        1,590,598  

Mitsubishi Electric Corp.

     1,648,514        20,426,218  

Nippon Carbon Co. Ltd.

     31,300        955,413  

Sanyo Denki Co. Ltd.

     13,600        623,381  

Sinfonia Technology Co. Ltd.

     49,400        532,649  
     

 

 

 
Total Electrical Equipment

 

     32,386,494  
Electronic Equipment, Instruments & Components – 3.3%

 

A&D HOLON Holdings Co. Ltd.(a)

     48,800        556,593  

Ai Holdings Corp.

     68,300        1,083,829  

Alps Alpine Co. Ltd.(a)

     190,600        1,657,253  

Amano Corp.

     66,333        1,458,904  

Anritsu Corp.(a)

     92,700        663,141  

Azbil Corp.

     66,400        2,037,053  

Canon Electronics, Inc.

     54,500        690,632  

Citizen Watch Co. Ltd.(a)

     486,900        3,001,829  

Dexerials Corp.(a)

     56,800        1,404,537  

Elematec Corp.

     116,000        1,438,097  

Hakuto Co. Ltd.(a)

     57,519        1,954,239  

Hamamatsu Photonics KK

     86,700        3,659,731  

Hioki EE Corp.

     10,500        508,728  

Hirose Electric Co. Ltd.

     45,860        5,322,803  

Horiba Ltd.

     44,500        2,413,691  

Ibiden Co. Ltd.

     41,301        2,204,196  

Innotech Corp.

     55,800        599,039  

Iriso Electronics Co. Ltd.

     6,900        194,203  

Japan Aviation Electronics Industry Ltd.

     87,800        1,751,587  

Kaga Electronics Co. Ltd.

     45,900        1,996,254  

Keyence Corp.

     29,540        10,986,564  

Koa Corp.(a)

     49,500        596,753  

Macnica Holdings, Inc.

     79,400        3,740,539  

 

See Notes to Financial Statements.

 

28   WisdomTree Trust


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged Equity Fund (DXJ)

September 30, 2023

 

 

 

Investments    Shares      Value  

Meiko Electronics Co. Ltd.(a)

     12,900      $ 293,486  

Murata Manufacturing Co. Ltd.

     1,219,204        22,337,435  

Nichicon Corp.

     113,900        1,076,221  

Nippon Ceramic Co. Ltd.

     49,400        881,901  

Nippon Electric Glass Co. Ltd.

     212,860        3,974,052  

Nissha Co. Ltd.

     49,800        560,657  

Optex Group Co. Ltd.

     49,600        538,130  

Osaki Electric Co. Ltd.

     131,800        599,713  

Restar Holdings Corp.

     61,400        1,007,664  

Riken Keiki Co. Ltd.(a)

     16,500        666,745  

Ryosan Co. Ltd.(a)

     49,545        1,477,469  

Sanshin Electronics Co. Ltd.(a)

     49,454        721,470  

Shimadzu Corp.

     114,700        3,053,030  

Siix Corp.

     49,500        505,200  

Taiyo Yuden Co. Ltd.(a)

     79,200        2,148,975  

TDK Corp.

     247,104        9,177,084  

Tokyo Electron Device Ltd.(a)

     35,100        833,838  

Tomen Devices Corp.(a)

     11,400        369,750  

Topcon Corp.

     97,000        1,072,216  

V Technology Co. Ltd.(a)

     21,100        293,823  

Yokogawa Electric Corp.

     120,738        2,337,086  
     

 

 

 
Total Electronic Equipment, Instruments & Components

 

     103,846,140  
Entertainment – 2.4%

 

Capcom Co. Ltd.

     114,600        4,135,507  

GungHo Online Entertainment, Inc.

     49,500        783,011  

Koei Tecmo Holdings Co. Ltd.

     260,744        3,713,931  

Konami Group Corp.(a)

     104,500        5,523,146  

Marvelous, Inc.

     128,500        613,975  

Nexon Co. Ltd.

     110,200        1,974,332  

Nintendo Co. Ltd.

     1,279,300        53,409,543  

Square Enix Holdings Co. Ltd.

     110,300        3,788,155  

Toei Animation Co. Ltd.(a)

     7,400        655,574  
     

 

 

 
Total Entertainment

 

     74,597,174  
Food Products – 1.0%

 

Ajinomoto Co., Inc.

     220,313        8,509,862  

Ariake Japan Co. Ltd.(a)

     25,200        856,859  

Calbee, Inc.

     68,500        1,305,505  

Fuji Oil Holdings, Inc.

     64,000        972,491  

Kagome Co. Ltd.

     49,500        1,076,412  

Kikkoman Corp.(a)

     53,500        2,812,223  

Nisshin Seifun Group, Inc.

     205,100        2,618,985  

Nissin Foods Holdings Co. Ltd.

     60,300        5,020,791  

Nissui Corp.

     269,000        1,318,997  

Riken Vitamin Co. Ltd.

     52,700        782,951  

Sakata Seed Corp.

     30,300        882,248  

Toyo Suisan Kaisha Ltd.

     54,500        2,142,017  

Yakult Honsha Co. Ltd.

     137,574        3,349,347  
     

 

 

 
Total Food Products

 

     31,648,688  
Ground Transportation – 0.1%

 

Alps Logistics Co. Ltd.

     60,500        654,766  

Nishi-Nippon Railroad Co. Ltd.(a)

     49,400        821,485  
     

 

 

 
Total Ground Transportation

 

     1,476,251  
Health Care Equipment & Supplies – 0.7%

 

Eiken Chemical Co. Ltd.

     72,600      664,578  

Hoya Corp.

     82,957        8,519,457  

Jeol Ltd.

     18,700        558,650  

Mani, Inc.

     49,500        601,729  

Nakanishi, Inc.

     58,200        1,363,103  

Nihon Kohden Corp.

     49,700        1,229,636  

Nipro Corp.(a)

     142,400        1,153,705  

Olympus Corp.

     163,100        2,122,021  

PHC Holdings Corp.

     191,900        1,962,402  

Terumo Corp.

     187,112        4,969,173  
     

 

 

 
Total Health Care Equipment & Supplies

 

     23,144,454  
Health Care Technology – 0.0%

 

M3, Inc.

     72,000        1,310,451  
Hotels, Restaurants & Leisure – 0.0%

 

Round One Corp.

     147,000        551,650  
Household Durables – 1.6%

 

Casio Computer Co. Ltd.(a)

     232,657        1,954,334  

Fujitsu General Ltd.(a)

     44,900        844,442  

JVCKenwood Corp.(a)

     149,200        682,886  

Nikon Corp.

     305,400        3,226,424  

Panasonic Holdings Corp.

     2,082,870        23,477,214  

Rinnai Corp.(a)

     70,200        1,317,206  

Sekisui Chemical Co. Ltd.

     377,800        5,450,852  

Sumitomo Forestry Co. Ltd.

     489,600        12,487,302  

Tamron Co. Ltd.

     39,800        1,218,871  

Toa Corp.(a)

     54,900        428,972  

Zojirushi Corp.(a)

     58,300        696,592  
     

 

 

 
Total Household Durables

 

     51,785,095  
Household Products – 0.3%

 

Lion Corp.

     135,100        1,336,288  

Pigeon Corp.

     127,500        1,442,679  

Unicharm Corp.

     146,500        5,194,381  
     

 

 

 
Total Household Products

 

     7,973,348  
Industrial Conglomerates – 1.1%

 

Hitachi Ltd.

     538,005        33,439,413  

Nisshinbo Holdings, Inc.

     216,924        1,616,482  
     

 

 

 
Total Industrial Conglomerates

 

     35,055,895  
Insurance – 4.9%

 

Dai-ichi Life Holdings, Inc.

     1,093,200        22,688,158  

MS&AD Insurance Group Holdings, Inc.

     857,400        31,572,545  

Sompo Holdings, Inc.(a)

     589,200        25,400,058  

Tokio Marine Holdings, Inc.

     3,274,500        76,033,791  
     

 

 

 
Total Insurance

 

     155,694,552  
IT Services – 0.8%

 

Fujitsu Ltd.

     85,432        10,076,081  

NEC Corp.

     175,600        9,721,103  

NTT Data Group Corp.

     387,000        5,198,469  
     

 

 

 
Total IT Services

 

     24,995,653  

 

See Notes to Financial Statements.

 

WisdomTree Trust      29  


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged Equity Fund (DXJ)

September 30, 2023

 

 

 

Investments    Shares      Value  
Leisure Products – 0.8%

 

Bandai Namco Holdings, Inc.

     661,200      $ 13,478,776  

GLOBERIDE, Inc.(a)

     28,300        383,086  

Mizuno Corp.(a)

     38,900        1,235,624  

Roland Corp.

     29,400        807,774  

Sega Sammy Holdings, Inc.

     239,400        4,426,233  

Shimano, Inc.

     30,100        4,067,459  

Tomy Co. Ltd.

     121,300        1,757,417  
     

 

 

 
Total Leisure Products

 

     26,156,369  
Machinery – 5.0%

 

Amada Co. Ltd.(a)

     422,793        4,262,637  

Anest Iwata Corp.

     60,100        481,686  

Asahi Diamond Industrial Co. Ltd.(a)

     87,600        520,111  

Bando Chemical Industries Ltd.

     78,000        857,752  

CKD Corp.

     93,700        1,294,124  

Daifuku Co. Ltd.

     142,500        2,701,985  

DMG Mori Co. Ltd.

     134,000        2,283,545  

Ebara Corp.

     87,731        4,120,667  

FANUC Corp.

     685,045        17,871,538  

Fujitec Co. Ltd.(a)

     62,900        1,454,214  

Glory Ltd.

     61,900        1,236,963  

Harmonic Drive Systems, Inc.(a)

     15,100        335,949  

Hitachi Construction Machinery Co. Ltd.

     209,900        6,394,407  

Hitachi Zosen Corp.

     86,900        488,585  

Hokuetsu Industries Co. Ltd.(a)

     51,400        716,448  

Hoshizaki Corp.(a)

     56,138        1,954,344  

IHI Corp.(a)

     149,500        3,140,777  

Iwaki Co. Ltd.

     49,600        593,305  

Japan Steel Works Ltd.

     49,600        923,030  

Kawasaki Heavy Industries Ltd.

     90,300        2,190,558  

Kitz Corp.

     192,000        1,331,680  

Komatsu Ltd.

     1,007,506        27,296,678  

Kurita Water Industries Ltd.(a)

     43,800        1,530,395  

Makino Milling Machine Co. Ltd.(a)

     23,300        1,019,595  

Max Co. Ltd.

     73,000        1,341,860  

Meidensha Corp.

     49,400        743,855  

MISUMI Group, Inc.

     81,200        1,271,394  

Mitsubishi Heavy Industries Ltd.

     210,519        11,774,110  

Mitsuboshi Belting Ltd.(a)

     100,900        3,103,575  

Miura Co. Ltd.

     55,400        1,117,467  

Nabtesco Corp.

     80,000        1,445,602  

Nachi-Fujikoshi Corp.

     49,600        1,336,184  

NGK Insulators Ltd.(a)

     458,175        6,085,461  

Nissei ASB Machine Co. Ltd.

     7,000        213,436  

Nissei Plastic Industrial Co. Ltd.

     54,700        373,525  

Nitta Corp.

     58,600        1,303,749  

Nomura Micro Science Co. Ltd.(a)

     6,600        269,352  

Noritake Co. Ltd.

     32,600        1,358,834  

NSK Ltd.

     616,400        3,474,724  

Obara Group, Inc.(a)

     18,700        483,713  

OKUMA Corp.(a)

     23,200        1,022,215  

Organo Corp.(a)

     42,000        1,182,108  

OSG Corp.

     99,324        1,172,785  

Shibaura Machine Co. Ltd.

     17,900      494,207  

SMC Corp.

     28,251        12,680,529  

Sodick Co. Ltd.

     119,200        584,717  

Star Micronics Co. Ltd.

     65,300        821,802  

Sumitomo Heavy Industries Ltd.

     216,437        5,499,944  

Takeuchi Manufacturing Co. Ltd.

     49,400        1,622,114  

Teikoku Electric Manufacturing Co. Ltd.

     49,100        831,796  

THK Co. Ltd.

     97,500        1,786,003  

Tocalo Co. Ltd.

     120,700        1,101,648  

Torishima Pump Manufacturing Co. Ltd.

     49,600        632,194  

Tsubaki Nakashima Co. Ltd.

     69,400        363,219  

Tsubakimoto Chain Co.

     72,700        1,887,837  

Tsugami Corp.

     54,800        425,988  

YAMABIKO Corp.

     84,700        817,343  

Yaskawa Electric Corp.(a)

     109,300        3,951,573  
     

 

 

 
Total Machinery

 

     157,575,836  
Marine Transportation – 3.2%

 

Iino Kaiun Kaisha Ltd.(a)

     262,200        1,843,175  

Mitsui OSK Lines Ltd.(a)

     1,491,400        41,076,589  

Nippon Yusen KK(a)

     2,152,500        56,053,711  

NS United Kaiun Kaisha Ltd.(a)

     59,500        1,570,983  
     

 

 

 
Total Marine Transportation

 

     100,544,458  
Media – 0.3%

 

Dentsu Group, Inc.

     252,800        7,453,979  

Hakuhodo DY Holdings, Inc.(a)

     295,900        2,437,990  
     

 

 

 
Total Media

 

     9,891,969  
Metals & Mining – 3.2%

 

ARE Holdings, Inc.(a)

     114,800        1,459,377  

Daido Steel Co. Ltd.(a)

     67,700        2,758,812  

Daiki Aluminium Industry Co. Ltd.(a)

     74,100        648,515  

Dowa Holdings Co. Ltd.

     58,000        1,807,727  

Kobe Steel Ltd.

     895,900        11,701,183  

Kyoei Steel Ltd.

     51,200        682,781  

Maruichi Steel Tube Ltd.

     120,700        3,008,906  

Mitsubishi Materials Corp.

     117,000        1,896,619  

Mitsui Mining & Smelting Co. Ltd.(a)

     84,500        2,148,953  

Neturen Co. Ltd.

     63,600        426,628  

Nippon Light Metal Holdings Co. Ltd.

     120,600        1,360,159  

Nippon Steel Corp.(a)

     2,182,400        51,260,258  

Nippon Yakin Kogyo Co. Ltd.(a)

     24,610        766,048  

Nittetsu Mining Co. Ltd.(a)

     23,900        802,406  

Sanyo Special Steel Co. Ltd.

     74,900        1,478,676  

Sumitomo Metal Mining Co. Ltd.

     550,300        16,222,280  

Toho Titanium Co. Ltd.(a)

     44,600        535,887  

Tokyo Steel Manufacturing Co. Ltd.(a)

     166,000        1,874,418  

UACJ Corp.

     60,300        1,268,836  
     

 

 

 
Total Metals & Mining

 

     102,108,469  
Oil, Gas & Consumable Fuels – 1.9%

 

ENEOS Holdings, Inc.

     6,529,400        25,811,312  

Idemitsu Kosan Co. Ltd.

     474,300        10,927,414  

Inpex Corp.

     1,596,500        24,136,063  
     

 

 

 
Total Oil, Gas & Consumable Fuels

 

     60,874,789  

 

See Notes to Financial Statements.

 

30   WisdomTree Trust


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged Equity Fund (DXJ)

September 30, 2023

 

 

 

Investments    Shares      Value  
Paper & Forest Products – 0.2%

 

Daiken Corp.

     53,400      $ 1,071,757  

Hokuetsu Corp.(a)

     144,100        1,047,737  

Oji Holdings Corp.

     802,000        3,380,519  
     

 

 

 
Total Paper & Forest Products

 

     5,500,013  
Personal Care Products – 0.7%

 

Kao Corp.

     362,180        13,472,683  

Kose Corp.(a)

     18,600        1,353,011  

Rohto Pharmaceutical Co. Ltd.

     93,400        2,538,026  

Shiseido Co. Ltd.(a)

     131,922        4,641,250  
     

 

 

 
Total Personal Care Products

 

     22,004,970  
Pharmaceuticals – 6.5%

 

Astellas Pharma, Inc.

     1,474,904        20,498,917  

Chugai Pharmaceutical Co. Ltd.

     1,666,100        51,627,049  

Daiichi Sankyo Co. Ltd.

     343,400        9,448,821  

Eisai Co. Ltd.

     166,100        9,243,052  

Hisamitsu Pharmaceutical Co., Inc.

     64,800        2,365,325  

Kyowa Kirin Co. Ltd.

     205,870        3,592,464  

Nippon Shinyaku Co. Ltd.

     33,800        1,433,541  

Ono Pharmaceutical Co. Ltd.

     411,700        7,912,586  

Otsuka Holdings Co. Ltd.

     363,300        12,934,916  

Santen Pharmaceutical Co. Ltd.

     382,700        3,522,456  

Shionogi & Co. Ltd.

     166,277        7,450,012  

Sumitomo Pharma Co. Ltd.

     291,200        1,045,373  

Taisho Pharmaceutical Holdings Co. Ltd.(a)

     54,700        2,259,113  

Takeda Pharmaceutical Co. Ltd.

     2,237,363        69,583,526  

Towa Pharmaceutical Co. Ltd.

     45,500        866,246  
     

 

 

 
Total Pharmaceuticals

 

     203,783,397  
Professional Services – 0.4%

 

en Japan, Inc.

     49,500        772,230  

Open Up Group, Inc.

     64,100        788,229  

Persol Holdings Co. Ltd.

     871,600        1,421,662  

Recruit Holdings Co. Ltd.

     215,700        6,662,163  

Transcosmos, Inc.

     94,100        2,014,739  
     

 

 

 
Total Professional Services

 

     11,659,023  
Real Estate Management & Development – 0.0%

 

Relo Group, Inc.

     75,200        815,622  
Semiconductors & Semiconductor Equipment – 4.4%

 

Advantest Corp.(a)

     444,000        12,440,033  

Disco Corp.

     128,600        23,768,055  

Ferrotec Holdings Corp.

     27,200        521,307  

Furuya Metal Co. Ltd.

     7,200        498,415  

Micronics Japan Co. Ltd.

     58,800        834,962  

Mitsui High-Tec, Inc.

     9,600        499,219  

Optorun Co. Ltd.

     29,900        368,478  

Rohm Co. Ltd.

     247,600        4,674,077  

SCREEN Holdings Co. Ltd.(a)

     109,120        5,324,193  

Shibaura Mechatronics Corp.(a)

     15,600        737,008  

Shinko Electric Industries Co. Ltd.(a)

     62,459        2,437,251  

SUMCO Corp.

     364,500        4,760,667  

Tokyo Electron Ltd.

     554,159        75,905,578  

Tokyo Seimitsu Co. Ltd.

     90,900        4,562,513  

Ulvac, Inc.

     42,400      1,532,907  

Yamaichi Electronics Co. Ltd.

     66,700        769,693  
     

 

 

 
Total Semiconductors & Semiconductor Equipment

 

     139,634,356  
Software – 0.2%

 

Cybernet Systems Co. Ltd.

     58,200        303,042  

Trend Micro, Inc.

     160,808        6,107,956  
     

 

 

 
Total Software

 

     6,410,998  
Specialty Retail – 0.7%

 

ABC-Mart, Inc.

     189,600        3,415,278  

Fast Retailing Co. Ltd.

     73,100        15,964,678  

IDOM, Inc.(a)

     83,100        405,963  

Sanrio Co. Ltd.

     14,900        708,929  

VT Holdings Co. Ltd.

     325,100        1,113,259  
     

 

 

 
Total Specialty Retail

 

     21,608,107  
Technology Hardware, Storage & Peripherals – 2.0%

 

Brother Industries Ltd.

     194,143        3,133,479  

Canon, Inc.(a)

     1,352,697        32,678,658  

Eizo Corp.

     26,000        883,364  

FUJIFILM Holdings Corp.

     254,495        14,765,741  

MCJ Co. Ltd.

     75,600        568,425  

Ricoh Co. Ltd.

     485,600        4,199,476  

Riso Kagaku Corp.

     49,500        774,883  

Roland DG Corp.

     25,800        587,837  

Seiko Epson Corp.(a)

     337,500        5,313,830  

Toshiba TEC Corp.

     15,800        361,581  

Wacom Co. Ltd.

     134,200        533,293  
     

 

 

 
Total Technology Hardware, Storage & Peripherals

 

     63,800,567  
Textiles, Apparel & Luxury Goods – 0.2%

 

Asics Corp.

     80,292        2,810,287  

Descente Ltd.

     18,900        542,714  

Kurabo Industries Ltd.

     49,547        810,150  

Seiko Group Corp.(a)

     49,400        866,011  

Wacoal Holdings Corp.

     62,000        1,404,322  
     

 

 

 
Total Textiles, Apparel & Luxury Goods

 

     6,433,484  
Tobacco – 2.7%

 

Japan Tobacco, Inc.

     3,643,531        83,992,271  
Trading Companies & Distributors – 12.9%

 

Alconix Corp.

     49,700        450,955  

Chori Co. Ltd.

     58,000        1,164,470  

Hanwa Co. Ltd.

     40,700        1,294,163  

Inabata & Co. Ltd.

     83,386        1,749,025  

ITOCHU Corp.(a)

     1,430,194        51,811,887  

KPP Group Holdings Co. Ltd.

     62,300        286,398  

Marubeni Corp.

     3,543,478        55,375,377  

Mitsubishi Corp.

     2,314,600        110,561,024  

Mitsui & Co. Ltd.

     2,477,000        90,016,894  

Mitsui Matsushima Holdings Co. Ltd.(a)

     26,100        481,860  

Nagase & Co. Ltd.

     90,700        1,428,650  

Sanyo Trading Co. Ltd.

     49,600        448,386  

Shinsho Corp.

     27,100        1,051,493  

Sojitz Corp.

     546,004        11,993,976  

 

See Notes to Financial Statements.

 

WisdomTree Trust      31  


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged Equity Fund (DXJ)

September 30, 2023

 

 

 

Investments    Shares      Value  

Sumitomo Corp.

     2,916,577      $ 58,321,768  

Toyota Tsusho Corp.

     353,710        20,846,905  
     

 

 

 
Total Trading Companies & Distributors

 

     407,283,231  
Transportation Infrastructure – 0.0%

 

Nissin Corp.(a)

     28,500        510,890  

TOTAL COMMON STOCKS

(Cost: $2,958,761,023)

 

 

     3,111,417,084  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 3.4%

 

United States – 3.4%

 

State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(b)

     
(Cost: $107,831,573)      107,831,573        107,831,573  

TOTAL INVESTMENTS IN SECURITIES – 101.9%

(Cost: $3,066,592,596)

 

 

     3,219,248,657  

Other Assets less Liabilities – (1.9)%

 

     (61,318,122
     

 

 

 
NET ASSETS – 100.0%

 

   $ 3,157,930,535  
* 

Non-income producing security.

 

(a)

Security, or portion thereof, was on loan at September 30, 2023 (See Note 2). At September 30, 2023, the total market value of the Fund’s securities on loan identified in the Schedule of Investments was $227,850,977 and the total market value of the collateral held by the Fund was $240,781,115. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $132,949,542.

 

(b)

Rate shown represents annualized 7-day yield as of September 30, 2023.

 

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

Amount and
Description of
Currency to
be Purchased

   

Amount and
Description of
Currency to
be Sold

    Unrealized
Appreciation
    Unrealized
Depreciation
 

Bank of America NA

    10/4/2023       12,816,176       USD       1,887,199,858       JPY     $ 167,489     $  

Barclays Bank PLC

    10/4/2023       694,209,555       USD       100,599,989,243       JPY       19,952,509        

Citibank NA

    10/4/2023       694,209,555       USD       100,599,642,138       JPY       19,954,836        

Citibank NA

    10/4/2023       12,816,176       USD       1,878,188,805       JPY       227,884        

Citibank NA

    11/6/2023       35,817,126       USD       5,315,995,749       JPY             (941

Goldman Sachs

    10/4/2023       112,659,946,658       JPY       755,086,391       USD       795        

Goldman Sachs

    10/4/2023       17,088,235       USD       2,520,760,733       JPY       193,196        

Goldman Sachs

    11/6/2023       791,334,635       USD       117,448,462,124       JPY             (8,531

HSBC Holdings PLC

    10/4/2023       112,660,626,534       JPY       755,086,393       USD       5,350        

HSBC Holdings PLC

    10/4/2023       694,209,555       USD       100,599,642,138       JPY       19,954,836        

HSBC Holdings PLC

    10/4/2023       25,632,353       USD       3,740,580,537       JPY       561,647        

HSBC Holdings PLC

    11/6/2023       791,334,637       USD       117,448,541,554       JPY             (9,064

JP Morgan Chase Bank NA

    10/4/2023       112,660,777,551       JPY       755,086,393       USD       6,362        

JP Morgan Chase Bank NA

    10/4/2023       12,816,176       USD       1,885,810,457       JPY       176,801        

JP Morgan Chase Bank NA

    11/6/2023       791,334,637       USD       117,449,016,355       JPY             (12,263

Morgan Stanley & Co. International

    10/4/2023       112,660,696,002       JPY       755,086,393       USD       5,816        

Morgan Stanley & Co. International

    10/4/2023       694,209,555       USD       100,599,021,515       JPY       19,958,995        

Morgan Stanley & Co. International

    10/4/2023       85,441,176       USD       12,564,148,598       JPY       1,231,766        

Morgan Stanley & Co. International

    10/4/2023       34,176,470       USD       5,037,149,509       JPY       415,695        

Morgan Stanley & Co. International

    10/4/2023       42,720,588       USD       6,317,951,219       JPY       375,423        

Morgan Stanley & Co. International

    11/6/2023       791,334,637       USD       117,448,733,057       JPY             (10,354
                                            $ 83,189,400     $ (41,153

 

See Notes to Financial Statements.

 

32   WisdomTree Trust


Schedule of Investments (unaudited) (concluded)

WisdomTree Japan Hedged Equity Fund (DXJ)

September 30, 2023

 

 

 

FAIR VALUATION SUMMARY

The following is a summary of the fair valuations according to the inputs used as of September 30, 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

           

Automobile Components

   $ 149,936,288      $ 638,177      $      $ 150,574,465  

Other

     2,960,842,619                      2,960,842,619  

Investment of Cash Collateral for Securities Loaned

            107,831,573               107,831,573  

Total Investments in Securities

   $ 3,110,778,907      $ 108,469,750      $      $ 3,219,248,657  
Financial Derivative Instruments            

Foreign Currency Contracts1

   $      $ 83,189,400      $      $ 83,189,400  
Liabilities:            
Financial Derivative Instruments            

Foreign Currency Contracts1

   $      $ (41,153    $      $ (41,153

Total – Net

   $ 3,110,778,907      $ 191,617,997      $      $ 3,302,396,904  

 

1 

Amount shown represents the unrealized appreciation (depreciation) on the financial instrument.

 

See Notes to Financial Statements.

 

WisdomTree Trust      33  


Schedule of Investments (unaudited)

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)

September 30, 2023

 

 

 

Investments    Shares      Value  
COMMON STOCKS – 98.7%

 

Japan – 98.7%

 

Air Freight & Logistics – 1.2%

 

AIT Corp.

     3,000      $ 35,604  

AZ-COM MARUWA Holdings, Inc.(a)

     4,000        57,041  

Hamakyorex Co. Ltd.

     1,600        43,532  

Konoike Transport Co. Ltd.

     3,800        49,249  

Mitsui-Soko Holdings Co. Ltd.

     3,700        106,742  

Sankyu, Inc.

     3,100        107,422  

SBS Holdings, Inc.

     1,600        30,043  

Senko Group Holdings Co. Ltd.

     15,800        110,963  

Shibusawa Warehouse Co. Ltd.(a)

     2,200        44,892  

Trancom Co. Ltd.(a)

     400        19,675  
     

 

 

 
Total Air Freight & Logistics

 

     605,163  
Automobile Components – 5.4%

 

Aisan Industry Co. Ltd.

     6,700        60,030  

Daido Metal Co. Ltd.

     7,300        27,884  

Daikyonishikawa Corp.

     8,900        48,011  

Eagle Industry Co. Ltd.

     8,400        95,357  

Exedy Corp.

     9,800        171,668  

Fujikura Composites, Inc.(a)

     3,500        27,559  

FuKoKu Co. Ltd.

     3,100        29,852  

Futaba Industrial Co. Ltd.

     7,000        35,885  

G-Tekt Corp.

     4,298        52,420  

KYB Corp.

     3,600        116,643  

Musashi Seimitsu Industry Co. Ltd.

     5,200        56,626  

NHK Spring Co. Ltd.

     31,400        240,721  

NOK Corp.(a)

     18,200        242,159  

Pacific Industrial Co. Ltd.

     6,600        63,380  

Piolax, Inc.(a)

     4,000        61,330  

Press Kogyo Co. Ltd.

     20,900        96,499  

Riken Corp.*

     2,300        57,336  

Seiren Co. Ltd.(a)

     2,600        40,823  

Shoei Co. Ltd.(a)

     3,600        55,221  

Sumitomo Riko Co. Ltd.

     6,400        47,949  

Sumitomo Rubber Industries Ltd.

     22,300        246,723  

Suncall Corp.(a)

     5,500        18,060  

T RAD Co. Ltd.

     1,400        21,109  

Tachi-S Co. Ltd.

     5,500        62,731  

Tokai Rika Co. Ltd.(a)

     9,125        143,334  

Toyo Tire Corp.

     18,100        279,217  

Toyoda Gosei Co. Ltd.

     7,500        161,434  

TPR Co. Ltd.

     4,406        53,885  

TS Tech Co. Ltd.(a)

     12,000        136,385  

Unipres Corp.

     2,800        21,747  
     

 

 

 
Total Automobile Components

 

     2,771,978  
Automobiles – 0.1%

 

Nissan Shatai Co. Ltd.

     5,700        32,659  
Banks – 9.1%

 

77 Bank Ltd.(a)

     11,300        240,047  

Akita Bank Ltd.

     2,800        37,865  

Aozora Bank Ltd.(a)

     17,000        348,032  

Awa Bank Ltd.(a)

     2,400        36,862  

Bank of Iwate Ltd.

     2,900      50,761  

Bank of Nagoya Ltd.

     2,700        93,905  

Bank of Saga Ltd.

     2,400        32,713  

Bank of the Ryukyus Ltd.(a)

     6,800        51,948  

Daishi Hokuetsu Financial Group, Inc.

     4,900        124,614  

Ehime Bank Ltd.

     5,600        36,852  

FIDEA Holdings Co. Ltd.

     4,100        44,043  

First Bank of Toyama Ltd.(a)

     8,000        50,287  

Gunma Bank Ltd.(a)

     35,800        167,359  

Hachijuni Bank Ltd.(a)

     45,400        250,966  

Hirogin Holdings, Inc.

     29,300        180,090  

Hokkoku Financial Holdings, Inc.(a)

     1,200        41,816  

Hokuhoku Financial Group, Inc.

     11,500        123,342  

Hyakugo Bank Ltd.

     19,800        71,119  

Hyakujushi Bank Ltd.(a)

     4,500        79,069  

Juroku Financial Group, Inc.(a)

     4,000        100,385  

Keiyo Bank Ltd.(a)

     13,900        64,458  

Kiyo Bank Ltd.(a)

     4,198        42,142  

Kyushu Financial Group, Inc.(a)

     32,900        169,984  

Mebuki Financial Group, Inc.

     92,100        255,331  

Miyazaki Bank Ltd.

     2,100        39,094  

Musashino Bank Ltd.(a)

     3,600        66,656  

Nanto Bank Ltd.(a)

     2,800        49,930  

Nishi-Nippon Financial Holdings, Inc.(a)

     16,700        191,145  

North Pacific Bank Ltd.

     37,800        91,445  

Ogaki Kyoritsu Bank Ltd.(a)

     3,900        54,204  

Oita Bank Ltd.

     2,500        45,535  

Okinawa Financial Group, Inc.(a)

     2,040        33,165  

Procrea Holdings, Inc.(a)

     1,300        17,066  

San ju San Financial Group, Inc.

     4,300        53,482  

San-In Godo Bank Ltd.

     27,900        180,983  

Senshu Ikeda Holdings, Inc.(a)

     50,000        107,556  

Seven Bank Ltd.(a)

     157,200        327,515  

Shiga Bank Ltd.(a)

     7,000        164,182  

Shikoku Bank Ltd.

     5,200        35,369  

Suruga Bank Ltd.

     7,900        33,511  

Toho Bank Ltd.(a)

     30,200        57,071  

Tokyo Kiraboshi Financial Group, Inc.

     4,600        138,871  

TOMONY Holdings, Inc.

     10,000        30,893  

Towa Bank Ltd.

     6,100        25,753  

Yamagata Bank Ltd.(a)

     3,800        28,928  

Yamaguchi Financial Group, Inc.

     21,700        190,570  

Yamanashi Chuo Bank Ltd.(a)

     4,600        51,233  
     

 

 

 
Total Banks

 

     4,708,147  
Beverages – 0.8%

 

Coca-Cola Bottlers Japan Holdings, Inc.

     18,000        237,145  

Sapporo Holdings Ltd.

     2,300        73,319  

Takara Holdings, Inc.

     16,200        130,382  
     

 

 

 
Total Beverages

 

     440,846  
Biotechnology – 0.1%

 

Takara Bio, Inc.

     5,400        50,047  

 

See Notes to Financial Statements.

 

34   WisdomTree Trust


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)

September 30, 2023

 

 

 

Investments    Shares      Value  
Broadline Retail – 1.1%

 

ASKUL Corp.(a)

     4,600      $ 60,419  

Belluna Co. Ltd.(a)

     6,100        27,470  

Izumi Co. Ltd.

     4,700        124,693  

J Front Retailing Co. Ltd.

     16,000        163,940  

Mr Max Holdings Ltd.

     5,700        23,529  

Seria Co. Ltd.

     4,900        72,306  

Takashimaya Co. Ltd.

     5,300        77,711  
     

 

 

 
Total Broadline Retail

 

     550,068  
Building Products – 1.7%

 

Bunka Shutter Co. Ltd.(a)

     5,900        43,729  

Central Glass Co. Ltd.(a)

     2,700        53,647  

Nichias Corp.

     8,300        170,477  

Nichiha Corp.

     3,200        63,110  

Nitto Boseki Co. Ltd.(a)

     1,700        39,759  

Noritz Corp.

     3,700        39,324  

Okabe Co. Ltd.

     6,200        31,203  

Sanwa Holdings Corp.

     16,500        219,816  

Shin Nippon Air Technologies Co. Ltd.

     2,100        33,845  

Takara Standard Co. Ltd.(a)

     6,017        74,716  

Takasago Thermal Engineering Co. Ltd.(a)

     4,600        89,580  
     

 

 

 
Total Building Products

 

     859,206  
Capital Markets – 1.3%

 

Ichiyoshi Securities Co. Ltd.

     9,900        46,639  

IwaiCosmo Holdings, Inc.

     4,200        49,170  

Matsui Securities Co. Ltd.(a)

     29,700        163,402  

Monex Group, Inc.(a)

     20,665        77,273  

Okasan Securities Group, Inc.

     22,300        103,860  

SBI Global Asset Management Co. Ltd.

     11,599        43,606  

Sparx Group Co. Ltd.

     4,139        41,799  

Tokai Tokyo Financial Holdings, Inc.

     38,200        124,155  
     

 

 

 
Total Capital Markets

 

     649,904  
Chemicals – 9.8%

 

ADEKA Corp.

     8,400        143,908  

Aica Kogyo Co. Ltd.

     5,300        118,520  

Arakawa Chemical Industries Ltd.(a)

     4,700        32,031  

Asahi Yukizai Corp.(a)

     1,900        47,046  

C Uyemura & Co. Ltd.

     2,000        126,386  

Chugoku Marine Paints Ltd.(a)

     5,700        51,757  

CI Takiron Corp.(a)

     9,900        38,081  

Dai Nippon Toryo Co. Ltd.

     4,700        30,551  

Daicel Corp.

     29,500        247,308  

Dainichiseika Color & Chemicals Manufacturing Co. Ltd.

     2,200        33,496  

Denka Co. Ltd.(a)

     9,200        166,645  

DIC Corp.

     8,800        143,212  

DKS Co. Ltd.

     1,800        20,988  

Fujimi, Inc.(a)

     9,300        187,278  

Fujimori Kogyo Co. Ltd.

     1,300        32,364  

Fuso Chemical Co. Ltd.(a)

     1,600        42,138  

Harima Chemicals Group, Inc.

     4,500        24,879  

Ishihara Sangyo Kaisha Ltd.

     5,100        50,615  

JCU Corp.

     1,500      31,262  

JSP Corp.

     2,717        37,198  

Kaneka Corp.

     4,848        126,118  

Kanto Denka Kogyo Co. Ltd.(a)

     3,700        21,671  

KH Neochem Co. Ltd.

     4,200        64,594  

Konishi Co. Ltd.(a)

     2,600        39,725  

Kumiai Chemical Industry Co. Ltd.

     8,394        62,326  

Kureha Corp.

     1,300        72,481  

Lintec Corp.

     10,700        171,551  

Moriroku Holdings Co. Ltd.

     2,600        39,115  

Nihon Nohyaku Co. Ltd.(a)

     5,300        23,335  

Nihon Parkerizing Co. Ltd.

     14,600        108,210  

Nippon Kayaku Co. Ltd.

     22,400        187,561  

Nippon Pillar Packing Co. Ltd.(a)

     4,000        104,674  

Nippon Shokubai Co. Ltd.

     4,800        174,662  

Nippon Soda Co. Ltd.

     4,600        169,543  

Osaka Organic Chemical Industry Ltd.(a)

     1,500        25,391  

Osaka Soda Co. Ltd.(a)

     2,177        94,097  

Riken Technos Corp.

     6,400        30,665  

Sakai Chemical Industry Co. Ltd.

     2,900        40,208  

Sakata INX Corp.

     4,300        37,114  

Sanyo Chemical Industries Ltd.(a)

     1,900        52,139  

Shikoku Kasei Holdings Corp.

     2,700        29,890  

Shin-Etsu Polymer Co. Ltd.

     7,300        65,454  

Sumitomo Bakelite Co. Ltd.

     3,500        152,994  

T Hasegawa Co. Ltd.(a)

     2,900        59,273  

Taiyo Holdings Co. Ltd.

     5,800        99,656  

Takasago International Corp.

     1,900        38,325  

Teijin Ltd.

     18,500        180,134  

Toagosei Co. Ltd.

     13,900        125,191  

Tokai Carbon Co. Ltd.

     16,500        129,479  

Tokuyama Corp.

     6,800        107,087  

Tokyo Ohka Kogyo Co. Ltd.

     4,100        244,420  

Toyo Ink SC Holdings Co. Ltd.

     6,300        98,706  

Toyobo Co. Ltd.

     7,900        57,043  

UBE Corp.

     12,580        212,568  

Valqua Ltd.(a)

     3,400        94,327  

Zeon Corp.(a)

     13,300        139,306  
     

 

 

 
Total Chemicals

 

     5,084,696  
Commercial Services & Supplies – 1.4%

 

Aeon Delight Co. Ltd.

     2,800        61,732  

Daiseki Co. Ltd.

     1,440        38,599  

Inui Global Logistics Co. Ltd.(a)

     8,200        72,645  

Japan Elevator Service Holdings Co. Ltd.

     1,700        25,006  

Kokuyo Co. Ltd.

     7,500        119,191  

Mitsubishi Pencil Co. Ltd.

     3,100        39,844  

Nippon Kanzai Holdings Co. Ltd.

     2,600        44,761  

Nippon Parking Development Co. Ltd.

     22,400        31,973  

Okamura Corp.

     6,300        95,455  

Pilot Corp.

     1,800        61,892  

Prestige International, Inc.(a)

     4,400        18,252  

Sato Holdings Corp.(a)

     2,600        36,781  

Studio Alice Co. Ltd.(a)

     1,900        26,433  

 

See Notes to Financial Statements.

 

WisdomTree Trust      35  


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)

September 30, 2023

 

 

 

Investments    Shares      Value  

Takara & Co. Ltd.

     1,600      $ 26,451  

TRE Holdings Corp.

     2,600        20,995  
     

 

 

 
Total Commercial Services & Supplies

 

     720,010  
Construction & Engineering – 5.8%

 

Asanuma Corp.

     3,100        74,579  

CTI Engineering Co. Ltd.

     1,500        45,183  

Dai-Dan Co. Ltd.

     4,000        39,806  

Daiho Corp.

     3,200        84,597  

EXEO Group, Inc.(a)

     10,700        219,700  

Hazama Ando Corp.

     17,000        132,947  

INFRONEER Holdings, Inc.

     21,168        219,588  

Integrated Design & Engineering Holdings Co. Ltd.

     1,700        40,727  

JDC Corp.

     6,800        30,258  

Kandenko Co. Ltd.

     13,600        125,496  

Kumagai Gumi Co. Ltd.

     4,100        96,850  

Kyudenko Corp.(a)

     5,000        157,011  

MIRAIT ONE Corp.

     8,944        117,865  

Nippon Road Co. Ltd.

     3,000        37,775  

Nishimatsu Construction Co. Ltd.(a)

     8,000        198,787  

Nittoc Construction Co. Ltd.

     6,300        46,102  

Okumura Corp.(a)

     4,700        141,417  

Oriental Shiraishi Corp.

     15,200        33,512  

Penta-Ocean Construction Co. Ltd.

     18,000        107,258  

PS Mitsubishi Construction Co. Ltd.(a)

     7,300        40,848  

Raito Kogyo Co. Ltd.

     4,300        59,447  

Raiznext Corp.

     4,200        40,923  

Sanki Engineering Co. Ltd.

     8,500        92,448  

Seikitokyu Kogyo Co. Ltd.(a)

     3,000        31,523  

Shinnihon Corp.

     5,800        47,729  

Sumitomo Mitsui Construction Co. Ltd.

     14,340        39,496  

Taihei Dengyo Kaisha Ltd.

     1,800        49,094  

Taikisha Ltd.

     2,400        72,696  

Takamatsu Construction Group Co. Ltd.

     2,200        39,304  

Tekken Corp.

     2,600        37,060  

Tess Holdings Co. Ltd.

     3,100        10,927  

Toa Corp.

     1,800        45,294  

Tobishima Corp.

     3,100        28,751  

Toda Corp.

     24,700        134,007  

Tokyu Construction Co. Ltd.

     7,600        39,725  

Totetsu Kogyo Co. Ltd.

     2,500        49,221  

Toyo Construction Co. Ltd.

     6,400        52,238  

Wakachiku Construction Co. Ltd.

     1,400        28,239  

Yokogawa Bridge Holdings Corp.

     3,700        69,277  

Yondenko Corp.

     1,700        32,388  

Yurtec Corp.

     5,800        37,313  
     

 

 

 
Total Construction & Engineering

 

     3,027,406  
Construction Materials – 0.5%

 

Sumitomo Osaka Cement Co. Ltd.

     3,000        73,842  

Taiheiyo Cement Corp.

     10,000        177,584  

Yotai Refractories Co. Ltd.

     2,900        28,315  
     

 

 

 
Total Construction Materials

 

     279,741  
Consumer Finance – 0.0%

 

J Trust Co. Ltd.(a)

     4,300        13,803  
Consumer Staples Distribution & Retail – 2.0%

 

Aeon Hokkaido Corp.

     3,500      20,452  

Ain Holdings, Inc.

     700        20,687  

Arcs Co. Ltd.

     5,800        105,836  

Belc Co. Ltd.

     900        41,434  

Create SD Holdings Co. Ltd.

     2,400        54,522  

Fuji Co. Ltd.

     2,800        33,512  

G-7 Holdings, Inc.(a)

     2,900        24,098  

H2O Retailing Corp.(a)

     5,900        71,721  

Heiwado Co. Ltd.

     2,700        47,188  

Inageya Co. Ltd.(a)

     1,800        17,551  

JM Holdings Co. Ltd.

     1,700        22,158  

Kato Sangyo Co. Ltd.

     3,200        85,240  

Life Corp.

     3,400        82,935  

Mitsubishi Shokuhin Co. Ltd.

     4,400        114,994  

Qol Holdings Co. Ltd.(a)

     3,200        39,822  

Retail Partners Co. Ltd.(a)

     2,200        25,712  

San-A Co. Ltd.

     1,000        32,032  

United Super Markets Holdings, Inc.(a)

     5,100        36,535  

Valor Holdings Co. Ltd.

     4,100        60,088  

Yaoko Co. Ltd.(a)

     1,300        66,984  

Yokorei Co. Ltd.(a)

     4,000        32,461  
     

 

 

 
Total Consumer Staples Distribution & Retail

 

     1,035,962  
Containers & Packaging – 0.4%

 

FP Corp.

     2,800        45,079  

Fuji Seal International, Inc.

     3,300        39,408  

Rengo Co. Ltd.

     18,881        129,817  
     

 

 

 
Total Containers & Packaging

 

     214,304  
Distributors – 0.5%

 

Arata Corp.

     1,300        48,611  

Doshisha Co. Ltd.

     3,600        53,798  

Happinet Corp.

     2,400        40,208  

PALTAC Corp.(a)

     2,800        88,001  

Yamae Group Holdings Co. Ltd.(a)

     1,400        34,338  
     

 

 

 
Total Distributors

 

     264,956  
Diversified Consumer Services – 0.4%

 

Asante, Inc.(a)

     2,600        27,494  

Aucnet, Inc.

     1,900        22,829  

Benesse Holdings, Inc.(a)

     5,800        71,108  

Gakkyusha Co. Ltd.

     2,000        27,301  

Riso Kyoiku Co. Ltd.(a)

     19,700        32,740  

Tokyo Individualized Educational Institute, Inc.

     12,000        39,404  
     

 

 

 
Total Diversified Consumer Services

 

     220,876  
Electrical Equipment – 1.5%

 

Cosel Co. Ltd.

     2,500        20,858  

Daihen Corp.(a)

     2,000        67,817  

Fujikura Ltd.(a)

     10,300        82,932  

Furukawa Electric Co. Ltd.(a)

     3,726        59,476  

GS Yuasa Corp.(a)

     3,800        67,813  

Idec Corp.

     2,800        55,690  

Mabuchi Motor Co. Ltd.

     4,100        122,815  

Nippon Carbon Co. Ltd.

     1,700        51,891  

 

See Notes to Financial Statements.

 

36   WisdomTree Trust


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)

September 30, 2023

 

 

 

Investments    Shares      Value  

Nitto Kogyo Corp.(a)

     3,800      $ 91,292  

Sanyo Denki Co. Ltd.

     700        32,086  

Sinfonia Technology Co. Ltd.

     3,500        37,738  

SWCC Corp.

     1,700        24,254  

Takaoka Toko Co. Ltd.(a)

     1,600        22,527  

Toyo Tanso Co. Ltd.

     1,300        47,217  
     

 

 

 
Total Electrical Equipment

 

     784,406  
Electronic Equipment, Instruments & Components – 7.0%

 

A&D HOLON Holdings Co. Ltd.(a)

     2,300        26,233  

Ai Holdings Corp.

     5,500        87,278  

Alps Alpine Co. Ltd.(a)

     13,800        119,990  

Amano Corp.

     5,600        123,164  

Anritsu Corp.(a)

     7,700        55,083  

Canon Electronics, Inc.

     3,400        43,085  

Citizen Watch Co. Ltd.(a)

     38,200        235,510  

Daishinku Corp.

     4,300        22,188  

Daitron Co. Ltd.

     2,000        40,476  

Daiwabo Holdings Co. Ltd.

     7,500        143,994  

Dexerials Corp.(a)

     4,100        101,384  

Elematec Corp.

     6,758        83,782  

ESPEC Corp.

     2,200        35,412  

Hakuto Co. Ltd.(a)

     4,100        139,300  

Hioki EE Corp.

     800        38,760  

Hochiki Corp.

     2,500        27,107  

Horiba Ltd.

     3,300        178,993  

I-PEX, Inc.(a)

     1,800        19,203  

Innotech Corp.

     3,400        36,501  

Iriso Electronics Co. Ltd.

     900        25,331  

Japan Aviation Electronics Industry Ltd.(a)

     6,300        125,683  

Kaga Electronics Co. Ltd.

     3,500        152,220  

Koa Corp.(a)

     2,800        33,756  

Kyosan Electric Manufacturing Co. Ltd.

     7,900        25,782  

Macnica Holdings, Inc.

     6,100        287,371  

Marubun Corp.(a)

     3,400        26,156  

Maruwa Co. Ltd.(a)

     200        31,469  

Maxell Ltd.

     4,200        47,087  

Meiko Electronics Co. Ltd.(a)

     1,200        27,301  

Nichicon Corp.

     5,500        51,968  

Nippon Ceramic Co. Ltd.

     2,500        44,631  

Nippon Electric Glass Co. Ltd.

     16,000        298,717  

Nippon Signal Co. Ltd.(a)

     4,300        27,087  

Nissha Co. Ltd.

     2,000        22,516  

Nohmi Bosai Ltd.

     3,566        42,273  

Oki Electric Industry Co. Ltd.(a)

     8,300        55,954  

Optex Group Co. Ltd.

     2,200        23,869  

Osaki Electric Co. Ltd.(a)

     7,300        33,216  

Restar Holdings Corp.

     2,800        45,952  

Riken Keiki Co. Ltd.(a)

     1,400        56,572  

RYODEN Corp.

     3,100        48,300  

Ryosan Co. Ltd.(a)

     2,800        83,498  

Sanshin Electronics Co. Ltd.(a)

     2,200        32,095  

Satori Electric Co. Ltd.(a)

     3,400        42,926  

Shibaura Electronics Co. Ltd.

     700        28,239  

Siix Corp.

     3,300      33,680  

Suzuden Corp.

     2,100        30,988  

Tachibana Eletech Co. Ltd.

     2,500        46,909  

Tokyo Electron Device Ltd.(a)

     2,400        57,015  

Tomen Devices Corp.(a)

     900        29,191  

Topcon Corp.

     7,500        82,903  

Tsuzuki Denki Co. Ltd.

     2,500        38,784  

Yokowo Co. Ltd.

     1,500        15,822  
     

 

 

 
Total Electronic Equipment, Instruments & Components

 

     3,612,704  
Energy Equipment & Services – 0.1%

 

Toyo Kanetsu KK

     1,400        31,710  
Entertainment – 0.8%

 

Amuse, Inc.

     2,000        21,056  

COLOPL, Inc.(a)

     8,800        34,793  

Daiichikosho Co. Ltd.

     6,900        112,245  

GungHo Online Entertainment, Inc.

     2,900        45,873  

Marvelous, Inc.

     8,400        40,135  

MIXI, Inc.(a)

     8,600        136,643  
     

 

 

 
Total Entertainment

 

     390,745  
Financial Services – 0.3%

 

eGuarantee, Inc.

     1,300        16,970  

Financial Partners Group Co. Ltd.(a)

     12,800        115,370  

Japan Investment Adviser Co. Ltd.

     2,800        31,767  
     

 

 

 
Total Financial Services

 

     164,107  
Food Products – 3.7%

 

Ariake Japan Co. Ltd.(a)

     1,500        51,004  

Chubu Shiryo Co. Ltd.

     3,800        27,859  

DyDo Group Holdings, Inc.(a)

     800        29,539  

Ezaki Glico Co. Ltd.

     3,400        93,530  

Feed One Co. Ltd.

     4,500        24,004  

Fuji Oil Holdings, Inc.

     4,551        69,153  

Fujicco Co. Ltd.

     1,500        19,380  

Fujiya Co. Ltd.

     1,200        20,458  

Hokuto Corp.

     2,500        30,491  

House Foods Group, Inc.(a)

     3,700        77,360  

Itoham Yonekyu Holdings, Inc.

     4,280        116,160  

Kagome Co. Ltd.

     2,800        60,888  

Kameda Seika Co. Ltd.(a)

     700        19,209  

Kotobuki Spirits Co. Ltd.

     2,500        40,493  

Kyokuyo Co. Ltd.

     1,000        26,403  

Marudai Food Co. Ltd.(a)

     2,500        27,944  

Maruha Nichiro Corp.

     4,100        70,502  

Megmilk Snow Brand Co. Ltd.

     5,900        90,660  

Mitsui DM Sugar Holdings Co. Ltd.

     2,600        52,444  

Morinaga & Co. Ltd.

     4,300        155,662  

Morinaga Milk Industry Co. Ltd.

     2,100        79,187  

Nichirei Corp.(a)

     6,800        149,694  

Nippn Corp.

     6,800        99,021  

Nisshin Oillio Group Ltd.

     2,100        58,894  

Nissui Corp.

     21,100        103,460  

Prima Meat Packers Ltd.

     3,800        62,465  

Riken Vitamin Co. Ltd.

     3,000        44,570  

 

See Notes to Financial Statements.

 

WisdomTree Trust      37  


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)

September 30, 2023

 

 

 

Investments    Shares      Value  

S Foods, Inc.

     3,100      $ 69,489  

Sakata Seed Corp.

     1,600        46,587  

Showa Sangyo Co. Ltd.(a)

     1,800        36,850  

Warabeya Nichiyo Holdings Co. Ltd.

     1,700        32,194  

Yukiguni Maitake Co. Ltd.

     4,700        28,315  
     

 

 

 
Total Food Products

 

     1,913,869  
Gas Utilities – 0.7%

 

Hokkaido Gas Co. Ltd.

     1,700        27,034  

Nippon Gas Co. Ltd.

     10,900        161,866  

Saibu Gas Holdings Co. Ltd.

     3,300        42,680  

Shizuoka Gas Co. Ltd.

     3,000        20,486  

Toho Gas Co. Ltd.(a)

     5,000        87,368  
     

 

 

 
Total Gas Utilities

 

     339,434  
Ground Transportation – 1.0%

 

Alps Logistics Co. Ltd.

     3,100        33,550  

Fukuyama Transporting Co. Ltd.

     2,100        55,306  

Ichinen Holdings Co. Ltd.

     3,400        32,741  

Maruzen Showa Unyu Co. Ltd.

     1,200        30,437  

Nikkon Holdings Co. Ltd.

     4,900        103,796  

Nishi-Nippon Railroad Co. Ltd.(a)

     2,700        44,899  

Sakai Moving Service Co. Ltd.

     2,400        40,111  

Seino Holdings Co. Ltd.(a)

     10,500        147,447  

Sotetsu Holdings, Inc.

     2,600        51,242  
     

 

 

 
Total Ground Transportation

 

     539,529  
Health Care Equipment & Supplies – 1.6%

 

Eiken Chemical Co. Ltd.

     4,500        41,193  

Hogy Medical Co. Ltd.(a)

     2,300        49,244  

Japan Lifeline Co. Ltd.

     6,900        53,822  

Jeol Ltd.

     1,500        44,812  

Mani, Inc.

     3,400        41,331  

Menicon Co. Ltd.(a)

     1,400        18,051  

Mizuho Medy Co. Ltd.(a)

     2,000        39,658  

Nagaileben Co. Ltd.

     2,600        37,112  

Nakanishi, Inc.

     4,600        107,737  

Nihon Kohden Corp.

     3,400        84,120  

Nipro Corp.(a)

     9,223        74,723  

Paramount Bed Holdings Co. Ltd.

     4,406        69,533  

PHC Holdings Corp.(a)

     14,700        150,325  

Shofu, Inc.

     1,100        15,863  
     

 

 

 
Total Health Care Equipment & Supplies

 

     827,524  
Health Care Providers & Services – 0.9%

 

As One Corp.(a)

     1,600        58,542  

BML, Inc.

     3,200        59,958  

France Bed Holdings Co. Ltd.

     4,800        39,018  

H.U. Group Holdings, Inc.(a)

     8,700        148,085  

Ship Healthcare Holdings, Inc.

     3,218        48,920  

Solasto Corp.

     5,500        22,851  

Toho Holdings Co. Ltd.

     2,800        60,156  

Tokai Corp.

     1,800        22,918  

Vital KSK Holdings, Inc.(a)

     4,900        32,902  
     

 

 

 
Total Health Care Providers & Services

 

     493,350  
Health Care Technology – 0.0%

 

EM Systems Co. Ltd.

     3,400      $ 16,769  
Hotels, Restaurants & Leisure – 1.6%

 

Create Restaurants Holdings, Inc.

     5,200        39,795  

Doutor Nichires Holdings Co. Ltd.

     2,800        43,719  

Food & Life Cos. Ltd.

     2,500        42,118  

Heiwa Corp.(a)

     7,500        107,807  

Hiday Hidaka Corp.

     1,922        34,930  

Ichibanya Co. Ltd.(a)

     2,000        73,044  

KFC Holdings Japan Ltd.

     1,300        26,083  

KOMEDA Holdings Co. Ltd.

     3,500        68,018  

Kyoritsu Maintenance Co. Ltd.(a)

     600        25,017  

MOS Food Services, Inc.(a)

     1,100        24,252  

Ohsho Food Service Corp.(a)

     1,600        74,089  

Resorttrust, Inc.

     5,900        88,307  

Round One Corp.(a)

     12,500        46,909  

Saizeriya Co. Ltd.(a)

     900        29,251  

St. Marc Holdings Co. Ltd.

     2,800        35,520  

Tokyotokeiba Co. Ltd.(a)

     1,700        45,797  
     

 

 

 
Total Hotels, Restaurants & Leisure

 

     804,656  
Household Durables – 1.9%

 

Casio Computer Co. Ltd.(a)

     20,100        168,841  

Cleanup Corp.

     5,500        26,463  

ES-Con Japan Ltd.

     10,700        66,900  

Fuji Corp. Ltd.

     5,000        24,594  

Hoosiers Holdings Co. Ltd.

     5,900        43,017  

JVCKenwood Corp.(a)

     10,900        49,889  

Ki-Star Real Estate Co. Ltd.(a)

     2,300        71,208  

Pressance Corp.(a)

     3,817        46,861  

Sangetsu Corp.

     9,100        177,640  

Tama Home Co. Ltd.

     3,700        88,269  

Tamron Co. Ltd.

     2,400        73,500  

Toa Corp.(a)

     4,300        33,599  

Token Corp.

     1,000        53,476  

Zojirushi Corp.(a)

     4,200        50,183  
     

 

 

 
Total Household Durables

 

     974,440  
Household Products – 0.4%

 

Earth Corp.(a)

     1,200        39,564  

Pigeon Corp.

     10,700        121,072  

ST Corp.

     2,700        26,996  
     

 

 

 
Total Household Products

 

     187,632  
Independent Power & Renewable Electricity Producers – 0.1%

 

eRex Co. Ltd.(a)

     1,300        6,682  

West Holdings Corp.

     1,500        32,317  
     

 

 

 
Total Independent Power & Renewable Electricity Producers

 

     38,999  
Industrial Conglomerates – 0.5%

 

Mie Kotsu Group Holdings, Inc.(a)

     6,200        23,682  

Nisshinbo Holdings, Inc.

     15,700        116,994  

Noritsu Koki Co. Ltd.

     1,500        33,423  

TOKAI Holdings Corp.(a)

     14,300        88,737  
     

 

 

 
Total Industrial Conglomerates

 

     262,836  

 

See Notes to Financial Statements.

 

38   WisdomTree Trust


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)

September 30, 2023

 

 

 

Investments    Shares      Value  
Interactive Media & Services – 0.1%

 

Infocom Corp.

     3,000      $ 55,326  
IT Services – 1.9%

 

Comture Corp.

     1,500        23,290  

Digital Garage, Inc.

     1,100        25,358  

DTS Corp.

     4,400        94,059  

Future Corp.

     6,400        64,590  

I-Net Corp.

     2,800        32,161  

Ines Corp.

     2,800        30,847  

Information Services International-Dentsu Ltd.

     3,900        149,492  

JBCC Holdings, Inc.

     2,200        41,988  

Mitsubishi Research Institute, Inc.(a)

     1,000        32,434  

NEC Networks & System Integration Corp.

     9,900        130,297  

NET One Systems Co. Ltd.

     4,700        89,386  

NSD Co. Ltd.

     7,700        146,338  

SB Technology Corp.

     1,500        22,687  

Simplex Holdings, Inc.

     1,700        30,850  

TDC Soft, Inc.

     2,100        23,811  

Uchida Yoko Co. Ltd.

     800        36,348  
     

 

 

 
Total IT Services

 

     973,936  
Leisure Products – 1.0%

 

Furyu Corp.

     2,100        21,742  

GLOBERIDE, Inc.(a)

     1,600        21,659  

Mizuno Corp.(a)

     2,500        79,410  

Roland Corp.

     2,200        60,446  

Sankyo Co. Ltd.

     5,100        234,246  

Tomy Co. Ltd.

     7,100        102,866  

Yonex Co. Ltd.(a)

     1,800        19,276  
     

 

 

 
Total Leisure Products

 

     539,645  
Life Sciences Tools & Services – 0.1%

 

Shin Nippon Biomedical Laboratories Ltd.(a)

     2,300        28,853  
Machinery – 5.8%

 

Aichi Corp.(a)

     5,500        36,894  

Aida Engineering Ltd.

     4,400        29,574  

Anest Iwata Corp.

     5,100        40,875  

Asahi Diamond Industrial Co. Ltd.(a)

     5,800        34,437  

Bando Chemical Industries Ltd.

     6,400        70,380  

CKD Corp.

     6,200        85,630  

DMG Mori Co. Ltd.

     10,600        180,639  

Fujitec Co. Ltd.(a)

     4,500        104,038  

Furukawa Co. Ltd.

     3,600        40,529  

Giken Ltd.

     1,400        18,857  

Glory Ltd.

     4,000        79,933  

Hitachi Zosen Corp.

     5,435        30,558  

Hokuetsu Industries Co. Ltd.(a)

     2,800        39,028  

Hosokawa Micron Corp.

     1,100        30,223  

Japan Steel Works Ltd.

     3,103        57,745  

Kitz Corp.

     10,400        72,133  

Kyokuto Kaihatsu Kogyo Co. Ltd.(a)

     3,800        44,818  

Makino Milling Machine Co. Ltd.(a)

     1,500        65,639  

Max Co. Ltd.

     4,500        82,717  

Meidensha Corp.

     2,500        37,645  

METAWATER Co. Ltd.

     3,200      39,993  

Mitsuboshi Belting Ltd.(a)

     7,000        215,312  

Morita Holdings Corp.

     3,000        32,025  

Nachi-Fujikoshi Corp.(a)

     2,100        56,572  

Nikkiso Co. Ltd.

     3,400        23,103  

Nikko Co. Ltd.

     6,300        27,780  

Nippon Thompson Co. Ltd.(a)

     6,900        25,616  

Nissei ASB Machine Co. Ltd.

     900        27,442  

Nitta Corp.

     3,400        75,644  

Nitto Kohki Co. Ltd.

     2,000        26,323  

Noritake Co. Ltd.

     1,800        75,028  

NTN Corp.(a)

     10,600        20,223  

Obara Group, Inc.

     1,500        38,800  

Oiles Corp.(a)

     3,700        49,788  

OKUMA Corp.(a)

     1,700        74,904  

Organo Corp.(a)

     2,500        70,364  

OSG Corp.

     7,200        85,015  

Ryobi Ltd.(a)

     2,100        42,781  

Shibaura Machine Co. Ltd.(a)

     1,600        44,175  

Shibuya Corp.

     1,700        28,606  

Shinmaywa Industries Ltd.

     6,100        52,119  

Shinwa Co. Ltd.

     1,800        28,624  

Sodick Co. Ltd.

     6,200        30,413  

Star Micronics Co. Ltd.

     4,600        57,891  

Takeuchi Manufacturing Co. Ltd.

     3,400        111,644  

Takuma Co. Ltd.

     5,200        53,943  

Teikoku Electric Manufacturing Co. Ltd.

     2,000        33,882  

Tocalo Co. Ltd.

     8,400        76,668  

Torishima Pump Manufacturing Co. Ltd.

     3,500        44,610  

Tsubakimoto Chain Co.

     4,700        122,047  

Tsugami Corp.

     4,200        32,649  

Union Tool Co.(a)

     1,500        39,002  

YAMABIKO Corp.

     5,600        54,039  
     

 

 

 
Total Machinery

 

     2,999,317  
Marine Transportation – 0.5%

 

Iino Kaiun Kaisha Ltd.(a)

     19,100        134,267  

NS United Kaiun Kaisha Ltd.(a)

     4,300        113,533  
     

 

 

 
Total Marine Transportation

 

     247,800  
Media – 0.8%

 

Carta Holdings, Inc.

     2,200        18,812  

Digital Holdings, Inc.

     4,900        32,705  

FAN Communications, Inc.

     8,000        21,337  

Gakken Holdings Co. Ltd.

     2,800        16,343  

Intage Holdings, Inc.(a)

     3,300        49,447  

Macromill, Inc.

     3,200        15,719  

Proto Corp.

     3,400        27,615  

SKY Perfect JSAT Holdings, Inc.

     35,200        164,884  

ValueCommerce Co. Ltd.(a)

     2,200        18,782  

Wowow, Inc.

     3,000        22,838  

Zenrin Co. Ltd.(a)

     4,600        28,144  
     

 

 

 
Total Media

 

     416,626  

 

See Notes to Financial Statements.

 

WisdomTree Trust      39  


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)

September 30, 2023

 

 

 

Investments    Shares      Value  
Metals & Mining – 5.4%

 

ARE Holdings, Inc.(a)

     8,300      $ 105,512  

Daido Steel Co. Ltd.(a)

     5,000        203,753  

Daiki Aluminium Industry Co. Ltd.(a)

     5,100        44,635  

Dowa Holdings Co. Ltd.

     4,300        134,021  

Hakudo Co. Ltd.(a)

     1,800        27,381  

Kobe Steel Ltd.(a)

     68,400        893,360  

Kyoei Steel Ltd.(a)

     3,100        41,340  

Maruichi Steel Tube Ltd.

     9,000        224,359  

Mitsubishi Materials Corp.

     8,900        144,273  

Mitsui Mining & Smelting Co. Ltd.(a)

     7,100        180,563  

Nakayama Steel Works Ltd.(a)

     6,200        37,601  

Neturen Co. Ltd.(a)

     7,000        46,956  

Nippon Denko Co. Ltd.(a)

     23,700        48,281  

Nippon Light Metal Holdings Co. Ltd.

     8,300        93,610  

Nippon Yakin Kogyo Co. Ltd.(a)

     1,900        59,142  

Nittetsu Mining Co. Ltd.(a)

     2,000        67,147  

Sanyo Special Steel Co. Ltd.

     6,200        122,400  

Toho Titanium Co. Ltd.(a)

     2,400        28,837  

Toho Zinc Co. Ltd.

     1,400        15,349  

Tokyo Steel Manufacturing Co. Ltd.(a)

     12,900        145,663  

Topy Industries Ltd.(a)

     2,500        42,637  

UACJ Corp.

     4,500        94,689  
     

 

 

 
Total Metals & Mining

 

     2,801,509  
Oil, Gas & Consumable Fuels – 1.3%

 

Cosmo Energy Holdings Co. Ltd.

     13,300        468,809  

Fuji Oil Co. Ltd.(a)

     10,900        25,054  

Itochu Enex Co. Ltd.

     10,400        104,888  

Sala Corp.

     7,200        36,718  

San-Ai Obbli Co. Ltd.

     5,700        60,619  
     

 

 

 
Total Oil, Gas & Consumable Fuels

 

     696,088  
Paper & Forest Products – 0.5%

 

Daiken Corp.

     3,600        72,253  

Daio Paper Corp.(a)

     8,200        67,260  

Hokuetsu Corp.(a)

     8,700        63,257  

Tokushu Tokai Paper Co. Ltd.

     1,600        36,669  
     

 

 

 
Total Paper & Forest Products

 

     239,439  
Personal Care Products – 0.4%

 

Mandom Corp.

     2,800        25,894  

Milbon Co. Ltd.

     1,000        27,884  

Noevir Holdings Co. Ltd.

     4,500        159,524  
     

 

 

 
Total Personal Care Products

 

     213,302  
Pharmaceuticals – 1.7%

 

Fuji Pharma Co. Ltd.

     3,300        25,785  

Hisamitsu Pharmaceutical Co., Inc.

     4,700        171,559  

JCR Pharmaceuticals Co. Ltd.(a)

     3,400        34,074  

Kaken Pharmaceutical Co. Ltd.

     4,100        96,163  

Kyorin Pharmaceutical Co. Ltd.

     6,500        79,755  

Mochida Pharmaceutical Co. Ltd.

     3,700        82,691  

Sawai Group Holdings Co. Ltd.

     3,100        95,103  

Seikagaku Corp.

     5,300        28,698  

Torii Pharmaceutical Co. Ltd.

     1,100        28,527  

Towa Pharmaceutical Co. Ltd.

     3,300      62,827  

Tsumura & Co.

     5,500        102,463  

ZERIA Pharmaceutical Co. Ltd.

     3,300        49,072  
     

 

 

 
Total Pharmaceuticals

 

     856,717  
Professional Services – 2.4%

 

Altech Corp.

     2,550        43,319  

Bell System24 Holdings, Inc.

     11,000        116,468  

Dip Corp.

     2,100        51,787  

en Japan, Inc.

     2,700        42,122  

Forum Engineering, Inc.

     3,900        34,368  

FULLCAST Holdings Co. Ltd.

     2,400        30,268  

Funai Soken Holdings, Inc.

     3,440        60,167  

IR Japan Holdings Ltd.

     2,000        23,361  

JAC Recruitment Co. Ltd.

     3,800        64,732  

LIKE, Inc.

     2,000        20,519  

Meitec Corp.

     8,300        150,398  

Nomura Co. Ltd.

     5,900        37,719  

Open Up Group, Inc.

     5,000        61,484  

Pasona Group, Inc.

     1,600        17,520  

Quick Co. Ltd.

     1,700        23,958  

Space Co. Ltd.

     3,200        19,879  

Tanseisha Co. Ltd.

     4,000        25,063  

TechnoPro Holdings, Inc.

     4,500        98,097  

TKC Corp.

     2,800        68,299  

Transcosmos, Inc.(a)

     7,500        160,580  

Weathernews, Inc.

     600        25,411  

Will Group, Inc.

     3,300        23,972  

World Holdings Co. Ltd.(a)

     1,400        22,779  

YAMADA Consulting Group Co. Ltd.

     2,400        25,990  
     

 

 

 
Total Professional Services

 

     1,248,260  
Real Estate Management & Development – 1.8%

 

Arealink Co. Ltd.

     1,600        31,566  

Dear Life Co. Ltd.(a)

     9,000        48,249  

Goldcrest Co. Ltd.(a)

     4,700        69,827  

Good Com Asset Co. Ltd.

     3,900        27,337  

Grandy House Corp.

     8,100        34,685  

Heiwa Real Estate Co. Ltd.

     3,500        93,349  

Ichigo, Inc.

     24,900        54,397  

Japan Property Management Center Co. Ltd.

     4,300        32,879  

JINUSHI Co. Ltd.

     2,100        26,991  

Katitas Co. Ltd.(a)

     2,500        36,489  

Keihanshin Building Co. Ltd.

     3,400        31,283  

Loadstar Capital KK

     2,000        24,875  

Mirarth Holdings, Inc.

     20,000        63,528  

Nisshin Group Holdings Co. Ltd.

     8,600        31,121  

SAMTY Co. Ltd.

     4,400        69,940  

Star Mica Holdings Co. Ltd.

     4,400        18,546  

Starts Corp., Inc.(a)

     5,800        113,532  

Sun Frontier Fudousan Co. Ltd.

     7,000        70,645  

Tosei Corp.

     4,300        55,643  
     

 

 

 
Total Real Estate Management & Development

 

     934,882  

 

See Notes to Financial Statements.

 

40   WisdomTree Trust


Schedule of Investments (unaudited) (continued)

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)

September 30, 2023

 

 

 

Investments    Shares      Value  
Semiconductors & Semiconductor Equipment – 1.9%

 

Ferrotec Holdings Corp.

     2,200      $ 42,165  

Furuya Metal Co. Ltd.

     500        34,612  

Japan Material Co. Ltd.

     2,200        33,820  

MegaChips Corp.

     800        22,409  

Micronics Japan Co. Ltd.(a)

     4,500        63,900  

Mimasu Semiconductor Industry Co. Ltd.

     1,700        31,682  

Mitsui High-Tec, Inc.(a)

     900        46,802  

Optorun Co. Ltd.

     2,100        25,880  

Rorze Corp.

     400        27,690  

Sanken Electric Co. Ltd.

     400        24,312  

Shibaura Mechatronics Corp.(a)

     1,200        56,693  

Shindengen Electric Manufacturing Co. Ltd.

     900        18,425  

Tokyo Seimitsu Co. Ltd.

     7,000        351,349  

Towa Corp.

     1,600        44,550  

Ulvac, Inc.

     2,400        86,768  

Yamaichi Electronics Co. Ltd.

     4,900        56,544  
     

 

 

 
Total Semiconductors & Semiconductor Equipment

 

     967,601  
Software – 0.7%

 

Computer Engineering & Consulting Ltd.

     3,300        35,316  

Cresco Ltd.

     2,300        27,281  

Cybernet Systems Co. Ltd.

     2,600        13,538  

Fuji Soft, Inc.

     3,200        103,790  

Justsystems Corp.

     900        18,087  

Miroku Jyoho Service Co. Ltd.

     3,400        37,526  

SRA Holdings

     1,700        39,702  

Systena Corp.

     18,400        33,169  

UNITED, Inc.

     4,600        29,408  

WingArc1st, Inc.

     2,400        41,028  
     

 

 

 
Total Software

 

     378,845  
Specialty Retail – 3.6%

 

Adastria Co. Ltd.

     3,222        62,205  

Alpen Co. Ltd.(a)

     2,300        29,809  

AOKI Holdings, Inc.

     3,600        24,390  

Aoyama Trading Co. Ltd.

     2,600        29,114  

ARCLANDS Corp.

     5,779        61,808  

Autobacs Seven Co. Ltd.(a)

     11,800        125,097  

Bic Camera, Inc.(a)

     5,900        43,610  

DCM Holdings Co. Ltd.(a)

     10,400        84,608  

EDION Corp.(a)

     13,900        137,673  

Honeys Holdings Co. Ltd.(a)

     3,600        37,803  

IDOM, Inc.(a)

     6,200        30,288  

Joshin Denki Co. Ltd.

     2,600        40,980  

Joyful Honda Co. Ltd.(a)

     6,000        70,685  

K’s Holdings Corp.(a)

     29,500        271,228  

Keiyo Co. Ltd.(a)

     4,100        22,557  

Kohnan Shoji Co. Ltd.

     2,100        54,884  

Kojima Co. Ltd.(a)

     4,600        19,667  

Komeri Co. Ltd.(a)

     3,200        67,549  

Nafco Co. Ltd.

     2,600        33,488  

Nextage Co. Ltd.(a)

     1,600        24,468  

Nishimatsuya Chain Co. Ltd.(a)

     3,100        33,820  

Nojima Corp.

     5,100        44,669  

PAL GROUP Holdings Co. Ltd.

     8,200        106,494  

Sanrio Co. Ltd.

     1,400        66,611  

Scroll Corp.(a)

     11,600        77,191  

T-Gaia Corp.

     5,600      66,235  

VT Holdings Co. Ltd.

     19,354        66,275  

World Co. Ltd.

     2,600        28,574  

Xebio Holdings Co. Ltd.

     5,200        34,847  

Yellow Hat Ltd.

     5,800        73,732  
     

 

 

 
Total Specialty Retail

 

     1,870,359  
Technology Hardware, Storage & Peripherals – 0.6%

 

Eizo Corp.

     1,600        54,361  

Elecom Co. Ltd.

     5,800        67,746  

MCJ Co. Ltd.

     8,000        60,151  

Riso Kagaku Corp.

     2,300        36,004  

Roland DG Corp.

     1,800        41,012  

Toshiba TEC Corp.

     1,400        32,039  

Wacom Co. Ltd.

     11,500        45,699  
     

 

 

 
Total Technology Hardware, Storage & Peripherals

 

     337,012  
Textiles, Apparel & Luxury Goods – 1.1%

 

Baroque Japan Ltd.(a)

     6,300        34,577  

Descente Ltd.(a)

     1,300        37,329  

Fujibo Holdings, Inc.

     1,400        33,728  

Gunze Ltd.

     1,600        48,356  

Japan Wool Textile Co. Ltd.

     6,200        55,924  

Kurabo Industries Ltd.

     3,300        53,959  

Morito Co. Ltd.

     3,800        34,479  

Onward Holdings Co. Ltd.(a)

     21,539        75,345  

Seiko Group Corp.(a)

     2,700        47,332  

Wacoal Holdings Corp.

     4,600        104,192  

Yondoshi Holdings, Inc.

     2,800        35,388  
     

 

 

 
Total Textiles, Apparel & Luxury Goods

 

     560,609  
Trading Companies & Distributors – 2.8%

 

Advan Group Co. Ltd.

     4,100        28,986  

Alconix Corp.(a)

     2,600        23,591  

Chori Co. Ltd.

     3,000        60,231  

Daiichi Jitsugyo Co. Ltd.

     2,300        28,699  

Hanwa Co. Ltd.

     2,400        76,314  

Inaba Denki Sangyo Co. Ltd.

     6,000        130,072  

Inabata & Co. Ltd.

     6,200        130,045  

JK Holdings Co. Ltd.

     3,300        21,407  

Kamei Corp.

     3,400        33,265  

Kanaden Corp.

     3,000        26,396  

Kanamoto Co. Ltd.

     3,000        52,793  

Kanematsu Corp.

     8,400        116,409  

KPP Group Holdings Co. Ltd.(a)

     4,300        19,768  

MARUKA FURUSATO Corp.

     1,500        26,989  

Mitsui Matsushima Holdings Co. Ltd.(a)

     2,000        36,924  

Nagase & Co. Ltd.

     6,400        100,809  

Nichiden Corp.

     2,200        36,724  

Nishio Holdings Co. Ltd.(a)

     2,800        66,236  

Onoken Co. Ltd.(a)

     3,800        43,825  

Seika Corp.

     1,700        25,462  

Shinsho Corp.

     1,900        73,721  

Totech Corp.

     2,100        73,319  

Trusco Nakayama Corp.

     2,200        36,120  

Wakita & Co. Ltd.(a)

     4,600        43,249  

Yamazen Corp.

     8,200        64,622  

Yuasa Trading Co. Ltd.

     2,500        69,275  
     

 

 

 
Total Trading Companies & Distributors

 

     1,445,251  

 

See Notes to Financial Statements.

 

WisdomTree Trust      41  


Schedule of Investments (unaudited) (concluded)

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS)

September 30, 2023

 

 

 

Investments    Shares      Value  
Transportation Infrastructure – 0.4%

 

Mitsubishi Logistics Corp.

     5,900      $ 157,043  

Nissin Corp.(a)

     2,200        39,437  
     

 

 

 
Total Transportation Infrastructure

 

     196,480  
Wireless Telecommunication Services – 0.2%

 

Okinawa Cellular Telephone Co.

     5,200        112,206  

TOTAL COMMON STOCKS

(Cost: $49,631,844)

 

 

     51,032,545  
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED – 13.4%

 

United States – 13.4%

 

State Street Navigator Securities Lending Government Money Market Portfolio, 5.36%(b)

     
(Cost: $6,949,327)      6,949,327        6,949,327  

TOTAL INVESTMENTS IN SECURITIES – 112.1%

(Cost: $56,581,171)

      57,981,872  

Other Assets less Liabilities – (12.1)%

        (6,251,671
     

 

 

 
NET ASSETS – 100.0%             $ 51,730,201  
* 

Non-income producing security.

 

(a)

Security, or portion thereof, was on loan at September 30, 2023 (See Note 2). At September 30, 2023, the total market value of the Fund’s securities on loan identified in the Schedule of Investments was $14,063,986 and the total market value of the collateral held by the Fund was $14,824,880. The total market value of the collateral includes non-cash U.S. Government securities collateral having a value of $7,875,553.

 

(b)

Rate shown represents annualized 7-day yield as of September 30, 2023.

 

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

Amount and
Description of
Currency to
be Purchased

   

Amount and
Description of
Currency to
be Sold

    Unrealized
Appreciation
    Unrealized
Depreciation
 

Barclays Bank PLC

    10/4/2023       25,263,430       USD       3,660,999,431       JPY     $ 726,105     $  

Citibank NA

    10/4/2023       1,884,677,141       JPY       12,631,715       USD       64        

Citibank NA

    10/4/2023       12,631,715       USD       1,830,493,399       JPY       363,095        

Citibank NA

    11/6/2023       13,093,728       USD       1,943,340,994       JPY             (97

Goldman Sachs

    10/4/2023       1,884,669,562       JPY       12,631,715       USD       13        

Goldman Sachs

    11/6/2023       13,093,729       USD       1,943,347,689       JPY             (141

HSBC Holdings PLC

    10/4/2023       1,884,680,930       JPY       12,631,715       USD       89        

HSBC Holdings PLC

    10/4/2023       12,631,715       USD       1,830,493,399       JPY       363,095        

HSBC Holdings PLC

    11/6/2023       13,093,729       USD       1,943,348,998       JPY             (150

JP Morgan Chase Bank NA

    10/4/2023       1,884,683,457       JPY       12,631,715       USD       106        

JP Morgan Chase Bank NA

    11/6/2023       13,093,729       USD       1,943,356,855       JPY             (203
                                            $ 1,452,567     $ (591

 

FAIR VALUATION SUMMARY

The following is a summary of the fair valuations according to the inputs used as of September 30, 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

       

Automobile Components

  $ 2,714,642     $ 57,336     $     $ 2,771,978  

Other

    48,260,567                   48,260,567  

Investment of Cash Collateral for Securities Loaned

          6,949,327             6,949,327  

Total Investments in Securities

  $ 50,975,209     $ 7,006,663     $     $ 57,981,872  

Financial Derivative Instruments

       

Foreign Currency Contracts1

  $     $ 1,452,567     $     $ 1,452,567  

Liabilities:

       

Financial Derivative Instruments

       

Foreign Currency Contracts1

  $     $ (591   $     $ (591

Total – Net

  $ 50,975,209     $ 8,458,639     $     $ 59,433,848  
1 

Amount shown represents the unrealized appreciation (depreciation) on the financial instrument.

 

See Notes to Financial Statements.

 

42   WisdomTree Trust


Statements of Assets and Liabilities (unaudited)

WisdomTree Trust

September 30, 2023

 

 

 

     WisdomTree
Europe
Hedged Equity
Fund
    WisdomTree
Europe
Hedged
SmallCap
Equity Fund
    WisdomTree
Germany
Hedged
Equity Fund
    WisdomTree
International
Hedged
Quality
Dividend
Growth Fund
    WisdomTree
Japan Hedged
Equity Fund
    WisdomTree
Japan Hedged
SmallCap
Equity Fund
 

ASSETS:

 

Investments, at cost

  $ 1,294,953,190     $ 61,455,934     $ 18,432,897     $ 1,561,113,976     $ 3,066,592,596     $ 56,581,171  

Investment in affiliates, at cost (Note 3)

                      868,179              

Foreign currency, at cost

    347,088       21,589       19,049       1,685,307       54,212       81,899  

Investments in securities, at value1,2 (Note 2)

    1,426,835,599       59,110,649       18,975,525       1,743,830,831       3,219,248,657       57,981,872  

Investment in affiliates, at value (Note 3)

                      967,708              

Cash

    1,709       68       7,063       259,751       5,029,858       6,443  

Foreign currency, at value

    349,598       21,711       18,835       1,683,627       53,906       80,877  

Unrealized appreciation on foreign currency contracts

    36,614,887       1,519,920       509,403       45,813,340       83,189,400       1,452,567  

Receivables:

 

Investment securities sold

          95,978                          

Capital shares sold

          43,500             329       35,333,629        

Dividends

    397,799       73,251             3,487,766       31,349,850       534,145  

Securities lending income

    189,228       4,253       2,423       9,751       50,533       3,050  

Interest

                                  8  

Foreign tax reclaims

    7,162,535       116,506       342,298       4,912,680       2,682,436       5,204  

Other (Note 6)

    512,445       36,038             156,450              

Total Assets

    1,472,063,800       61,021,874       19,855,547       1,801,122,233       3,376,938,269       60,064,166  

LIABILITIES:

 

Unrealized depreciation on foreign currency contracts

    120,331       655       228       720,511       41,153       591  

Payables:

 

Cash collateral received for securities loaned (Note 2)

    58,888,051       1,664,262       54,130       53,337,819       107,831,573       6,949,327  

Investment securities purchased

    36,094,217       1,526,622       518,097       41,876,015       109,930,411       1,359,077  

Advisory fees (Note 3)

    659,529       27,843       7,706       816,201       1,193,655       24,782  

Service fees (Note 2)

    5,003       211       71       6,194       10,942       188  

Other (Note 6)

    4,430,390       10,811             46,935              

Total Liabilities

    100,197,521       3,230,404       580,232       96,803,675       219,007,734       8,333,965  

NET ASSETS

  $ 1,371,866,279     $ 57,791,470     $ 19,275,315     $ 1,704,318,558     $ 3,157,930,535     $ 51,730,201  

NET ASSETS:

 

Paid-in capital

  $ 3,259,708,404     $ 80,891,787     $ 51,336,529     $ 1,739,883,745     $ 4,339,301,227     $ 68,354,686  

Total distributable earnings (loss)

    (1,887,842,125     (23,100,317     (32,061,214     (35,565,187     (1,181,370,692     (16,624,485

NET ASSETS

  $ 1,371,866,279     $ 57,791,470     $ 19,275,315     $ 1,704,318,558     $ 3,157,930,535     $ 51,730,201  

Outstanding beneficial interest shares of $0.001 par value (unlimited number of shares authorized)

    34,700,000       1,750,000       550,000       43,950,000       35,750,000       1,800,000  

Net asset value per share

  $ 39.54     $ 33.02     $ 35.05     $ 38.78     $ 88.33     $ 28.74  

1 Includes market value of securities out on loan of:

  $ 68,385,583     $ 3,458,188     $ 51,534     $ 73,748,003     $ 227,850,977     $ 14,063,986  

2 Investments in securities include investment of cash collateral for securities loaned (see Schedule of Investments for additional information).

  

 

See Notes to Financial Statements.

 

WisdomTree Trust      43  


Statements of Operations (unaudited)

WisdomTree Trust

For the Six Months Ended September 30, 2023

 

 

 

      WisdomTree
Europe
Hedged
Equity Fund
     WisdomTree
Europe
Hedged
SmallCap
Equity Fund
     WisdomTree
Germany
Hedged
Equity Fund
     WisdomTree
International
Hedged
Quality
Dividend
Growth Fund
     WisdomTree
Japan Hedged
Equity Fund
     WisdomTree
Japan Hedged
SmallCap
Equity Fund
 

INVESTMENT INCOME:

 

Dividends

   $ 50,118,032      $ 2,037,774      $ 964,941      $ 22,251,636      $ 42,141,650      $ 691,002  

Dividends from affiliates (Note 3)

                          10,275                

Non-cash dividends

     243,159        20,270                              

Securities lending income, net (Note 2)

     2,124,772        29,067        24,099        147,549        232,669        7,859  

Less: Foreign withholding taxes on dividends

     (5,875,576      (273,388      (135,601      (2,153,498      (4,219,098      (69,866

Total investment income

     46,610,387        1,813,723        853,439        20,255,962        38,155,221        628,995  

EXPENSES:

 

Advisory fees (Note 3)

     4,081,113        158,384        50,878        4,642,529        5,552,519        106,570  

Service fees (Note 2)

     30,960        1,202        466        35,219        50,898        808  

Total expenses

     4,112,073        159,586        51,344        4,677,748        5,603,417        107,378  

Expense waivers (Note 3)

                          (1,684              

Net expenses

     4,112,073        159,586        51,344        4,676,064        5,603,417        107,378  

Net investment income

     42,498,314        1,654,137        802,095        15,579,898        32,551,804        521,617  

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:

 

Net realized gain (loss) from:

 

Investment transactions

     (3,092,759      (801,295      (385,681      (6,822,654      (17,533,975      (470,917

In-kind redemptions

     2,223,793               975,554               24,855,010         

Foreign currency contracts

     (18,181,863      (815,338      (290,344      (2,540,763      191,656,664        3,235,221  

Foreign currency related transactions

     112,124        4,007        (1,945      4,477        (1,789,674      (31,014

Net realized gain (loss)

     (18,938,705      (1,612,626      297,584        (9,358,940      197,188,025        2,733,290  

Net increase (decrease) in unrealized appreciation/depreciation:

 

Investment transactions

     (97,348,866      (2,421,613      (2,061,965      (79,078,144      159,735,519        1,683,579  

Investment transactions in affiliates (Note 3)

                          (55,911              

Foreign currency contracts

     67,320,903        2,745,342        989,608        68,746,973        112,220,426        1,908,916  

Translation of assets and liabilities denominated in foreign currencies

     (157,368      (4,798      (10,248      (115,853      (236,555      (1,213

Net increase (decrease) in unrealized appreciation/depreciation

     (30,185,331      318,931        (1,082,605      (10,502,935      271,719,390        3,591,282  

Net realized and unrealized gain (loss) on investments

     (49,124,036      (1,293,695      (785,021      (19,861,875      468,907,415        6,324,572  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

   $ (6,625,722    $ 360,442      $ 17,074      $ (4,281,977    $ 501,459,219      $ 6,846,189  

 

See Notes to Financial Statements.

 

44   WisdomTree Trust


Statements of Changes in Net Assets

WisdomTree Trust

 

 

 

 

    

WisdomTree Europe

Hedged Equity Fund

   

WisdomTree Europe Hedged

SmallCap Equity Fund

   

WisdomTree Germany

Hedged Equity Fund

 
    

For the

Six Months Ended
September 30, 2023
(unaudited)

    For the
Year Ended
March 31, 2023
    For the
Six Months Ended
September 30, 2023
(unaudited)
    For the
Year Ended
March 31, 2023
    For the
Six Months Ended
September 30, 2023
(unaudited)
    For the
Year Ended
March 31, 2023
 

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:

 

Net investment income

  $ 42,498,314     $ 41,397,465     $ 1,654,137     $ 2,357,253     $ 802,095     $ 852,845  

Net realized gain (loss) on investments, foreign currency contracts and foreign currency related transactions

    (18,938,705     61,473,088       (1,612,626     (4,807,804     297,584       (55,740

Net increase (decrease) in unrealized appreciation/depreciation on investments, foreign currency contracts and translation of assets and liabilities denominated in foreign currencies

    (30,185,331     31,948,323       318,931       (154,286     (1,082,605     1,613,082  

Net increase (decrease) in net assets resulting from operations

    (6,625,722     134,818,876       360,442       (2,604,837     17,074       2,410,187  

DISTRIBUTIONS TO SHAREHOLDERS:

 

Distributable earnings

    (44,382,000     (40,224,525     (1,724,250     (2,393,909     (810,000     (889,504

CAPITAL SHARE TRANSACTIONS:

 

Net proceeds from sale of shares

    28,245,179       23,922,673       10,188,628       19,411,083       1,864,725        

Cost of shares redeemed

    (7,966,836     (581,668,771           (26,217,220     (3,638,932     (5,033,589

Net increase (decrease) in net assets resulting from capital share transactions

    20,278,343       (557,746,098     10,188,628       (6,806,137     (1,774,207     (5,033,589

Net Increase (Decrease) in Net Assets

    (30,729,379     (463,151,747     8,824,820       (11,804,883     (2,567,133     (3,512,906

NET ASSETS:

 

Beginning of period

  $ 1,402,595,658     $ 1,865,747,405     $ 48,966,650     $ 60,771,533     $ 21,842,448     $ 25,355,354  

End of period

  $ 1,371,866,279     $ 1,402,595,658     $ 57,791,470     $ 48,966,650     $ 19,275,315     $ 21,842,448  

SHARES CREATED AND REDEEMED:

 

Shares outstanding, beginning of period

    34,200,000 1      50,400,000 1      1,450,000       1,750,000       600,000       750,000  

Shares created

    700,000 1      600,000 1      300,000       550,000       50,000        

Shares redeemed

    (200,000 )1      (16,800,000 )1            (850,000     (100,000     (150,000

Shares outstanding, end of period

    34,700,000 1      34,200,000 1      1,750,000       1,450,000       550,000       600,000  

1 Shares were adjusted to reflect a 2:1 share split effective August 10, 2023.

  

 

See Notes to Financial Statements.

 

WisdomTree Trust      45  


Statements of Changes in Net Assets (concluded)

WisdomTree Trust

 

 

 

 

    

WisdomTree International

Hedged Quality Dividend Growth Fund

   

WisdomTree Japan

Hedged Equity Fund

   

WisdomTree Japan Hedged

SmallCap Equity Fund

 
    

For the

Six Months Ended
September 30, 2023
(unaudited)

   

For the

Year Ended
March 31, 2023

   

For the

Six Months Ended
September 30, 2023
(unaudited)

   

For the

Year Ended
March 31, 2023

   

For the

Six Months Ended
September 30, 2023
(unaudited)

   

For the

Year Ended
March 31, 2023

 

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:

 

Net investment income

  $ 15,579,898     $ 40,343,152     $ 32,551,804     $ 54,558,772     $ 521,617     $ 592,040  

Net realized gain (loss) on investments, foreign currency contracts and foreign currency related transactions

    (9,358,940     (122,646,277     197,188,025       195,447,523       2,733,290       395,893  

Net increase (decrease) in unrealized appreciation/depreciation on investments, foreign currency contracts and translation of assets and liabilities denominated in foreign currencies

    (10,502,935     132,616,560       271,719,390       (29,443,068     3,591,282       2,766,223  

Net increase (decrease) in net assets resulting from operations

    (4,281,977     50,313,435       501,459,219       220,563,227       6,846,189       3,754,156  

DISTRIBUTIONS TO SHAREHOLDERS:

 

Distributable earnings

    (17,592,000     (152,589,770     (24,144,117     (70,598,895     (267,024     (888,720

CAPITAL SHARE TRANSACTIONS:

 

Net proceeds from sale of shares

    329,606,886       351,881,143       1,259,238,289       425,626,096       21,026,255        

Cost of shares redeemed

          (30,111,720     (108,804,769     (965,252,969           (4,344,141

Net increase (decrease) in net assets resulting from capital share transactions

    329,606,886       321,769,423       1,150,433,520       (539,626,873     21,026,255       (4,344,141

Net Increase (Decrease) in Net Assets

    307,732,909       219,493,088       1,627,748,622       (389,662,541     27,605,420       (1,478,705

NET ASSETS:

 

Beginning of period

  $ 1,396,585,649     $ 1,177,092,561     $ 1,530,181,913     $ 1,919,844,454     $ 24,124,781     $ 25,603,486  

End of period

  $ 1,704,318,558     $ 1,396,585,649     $ 3,157,930,535     $ 1,530,181,913     $ 51,730,201     $ 24,124,781  

SHARES CREATED AND REDEEMED:

 

Shares outstanding, beginning of period

    35,650,000       27,350,000       21,700,000       29,700,000       1,000,000 1      1,200,000 1 

Shares created

    8,300,000       9,100,000       15,350,000       6,650,000       800,000 1      1 

Shares redeemed

          (800,000     (1,300,000     (14,650,000     1      (200,000 )1 

Shares outstanding, end of period

    43,950,000       35,650,000       35,750,000       21,700,000       1,800,000 1      1,000,000 1 

1 Shares were adjusted to reflect a 2:1 share split effective August 10, 2023.

  

 

See Notes to Financial Statements.

 

46   WisdomTree Trust


Financial Highlights

WisdomTree Trust

Selected data for a share of beneficial interest outstanding throughout the period is presented below:

 

 

WisdomTree Europe Hedged

Equity Fund

  For the
Six Months Ended
September 30, 2023
(unaudited)1
    For the
Year Ended
March 31, 20231
    For the
Year Ended
March 31, 20221
    For the
Year Ended
March 31, 20211
    For the
Year Ended
March 31, 20201
    For the
Year Ended
March 31, 20191
 

Net asset value, beginning of period

  $ 41.01     $ 37.02     $ 36.36     $ 25.92     $ 31.95     $ 31.34  

Investment operations:

 

Net investment income2

    1.23       1.06       0.69       0.88       0.76       0.89  

Net realized and unrealized gain (loss)

    (1.42     3.88       0.81       10.43       (6.10     0.45  

Total from investment operations

    (0.19     4.94       1.50       11.31       (5.34     1.34  

Dividends and distributions to shareholders:

 

Net investment income

    (1.28     (0.95     (0.84     (0.87     (0.69     (0.65

Tax return of capital

                                  (0.08

Total dividends and distributions to shareholders

    (1.28     (0.95     (0.84     (0.87     (0.69     (0.73

Net asset value, end of period

  $ 39.54     $ 41.01     $ 37.02     $ 36.36     $ 25.92     $ 31.95  

TOTAL RETURN3

    (0.44 )%      13.94     4.04     44.22     (17.15 )%      4.33

RATIOS/SUPPLEMENTAL DATA:

 

Net assets, end of period (000’s omitted)

  $ 1,371,866     $ 1,402,596     $ 1,865,747     $ 1,937,668     $ 2,200,271     $ 3,744,358  

Ratios to average net assets of:

 

Expenses

    0.58 %4      0.79 %5      0.59 %5      0.58     0.58     0.58

Net investment income

    6.04 %4      2.95     1.79     2.81     2.29     2.86

Portfolio turnover rate6

    8     38     34     55     26     18

 

             

WisdomTree Europe Hedged

SmallCap Equity Fund

  For the
Six Months Ended
September 30, 2023
(unaudited)
    For the
Year Ended
March 31, 2023
    For the
Year Ended
March 31, 2022
    For the
Year Ended
March 31, 2021
    For the
Year Ended
March 31, 2020
    For the
Year Ended
March 31, 2019
 

Net asset value, beginning of period

  $ 33.77     $ 34.73     $ 33.96     $ 23.43     $ 30.17     $ 30.62  

Investment operations:

 

Net investment income2

    1.03       1.73       0.75       1.02       1.22       1.06  

Net realized and unrealized gain (loss)

    (0.74     (1.06     0.91 7      10.56       (6.92     (0.89

Total from investment operations

    0.29       0.67       1.66       11.58       (5.70     0.17  

Dividends to shareholders:

 

Net investment income

    (1.04     (1.63     (0.89     (1.05     (1.04     (0.62

Net asset value, end of period

  $ 33.02     $ 33.77     $ 34.73     $ 33.96     $ 23.43     $ 30.17  

TOTAL RETURN3

    0.88     2.53     4.86     50.50     (19.62 )%      0.54

RATIOS/SUPPLEMENTAL DATA:

 

Net assets, end of period (000’s omitted)

  $ 57,791     $ 48,967     $ 60,772     $ 37,353     $ 49,197     $ 120,671  

Ratios to average net assets of:

 

Expenses

    0.58 %4      0.59 %5      0.63 %5      0.58     0.58     0.58

Net investment income

    6.06 %4      5.34     2.08     3.59     3.99     3.55

Portfolio turnover rate6

    8     44     57     77     49     37
1

Per share amounts were adjusted to reflect a 2:1 share split effective August 10, 2023.

 

2

Based on average shares outstanding.

 

3

Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized.

 

4

Annualized.

 

5

Included in the expense ratio are “Other fees” described in Note 6. Without these expenses, the expense ratio would have been 0.58%.

 

6

Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

 

7

The amount of net realized and unrealized loss per share does not correspond with the amounts reported within the Statements of Changes due to the timing of capital share transactions of Fund shares and fluctuating market values during the fiscal year.

 

See Notes to Financial Statements.

 

WisdomTree Trust      47  


Financial Highlights (continued)

WisdomTree Trust

Selected data for a share of beneficial interest outstanding throughout the period is presented below:

 

 

WisdomTree Germany Hedged Equity Fund   For the
Six Months Ended
September 30, 2023
(unaudited)
    For the
Year Ended
March 31, 2023
    For the
Year Ended
March 31, 2022
    For the
Year Ended
March 31, 2021
    For the
Year Ended
March 31, 2020
    For the
Year Ended
March 31, 2019
 

Net asset value, beginning of period

  $ 36.40     $ 33.81     $ 34.95     $ 22.79     $ 28.63     $ 30.95  

Investment operations:

 

Net investment income1

    1.38       1.19       1.03       0.98       0.88       1.10  

Net realized and unrealized gain (loss)

    (1.38     2.62       (0.79     12.16       (5.87     (2.64

Total from investment operations

    0.00 2      3.81       0.24       13.14       (4.99     (1.54

Dividends and distributions to shareholders:

 

Net investment income

    (1.35     (1.22     (1.38     (0.98     (0.85     (0.59

Tax return of capital

                                  (0.19

Total dividends and distributions to shareholders

    (1.35     (1.22     (1.38     (0.98     (0.85     (0.78

Net asset value, end of period

  $ 35.05     $ 36.40     $ 33.81     $ 34.95     $ 22.79     $ 28.63  

TOTAL RETURN3

    (0.05 )%      11.92     0.50     58.59     (18.06 )%      (5.07 )% 

RATIOS/SUPPLEMENTAL DATA:

 

Net assets, end of period (000’s omitted)

  $ 19,275     $ 21,842     $ 25,355     $ 31,459     $ 29,622     $ 51,541  

Ratios to average net assets of:

 

Expenses

    0.48 %4      0.48     0.48     0.48     0.48     0.48

Net investment income

    7.57 %4      3.67     2.90     3.38     2.95     3.66

Portfolio turnover rate5

    11     36     24     46     41     16

 

             
WisdomTree International Hedged Quality
Dividend Growth Fund
  For the
Six Months Ended
September 30, 2023
(unaudited)
    For the
Year Ended
March 31, 2023
    For the
Year Ended
March 31, 2022
    For the
Year Ended
March 31, 2021
    For the
Year Ended
March 31, 2020
    For the
Year Ended
March 31, 2019
 

Net asset value, beginning of period

  $ 39.17     $ 43.04     $ 41.17     $ 30.61     $ 32.14     $ 30.78  

Investment operations:

 

Net investment income1

    0.39       1.29       1.25       0.88       0.78       0.64  

Net realized and unrealized gain (loss)

    (0.35     (0.45 )6      2.03       10.54       (1.59     0.83  

Net increase from payment by affiliate

                0.00 2      0.08              

Total from investment operations

    0.04 7      0.84       3.28       11.50       (0.81     1.47  

Dividends and distributions to shareholders:

 

Net investment income

    (0.43     (1.33     (1.41     (0.94     (0.72     (0.11

Capital gains

          (3.38                        

Total dividends and distributions to shareholders

    (0.43     (4.71     (1.41     (0.94     (0.72     (0.11

Net asset value, end of period

  $ 38.78     $ 39.17     $ 43.04     $ 41.17     $ 30.61     $ 32.14  

TOTAL RETURN3

    0.09     3.00     7.93 %8      37.85 %9      (2.70 )%      4.78

RATIOS/SUPPLEMENTAL DATA:

 

Net assets, end of period (000’s omitted)

  $ 1,704,319     $ 1,396,586     $ 1,177,093     $ 899,491     $ 592,346     $ 438,708  

Ratios to average net assets of:

 

Expenses

    0.58 %4,10,11      0.59 %10,11,12      0.58 %10,11      0.58 %10,11      0.58 %10,11      0.58

Net investment income

    1.95 %4,10      3.35 %10      2.85 %10      2.37 %10      2.32 %10      2.07

Portfolio turnover rate5

    4     86     61     67     61     56
1 

Based on average shares outstanding.

 

2 

Amount represents less than $0.005.

 

3

Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. For the periods in which the investment advisor waived advisory fees for the WisdomTree International Hedged Quality Dividend Growth Fund, the total return would have been lower if certain expenses had not been waived (Notes 2 and 3).

 

4

Annualized.

 

5

Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

 

6 

The amount of net realized and unrealized loss per share does not correspond with the amounts reported within the Statements of Changes due to the timing of capital share transactions of Fund shares and fluctuating market values during the fiscal year.

 

7 

The total from investment operations per share does not correspond with the amount reported within the Statements of Changes due to the timing of capital share transactions of Fund shares and fluctuating market values during the fiscal period.

 

8 

Includes a voluntary reimbursement from the sub-advisor for investment losses on certain equity transactions during the period. Excluding the voluntary reimbursement, total return would have been unchanged.

 

9 

Includes a voluntary reimbursement from the sub-advisor for investment losses on certain foreign exchange transactions during the period. Excluding this voluntary reimbursement, total return would have been 0.27% lower.

 

10 

The ratios to average net assets do not include net investment income (loss) or expenses of other funds in which the Fund invests.

 

11 

The expense ratio includes investment advisory fee waivers. Without these investment advisory fee waivers, the expense ratio would have been unchanged.

 

12 

Included in the expense ratio are “Other fees” described in Note 6. Without these expenses, the expense ratio would have been 0.58%.

 

See Notes to Financial Statements.

 

48   WisdomTree Trust


Financial Highlights (concluded)

WisdomTree Trust

Selected data for a share of beneficial interest outstanding throughout the period is presented below:

 

 

WisdomTree Japan Hedged Equity Fund   For the
Six Months Ended
September 30, 2023
(unaudited)
    For the
Year Ended
March 31, 2023
    For the
Year Ended
March 31, 2022
    For the
Year Ended
March 31, 2021
    For the
Year Ended
March 31, 2020
    For the
Year Ended
March 31, 2019
 

Net asset value, beginning of period

  $ 70.52     $ 64.64     $ 61.01     $ 42.64     $ 50.42     $ 55.76  

Investment operations:

 

Net investment income1

    1.14       1.91       1.52       1.02       1.05       1.06  

Net realized and unrealized gain (loss)

    17.46       6.54 2      3.76       18.73       (7.52     (5.03

Net increase from payment by affiliate

                      0.00 3             

Total from investment operations

    18.60       8.45       5.28       19.75       (6.47     (3.97

Dividends to shareholders:

 

Net investment income

    (0.79     (2.57     (1.65     (1.38     (1.31     (1.37

Net asset value, end of period

  $ 88.33     $ 70.52     $ 64.64     $ 61.01     $ 42.64     $ 50.42  

TOTAL RETURN4

    26.47     13.48     8.79     46.97 %5      (13.26 )%      (7.20 )% 

RATIOS/SUPPLEMENTAL DATA:

 

Net assets, end of period (000’s omitted)

  $ 3,157,931     $ 1,530,182     $ 1,919,844     $ 1,674,759     $ 1,709,801     $ 3,254,417  

Ratios to average net assets of:

 

Expenses

    0.48 %6      0.48     0.48     0.48     0.48     0.48

Net investment income

    2.81 %6      2.93     2.45     2.03     2.08     1.96

Portfolio turnover rate7

    4     37     22     25     20     23

 

             
WisdomTree Japan Hedged SmallCap
Equity Fund
  For the
Six Months Ended
September 30, 2023
(unaudited)8
    For the
Year Ended
March 31, 20238
    For the
Year Ended
March 31, 20228
    For the
Year Ended
March 31, 20218
    For the
Year Ended
March 31, 20208
    For the
Year Ended
March 31, 20198
 

Net asset value, beginning of period

  $ 24.12     $ 21.33     $ 22.38     $ 16.94     $ 19.79     $ 22.07  

Investment operations:

 

Net investment income1

    0.38       0.56       0.49       0.32       0.37       0.26  

Net realized and unrealized gain (loss)

    4.46       3.06       (0.90     5.73       (2.76     (2.16

Total from investment operations

    4.84       3.62       (0.41     6.05       (2.39     (1.90

Dividends to shareholders:

 

Net investment income

    (0.22     (0.83     (0.64     (0.61     (0.46     (0.38

Net asset value, end of period

  $ 28.74     $ 24.12     $ 21.33     $ 22.38     $ 16.94     $ 19.79  

TOTAL RETURN4

    20.15     17.36     (1.80 )%      36.31     (12.41 )%      (8.77 )% 

RATIOS/SUPPLEMENTAL DATA:

 

Net assets, end of period (000’s omitted)

  $ 51,730     $ 24,125     $ 25,603     $ 31,332     $ 44,049     $ 83,097  

Ratios to average net assets of:

 

Expenses

    0.58 %6      0.58     0.58     0.58     0.58     0.58

Net investment income

    2.84 %6      2.52     2.26     1.67     1.90     1.20

Portfolio turnover rate7

    5     46     41     41     36     38
1

Based on average shares outstanding.

 

2

The amount of net realized and unrealized gain per share does not correspond with the amounts reported within the Statements of Changes due to the timing of capital share transactions of Fund shares and fluctuating market values during the fiscal year.

 

3

Amount represents less than $0.005.

 

4

Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized.

 

5

Includes a voluntary reimbursement from the sub-advisor for investment losses on certain foreign exchange transactions during the period. Excluding this voluntary reimbursement, total return would have been unchanged.

 

6

Annualized.

 

7

Portfolio turnover rate is not annualized for fiscal periods less than one year and excludes the value of the portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares. Short-term securities with maturities less than or equal to 365 days are excluded from the portfolio turnover calculation.

 

8 

Per share amounts were adjusted to reflect a 2:1 share split effective August 10, 2023.

 

See Notes to Financial Statements.

 

WisdomTree Trust      49  


Notes to Financial Statements (unaudited)

 

1. ORGANIZATION

WisdomTree Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust on December 15, 2005 and is authorized to have multiple series of portfolios (each a “Fund”, collectively, the “Funds”). These notes relate only to the Funds listed below. In accordance with Accounting Standards Codification Topic 946, Financial Services-Investment Companies, each Fund listed below qualifies as an investment company and is applying the accounting and reporting guidance for investment companies.

 

   
Fund   

Commencement

of Operations

 

WisdomTree Europe Hedged Equity Fund (“Europe Hedged Equity Fund”)

     December 31, 2009  

WisdomTree Europe Hedged SmallCap Equity Fund (“Europe Hedged SmallCap Equity Fund”)

     March 4, 2015  

WisdomTree Germany Hedged Equity Fund (“Germany Hedged Equity Fund”)

     October 17, 2013  

WisdomTree International Hedged Quality Dividend Growth Fund (“International Hedged Quality Dividend Growth Fund”)

     May 7, 2014  

WisdomTree Japan Hedged Equity Fund (“Japan Hedged Equity Fund”)

     June 16, 2006  

WisdomTree Japan Hedged SmallCap Equity Fund (“Japan Hedged SmallCap Equity Fund”)

     June 28, 2013  

Each Fund seeks to track the price and yield performance, before fees and expenses, of a particular index (“Index”) developed by WisdomTree, Inc. (“WisdomTree”) or an Index developed by a third party. WisdomTree is the parent company of WisdomTree Asset Management, Inc. (“WTAM”), the investment adviser to each Fund and the Trust. “WisdomTree” is a registered trademark of WisdomTree and has been licensed for use by the Trust. Each Fund described herein is considered to be non-diversified as defined under the 1940 Act.

In the normal course of business, the Funds may enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believe such exposure to be remote.

2. SIGNIFICANT ACCOUNTING POLICIES

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants.

The following is a summary of significant accounting policies followed by the Funds:

Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

Investment Valuation — The net asset value (“NAV”) of each Fund’s shares is calculated each day a Fund is open for business as of the regularly scheduled close of regular trading on the New York Stock Exchange, normally 4:00 p.m. Eastern time (the “NAV Calculation Time”). NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding. Each Fund issues and redeems shares at NAV only in large blocks of shares known as creation units, which only certain institutions (e.g., broker-dealers) may purchase or redeem. Shares of each Fund are listed on a national securities exchange and trade at market prices. Most investors will buy and sell shares in the secondary market through brokers. Because Fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV or less than NAV. In calculating each Fund’s NAV, investments are valued under policies approved by the Board of Trustees of the Trust (the “Board of Trustees”). Equity securities (including preferred stock) traded on any recognized U.S. or non-U.S. exchange are valued at the last sale price or official closing price on the exchange on which they are principally traded. Unlisted equity securities (including preferred stock) are valued at the last sale price or, if no sale price is available, at the mean between the highest bid and lowest ask price. Each Fund may invest in money market funds which are valued at their NAV per share and exchange-traded funds (“ETFs” or “ETF”) or exchange-traded notes (“ETNs” or “ETN”) which are valued at their last sale or official closing price on the exchange on which they are principally traded or at their NAV per share in instances where the ETF or ETN has not traded on its principal exchange. Foreign currency contracts that settle within two business days after the trade date (“Spot Contracts”) and foreign currency contracts having a settlement period greater than two business days after the trade date (“Forward Contracts”) are valued on the measurement date using an interpolated foreign exchange rate between the closest preceding and subsequent settlement period, as calculated using the 4:00 p.m. London time closing spot and forward rates provided by an independent pricing service provider.

 

50   WisdomTree Trust


Notes to Financial Statements (unaudited) (continued)

 

Pursuant to Board-approved valuation procedures established by the Trust and WTAM, the Board has appointed WTAM as the Funds’ valuation designee (the “Valuation Designee”) to perform all fair valuations of the Funds’ portfolio investments, subject to the Board’s oversight. As the Valuation Designee, WTAM has established procedures for its fair valuation of a Fund’s portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation. The Valuation Designee is comprised of senior representatives of WTAM and reports to the Board of Trustees on a quarterly basis. In the event that a financial instrument cannot be valued based upon a price from the exchange or system on which it is principally traded, independent pricing service provider or broker-dealer quotation, or such prices are deemed to not reflect current market value, the Valuation Designee may value the financial instrument in good faith under the policies and procedures approved by the Board of Trustees based on current facts and circumstances. Securities that may be valued using “fair value” pricing may include, but are not limited to, securities for which there are no current market quotations, securities whose issuer is in default or bankruptcy, securities subject to corporate actions (such as mergers or reorganizations), securities subject to non-U.S. investment limits or currency controls, and securities affected by “significant events”. An example of a significant event is an event occurring after the close of the market in which a security trades but before a Fund’s next NAV Calculation Time that may materially affect the value of a Fund’s investment (e.g., government action, natural disaster, or significant market fluctuation). When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities.

Fair Value Measurement In accordance with Codification Topic 820 (“ASC 820”), Fair Value Measurements and Disclosures, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Valuation Designee will perform other procedures (consistent with GAAP) to value an investment when a market quote is not available. ASC 820 established a three-tier hierarchy of inputs to be used when determining fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk — for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including each Fund’s assumptions in determining the fair value of investments)

The inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments.

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (e.g., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended (either due to events affecting the issuer of the security specifically or events affecting the primary trading exchange more broadly) or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation or market activity; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (e.g., an event that occurs after the close of the markets in which the security is traded but before the time as of which a Fund’s NAV is computed and that may materially affect the value of the Fund’s investments).

The valuation techniques and significant inputs used in determining the fair market value measurements for Level 2 and Level 3 positions are as follows:

Financial instruments are generally valued by independent pricing service providers that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. Depending on the type of financial instrument, the independent pricing service providers’ internal pricing models may use inputs that are observable such as issuer details (e.g., credit rating, debt ranking, coupon date, maturity date, etc.), interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Financial instruments that use similar valuation techniques and observable inputs as described above and have an appropriate level of market activity are categorized as Level 2 of the fair value hierarchy, otherwise a Level 3 fair value classification is appropriate. Over-the-counter financial derivative instruments derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These instruments are normally valued on the basis of broker-dealer quotations or prices obtained from independent pricing service providers. Depending on the product and the terms of the

 

WisdomTree Trust      51  


Notes to Financial Statements (unaudited) (continued)

 

transaction, the value of the financial derivative instruments can be estimated by an independent pricing service provider using a series of techniques including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as issuer details, indices, credit risks/spreads, interest rates, yield curves, default and exchange rates. Derivative contracts that use similar valuation techniques and observable inputs as described above and have an appropriate level of market activity are categorized as Level 2 of the fair value hierarchy, otherwise a Level 3 fair value classification is appropriate.

Determination of a fair value by the Valuation Designee may include significant unobservable inputs and therefore such financial instruments would be reflected as a Level 3 of the fair value hierarchy. The Valuation Designee may employ a market-based valuation approach which may use, among other potential considerations, related or comparable securities, recent transactions, market multiples, and other relevant information to determine fair value. The Valuation Designee may also use an income-based valuation approach in which anticipated future cash flows of the financial instrument are discounted to calculate fair value.

The summary of fair valuations according to the inputs used in valuing each Fund’s assets as of the measurement date is included in a “Fair Valuation Summary” supplementary table in each applicable Fund’s Schedule of Investments.

During the six months ended September 30, 2023, there were no significant transfers into or out of Level 3 of the fair value hierarchy.

Derivatives and Hedging Disclosure — Codification Topic 815 (“ASC 815”), Derivatives and Hedging, requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts as well as gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The Funds have invested in derivatives, specifically foreign currency contracts during the fiscal period ended September 30, 2023 and open positions in such derivatives as of September 30, 2023 are detailed in each Fund’s Schedule of Investments. All of the derivative instruments disclosed and described herein are subject to credit risk. Risks may arise upon entering into foreign currency contracts from potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar or each other. Risks may arise upon entering into foreign currency contracts from potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar or each other. Any collateral posted (or received) with respect to the derivative positions would be used to offset or reduce the payment due to (or due from) a counterparty in the event of default. Information with respect to the amounts and types of collateral received and/or posted for derivative instruments as of September 30, 2023, if any, is reflected as a footnote within each Fund’s Schedule of Investments.The Funds’ maximum credit risk exposure to derivatives agreements would be the total value of derivatives disclosed in the table included in Note 2 — Master Netting Arrangements under the column entitled “Assets: Net Amount”.

As of September 30, 2023, the effects of such derivative instruments on each Fund’s financial position as reflected in the Statements of Assets and Liabilities are presented in the summary below:

 

     
     Asset Derivatives      Liability Derivatives  
Fund    Balance Sheet Location    Value      Balance Sheet Location    Value  

Europe Hedged Equity Fund

           

Foreign currency risk

   Unrealized appreciation on foreign currency contracts    $ 36,614,887      Unrealized depreciation on
foreign currency contracts
   $ 120,331  

Europe Hedged SmallCap Equity Fund

           

Foreign currency risk

   Unrealized appreciation on foreign currency contracts      1,519,920      Unrealized depreciation on
foreign currency contracts
     655  

Germany Hedged Equity Fund

           

Foreign currency risk

   Unrealized appreciation on
foreign currency contracts
     509,403      Unrealized depreciation on
foreign currency contracts
     228  

International Hedged Quality Dividend Growth Fund

           

Foreign currency risk

   Unrealized appreciation on
foreign currency contracts
     45,813,340      Unrealized depreciation on
foreign currency contracts
     720,511  

Japan Hedged Equity Fund

           

Foreign currency risk

   Unrealized appreciation on
foreign currency contracts
     83,189,400      Unrealized depreciation on
foreign currency contracts
     41,153  

Japan Hedged SmallCap Equity Fund

           

Foreign currency risk

   Unrealized appreciation on
foreign currency contracts
     1,452,567      Unrealized depreciation on
foreign currency contracts
     591  

 

52   WisdomTree Trust


Notes to Financial Statements (unaudited) (continued)

 

For the six months ended September 30, 2023, the effects of derivative instruments on each applicable Fund’s financial performance as reflected in the Statements of Operations are presented in the summary below:

 

     
Fund    Amount of Realized Gain
or (Loss) on Derivatives
Recognized1
     Change in Unrealized
Appreciation or
(Depreciation) on
Derivatives Recognized2
 

Europe Hedged Equity Fund

     

Foreign currency risk

   $ (18,181,863    $ 67,320,903  

Europe Hedged SmallCap Equity Fund

     

Foreign currency risk

     (815,338      2,745,342  

Germany Hedged Equity Fund

     

Foreign currency risk

     (290,344      989,608  

International Hedged Quality Dividend Growth Fund

     

Foreign currency risk

     (2,540,763      68,746,973  

Japan Hedged Equity Fund

     

Foreign currency risk

     191,656,664        112,220,426  

Japan Hedged SmallCap Equity Fund

     

Foreign currency risk

     3,235,221        1,908,916  

 

  1 

Realized gains (losses) on derivatives are located on the Statements of Operations as follows:

 

Foreign currency risk

   Net realized gain (loss) from foreign currency contracts

 

  2 

Change in unrealized appreciation (depreciation) is located on the Statements of Operations as follows:

 

Foreign currency risk

   Net increase (decrease) in unrealized appreciation/depreciation from foreign currency contracts

During the six months ended September 30, 2023, the volume of derivative activity (based on the average of month-end balances) for each Fund was as follows:

 

   
     Average Notional  
Fund    Foreign currency
contracts
(to deliver
USD)
     Foreign Currency
contracts
(to receive
USD)
 

Europe Hedged Equity Fund

     

Foreign currency risk

   $ 1,410,396,903      $ 2,817,458,375  

Europe Hedged SmallCap Equity Fund

     

Foreign currency risk

     54,500,473        108,523,245  

Germany Hedged Equity Fund

     

Foreign currency risk

     21,565,606        42,562,650  

International Hedged Quality Dividend Growth Fund

     

Foreign currency risk

     1,594,280,129        3,182,399,008  

Japan Hedged Equity Fund

     

Foreign currency risk

     2,264,686,636        4,588,279,198  

Japan Hedged SmallCap Equity Fund

     

Foreign currency risk

     36,378,569        73,858,227  

Investment Transactions and Investment Income — Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Dividend income (less foreign taxes withheld, if any) is recognized on the ex-dividend date or as soon as practicable (with respect to foreign dividends) after the existence of a dividend declaration has been determined. Non-cash dividend income is recognized on the ex-dividend date, or, with respect to foreign dividends, as soon as practicable after the existence of a dividend declaration has been determined, at the fair value of securities received. Upon notification from real estate investment trust (“REIT”) issuers or as estimated by management, all or a portion of the dividend income received from a REIT may be redesignated as a reduction of cost of the related investment and/or as a realized gain. On each measurement date, the Funds evaluate the collectability of receivable balances. Generally, the Funds will write-off dividend receivable balances that are canceled by the issuer as of the date that the dividend receivable cancellation notification was publicly made available or when it becomes probable that dividends will not be collected and the amount of uncollectable dividends can be reasonably estimated. Income earned from securities lending activities (i.e., securities lending income), net of fees payable to the securities borrower and/or securities lending agent, is accrued daily.

 

WisdomTree Trust      53  


Notes to Financial Statements (unaudited) (continued)

 

Foreign Taxes — The Funds may be subject to foreign taxes (a portion of which may be reclaimable or refundable) on foreign income or capital gains on investment transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and tax rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are accrued and applied to foreign income as the foreign income is earned and are reflected on the Statements of Operations as follows: foreign taxes withheld on dividends are presented as a reduction to investment income in “Less: Foreign withholding taxes on dividends”, foreign taxes on capital gains from investment transactions, if any, are included in “Net realized gain (loss) from investment transactions”, and deferred foreign taxes on net unrealized appreciation on investments, if any, are included in “Net increase (decrease) in unrealized appreciation/depreciation on investment transactions”. Foreign taxes payable or deferred as of September 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities in “Payables: Foreign capital gains tax”.

In certain foreign jurisdictions, when the Funds incur subsequent capital losses on investment transactions that occurred during the tax year in the applicable foreign jurisdiction, the Funds may be entitled to a refund on any foreign taxes paid on previous capital gain investment transactions that occurred during the tax year of the applicable foreign jurisdiction. Foreign capital gain tax refunds on investment transactions are included in “Net realized gain (loss) from investment transactions” on the Statements of Operations and foreign capital gain tax refunds that remain unpaid as of September 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities in “Receivables: Foreign capital gains tax refund”.

The Funds file foreign tax reclaims in certain foreign jurisdictions to recover a portion of amounts previously withheld on dividend income if the tax reclaim is “more likely than not” to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims recorded relating to current fiscal year investment income are included in the Statements of Operations as a reduction to the balance shown for “Foreign withholding taxes on dividends” and foreign tax reclaims recorded, but not yet received as of September 30, 2023, if any, are shown on the Statements of Assets and Liabilities in “Receivables: Foreign tax reclaims”.

Foreign Currency Translation — The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates prevailing on the respective dates of such transactions that are deemed appropriate by WTAM. Realized and unrealized foreign exchange gains and losses on investments are included as a component of “net realized gain (loss) from investment transactions” and “net increase (decrease) in unrealized appreciation/depreciation from investment transactions”, respectively, on the Statements of Operations. Realized and unrealized foreign exchange gains or losses from foreign currency contracts are included in “net realized gain (loss) from foreign currency contracts” and “net increase (decrease) in unrealized appreciation/depreciation from foreign currency contracts”, respectively, on the Statements of Operations. Realized and unrealized foreign exchange gains or losses arising from sales of foreign currencies, currency gains or losses recognized between the trade and settlement dates on investment transactions, and the difference between the amounts of dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid are included in “net realized gain (loss) from foreign currency related transactions” and/or “net increase (decrease) in unrealized appreciation/depreciation from translation of assets and liabilities denominated in foreign currencies” in the Statements of Operations. Certain foreign exchange gains and losses included in realized and unrealized gains or losses are included in, or are a reduction of, ordinary income in accordance with U.S. Federal income tax regulations.

Expenses — Under the investment advisory agreement for each Fund, except for Funds that commenced operations on or after March 26, 2013, WTAM has agreed to pay all expenses of the Trust, except for: (i) brokerage expenses and other expenses (such as stamp taxes) connected with the execution of portfolio transactions or in connection with creation and redemption transactions; (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) compensation and expenses of trustees who are not interested persons of the Funds (“Independent Trustees”); (iv) compensation and expenses of counsel to the Independent Trustees; (v) compensation and expenses of the Trust’s Chief Compliance Officer (“CCO”); (vi) extraordinary expenses; (vii) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; and (viii) the advisory fee payable to WTAM.

Under the investment advisory agreement for Funds that commenced operations on or after March 26, 2013, WTAM has agreed to pay all expenses of the Trust, except for: (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions); (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) compensation and expenses of each Independent Trustee; (iv) compensation and expenses of counsel to the Independent Trustees; (v) compensation and expenses of the Trust’s CCO; (vi) extraordinary expenses (in each case as determined by a majority of the Independent Trustees); (vii) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (viii) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); (ix) fees and expenses related to the provision of securities lending services; and (x) the advisory fee payable to WTAM.

 

54   WisdomTree Trust


Notes to Financial Statements (unaudited) (continued)

 

Acquired fund fees and expenses (“AFFEs”) (which are fees and expenses incurred indirectly by a Fund through its investments in certain underlying investment companies) are not operating expenses of the Funds and are not paid by WTAM.

Pursuant to a separate contractual arrangement, WTAM arranges for the provision of CCO services with respect to each Fund, and is liable and responsible for, and administers, payments to the CCO, the Independent Trustees and counsel to the Independent Trustees. WTAM receives a fee, as shown on the Statements of Operations under “Service fees”, of up to 0.0044% per annum of each Fund’s average daily net assets for providing such services and paying such expenses. WTAM provides CCO services to the Trust.

Currency Transactions — The Funds may enter into foreign currency contracts to facilitate local securities settlements or to protect against currency exposure. The Funds may not enter into such contracts for speculative purposes.

Foreign Currency Contracts — The Funds may enter into foreign currency contracts to facilitate local securities settlements or to protect against currency exposure. The Funds may not enter into such contracts for speculative purposes. During the period ended September 30, 2023, the Funds utilized foreign currency contracts primarily to offset exposure to foreign currencies consistent with each Fund’s investment objective. A foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the inter-bank market conducted directly between currency traders (usually large, commercial banks) and their customers. A foreign currency contract generally does not require an initial margin deposit and no commissions are charged at any stage for trades.

Risks may arise upon entering into foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar or each other.

Fluctuations in the value of open foreign currency contracts are recorded for book purposes as unrealized gains or losses on foreign currency contracts by the Funds and are included in “net increase (decrease) in unrealized appreciation/depreciation from foreign currency contracts” on the Statements of Operations. Realized gains and losses on foreign currency contracts include net gains or losses recognized by the Funds on contracts which have settled are included in “net realized gain (loss) from foreign currency contracts on the Statements of Operations.

Securities Lending — Each Fund may lend portfolio securities to certain creditworthy borrowers, including the Funds’ securities lending agent. It is the Funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral in the form of cash and/or securities issued or guaranteed by the U.S. government or its agencies, equivalent to at least 100% of the market value of securities, is maintained at all times. The cash collateral can be invested in certain money market mutual funds which also have exposure to the fluctuations of the market. The values of the investments of cash collateral for securities on loan along with the obligations to return such collateral are included on the Statements of Assets and Liabilities. The total value of securities received as collateral for securities on loan is included in a footnote following each Schedule of Investments, but is not included within the Statements of Assets and Liabilities because the receiving Fund does not have the right to sell or repledge the securities received as collateral. As compensation for lending its securities, each Fund retains all or a portion of the interest received on investment of cash collateral or receives a fee from the borrower (net of any fee rebates paid to the borrower). The lending agent receives a portion of the income earned by the Funds in connection with the lending program. The net securities lending income earned by the Funds is disclosed on the Statements of Operations. The dividend income earned on the securities loaned is accounted for in the same manner as other dividend income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. Dividends received while a security is out on loan are not considered Qualified Dividend Income (“QDI”) under the specific criteria issued by the Internal Revenue Service and are subject to taxation at the shareholder’s ordinary income tax rate instead of the lower long-term capital gains tax rate. Lending portfolio securities could result in a loss or delay in recovering each Fund’s securities if the borrower defaults. In the event of a borrower default with respect to the failure to return to each Fund some or all of the securities loaned, the securities lending agent shall indemnify each Fund against the failure of the borrower if the value of the collateral received is insufficient to cover the market value of the securities loaned.

Master Netting Arrangements — Codification Topic 210 (“ASC 210”), Balance Sheet, requires disclosures generally intended to (i) help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position, (ii) improve transparency in the reporting of how companies mitigate credit risk, and (iii) facilitate comparisons between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of international financial reporting standards. ASC 210 requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASC 210 is limited in scope to the following financial instruments, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement: (i) recognized derivative instruments accounted for under ASC 815 (Derivatives and Hedging); (ii) repurchase agreements and reverse repurchase agreements; and (iii) securities borrowing and securities lending transactions.

 

WisdomTree Trust      55  


Notes to Financial Statements (unaudited) (continued)

 

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund enters into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter derivatives (“OTC”), such as foreign currency contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral requirements generally differ by type of derivative. Collateral terms are contract-specific for OTC derivatives (e.g., foreign currency contracts, options and certain swaps). To the extent amounts due to a Fund from its derivatives counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from a counterparty’s non-performance.

The Funds’ securities lending activities are governed by a Securities Lending Authorization Agreement (“Lending Agreement”) between the Funds and the lending agent. The Lending Agreement authorizes the lending agent to lend qualifying U.S. and foreign securities held by a Fund to approved borrowers (each a “Borrower”). To mitigate borrower risk, a Fund typically receives from a Borrower collateral in the form of U.S. dollar cash and/or securities issued or guaranteed by the U.S. government or its agencies in excess of the market value of the securities loaned. Under the provisions of the Lending Agreement, a Fund shall have, as to the collateral, all of the rights and remedies of a secured party under applicable law. A Fund is exposed to risk of loss if a Borrower defaults on its obligation to return borrowed securities and the value of the collateral a Fund received is insufficient to cover the market value of the securities loaned. Also, the lending agent is permitted to invest the cash collateral it receives from a Borrower into a money market fund which is subject to market fluctuation. Therefore, a Fund is exposed to risk of loss if the value of invested cash collateral is insufficient to satisfy the Fund’s obligation to return the full amount owed to such Borrower. However, in the event of a borrower default with respect to the failure to return to each Fund some or all of the securities loaned, the securities lending agent shall indemnify each Fund against the failure of the borrower if the value of the collateral received is insufficient to cover the market value of the securities loaned.

For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement or Lending Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of September 30, 2023, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement and the Lending Agreement are detailed in the following table:

 

     
    Assets     Liabilities  
   

Gross Amounts
in the
Statements of

Assets and
Liabilities

    Gross Amounts Not Offset
in the Statements of
Assets and Liabilities
   

Net Amount

   

Gross Amounts
in the
Statements of

Assets and
Liabilities

    Gross Amounts Not Offset
in the Statements of
Assets and Liabilities
   

Net Amount

 
Fund   Financial
Instruments
    Collateral
Received
    Financial
Instruments
    Collateral
Posted
 

Europe Hedged Equity Fund

               

Securities Lending

  $ 68,385,583     $     $ (68,385,583 )1    $     $     $     $     $  

Foreign Currency Contracts

    36,614,887       (12,154           36,602,733       120,331       (12,154           108,177  

Europe Hedged SmallCap Equity Fund

               

Securities Lending

    3,458,188             (3,458,188 )1                               

Foreign Currency Contracts

    1,519,920       (476           1,519,444       655       (476           179  

Germany Hedged Equity Fund

               

Securities Lending

    51,534             (51,534 )1                               

Foreign Currency Contracts

    509,403       (118           509,285       228       (118           110  

International Hedged Quality Dividend Growth Fund

               

Securities Lending

    73,748,003             (73,748,003 )1                               

Foreign Currency Contracts

    45,813,340       (714,680           45,098,660       720,511       (714,680           5,831  

Japan Hedged Equity Fund

               

Securities Lending

    227,850,977             (227,850,977 )1                               

Foreign Currency Contracts

    83,189,400       (41,153           83,148,247       41,153       (41,153            

Japan Hedged SmallCap Equity Fund

               

Securities Lending

    14,063,986             (14,063,986 )1                               

Foreign Currency Contracts

    1,452,567       (366           1,452,201       591       (366           225  
  1 

The amount of collateral presented has been limited such that the net amount by counterparty cannot be less than zero.

 

56   WisdomTree Trust


Notes to Financial Statements (unaudited) (continued)

 

Short-Term Investments — Each Fund may invest a portion of its assets in high-quality money market instruments on an ongoing basis to provide liquidity or for other reasons. The instruments include short-term obligations issued by the U.S. government, its agencies, non-U.S. government agencies, negotiable certificates of deposit (“CDs”), fixed time deposits and bankers’ acceptances of U.S. and foreign banks and similar institutions, commercial papers, repurchase agreements and money market funds. CDs are short-term negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Banker’s acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

Tax Information and Dividends and Distributions to Shareholders — It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (the “Code”). A portion of the Code, known as subchapter M (“Subchapter M”), addresses the ways by which investment companies and investment trusts may pass income through to shareholders in order to avoid double taxation. Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code so that it will not be subject to federal income tax on income and gains that are timely distributed to Fund shareholders. Accordingly, no provision for U.S. federal income taxes is required. In order to qualify for the special tax treatment accorded to RICs and their shareholders, each Fund must, among other things, distribute with respect to each taxable year an amount equal to or greater than the sum of 90% of its investment company taxable income and 90% of its net tax-exempt interest income. There can be no guarantee that a Fund will pay dividends. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with the requirements of the Code and the U.S. Treasury regulations (i.e., tax basis) which may differ to amounts determined under GAAP (i.e., book basis). These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital.

3. ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

WTAM has overall responsibility for the general management and administration of the Trust. WTAM provides an investment program for each Fund. WTAM has arranged for Mellon Investments Corporation (“Mellon”) to provide sub-advisory services to the Funds. Mellon is compensated by WTAM at no additional cost to the Funds. WTAM also arranges for transfer agency, custody, fund accounting, fund administration, securities lending and all other non-distribution related services necessary for the Funds to operate, which are generally under separate agreements entered into between the Trust on behalf of the Funds and the applicable service provider. Under the investment advisory agreement for each Fund, WTAM agrees to pay all expenses of the Funds, except for certain expenses described in Note 2.

Pursuant to a separate contractual arrangement, as also described in Note 2, WTAM arranges for the provision of CCO services with respect to each Fund, and is liable and responsible for, and administers, payments to the CCO, the Independent Trustees and counsel to the Independent Trustees in exchange for a fee, accrued daily and paid monthly in arrears, of up to 0.0044% per annum of each Fund’s average daily net assets.

WTAM expects to receive annual advisory fees from each Fund, based on a percentage of the Fund’s average daily net assets, as shown in the following table:

 

   
Fund   

Advisory

Fee Rate

 

Europe Hedged Equity Fund

     0.58

Europe Hedged SmallCap Equity Fund

     0.58

Germany Hedged Equity Fund

     0.48

International Hedged Quality Dividend Growth Fund

     0.58

Japan Hedged Equity Fund

     0.48

Japan Hedged SmallCap Equity Fund

     0.58

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. Transactions in shares of affiliated ETFs for the fiscal period ended September 30, 2023, as applicable, are included in an “Investment in Affiliates” supplementary table in each applicable Fund’s

 

WisdomTree Trust      57  


Notes to Financial Statements (unaudited) (continued)

 

Schedule of Investments. For these transactions, WTAM voluntarily waives a portion of its advisory fees that it would otherwise charge, for each Fund’s investment in affiliated funds. The waivers may be reduced to offset the incremental costs related to these investments (e.g., fund accounting, safekeeping, transaction fees, etc.) that are paid by WTAM out of its advisory fee. The dollar amount of advisory fees waived during the period for the Funds, if any, are included in the Statement of Operations in “Expense waivers”.

WTAM and/or WisdomTree (collectively herein, “WT”) may from time to time own shares of a Fund. As of and for the six months ended September 30, 2023, WT held shares of and received distributions from the following Fund, which were purchased through an unaffiliated broker in ordinary brokerage transactions in the secondary market in which the Fund’s shares trade:

       
     At September 30, 2023            For the fiscal period ended
September 30, 2023
 
Fund    Fund Shares
held by WT
     Market Value of
Fund Shares
held by WT
            Dividends and
Distributions paid to
WT on Fund Shares
held by WT
 

Japan Hedged Equity Fund

     15      $ 1,324              $ 13  

4. CAPITAL SHARE TRANSACTIONS

As of September 30, 2023, there were an unlimited number of $0.001 par value shares of beneficial interest authorized by the Trust. Shares are issued and redeemed by each Fund only in creation units or multiples thereof to an authorized participant (“AP”). Except when aggregated in creation units (“Creation Unit Aggregations”), shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of creation units of a Fund generally consists of the in-kind contribution of a basket of securities (“Deposit Securities”) and/or an amount of cash (“Cash Component”). Creation Unit Aggregations may be created in advance of receipt by a Fund of all or a portion of the applicable Deposit Securities from APs. In these circumstances, the initial deposit received from the AP will have a value greater than the NAV of the applicable Fund’s shares on the date the order is placed in proper form since, in addition to available Deposit Securities, U.S. cash must be deposited by the AP in an amount equal to the sum of (i) the Cash Component, plus (ii) generally between 102%-110%, as directed by the Trust or WTAM, which the Trust or WTAM may change from time to time, of the market value of the undelivered Deposit Securities (the “Additional Cash Deposit”) with the Fund pending delivery of any missing Deposit Securities. The Fund will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received from the AP or purchased by the Fund. Amounts due to be returned to an AP as of September 30, 2023, if any, is shown in the Statements of Assets and Liabilities in “Payables: Deposit due to authorized participant”. APs purchasing and redeeming creation units may be charged a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of creation units.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding purchases and sales resulting from in-kind capital share transactions and short-term investments) and the cost of purchases and the proceeds from sales resulting from in-kind capital share transactions (excluding short-term investments) for the six months ended September 30, 2023 are shown in the following table. Realized gains and losses on sales resulting from in-kind capital share redemptions, as shown on the Statements of Operations, are not recognized by the Funds for tax purposes.

 

       
                   In-kind Capital Share Transactions  
Fund    Purchases      Sales      Purchases      Sales  

Europe Hedged Equity Fund

   $ 172,643,181      $ 114,114,735      $ 16,140,854      $ 7,838,500  

Europe Hedged SmallCap Equity Fund

     6,223,996        4,358,409        10,104,104         

Germany Hedged Equity Fund

     2,566,783        2,230,588        1,826,234        3,573,494  

International Hedged Quality Dividend Growth Fund

     142,644,896        68,554,359        308,132,032         

Japan Hedged Equity Fund

     408,083,562        88,092,363        1,207,832,537        108,460,732  

Japan Hedged SmallCap Equity Fund

     6,355,981        1,758,444        21,114,900         

 

58   WisdomTree Trust


Notes to Financial Statements (unaudited) (continued)

 

6. FEDERAL INCOME TAXES

At September 30, 2023, the cost of investments (including securities on loan and derivatives) for Federal income tax purposes was as follows:

 

       
    Investments in Long Securities           Investments in Financial Derivatives1  
Fund   Tax Cost     Gross
Unrealized
Appreciation
    Gross
Unrealized
Depreciation
   

Net Unrealized
Appreciation/

(Depreciation)

           Gross
Unrealized
Appreciation
    Gross
Unrealized
Depreciation
   

Net Unrealized
Appreciation/

(Depreciation)

   

Total Net
Unrealized
Appreciation/

(Depreciation)

 

Europe Hedged Equity Fund

  $ 1,315,798,716     $ 234,527,510     $ (123,490,627   $ 111,036,883             $     $ (867   $ (867   $ 111,036,015  

Europe Hedged SmallCap Equity Fund

    62,193,791       3,060,744       (6,143,886     (3,083,142                   (37     (37     (3,083,179

Germany Hedged Equity Fund

    19,097,078       2,053,798       (2,175,351     (121,553                   (2     (2     (121,555

International Hedged Quality Dividend Growth Fund

    1,586,662,589       224,789,631       (66,653,681     158,135,950               2,505,604       (20,655     2,484,949       160,620,900  

Japan Hedged Equity Fund

    3,103,291,733       260,980,503       (145,023,579     115,956,924                                 115,956,924  

Japan Hedged SmallCap Equity Fund

    57,018,506       3,898,947       (2,935,581     963,366                                 963,366  
  1 

Certain financial derivatives may be considered section 1256 contracts under the Code. Each section 1256 contract held at the close of a taxable year shall be treated as sold for its fair market value on the last business day of such taxable year (and any realized gain and loss shall be taken into account for the taxable year). As such, the unrealized appreciation/(depreciation) for financial derivatives on a tax basis may not correspond to the unrealized appreciation/(depreciation) on a GAAP basis. The unrealized appreciation/(depreciation) for financial derivatives on a GAAP basis is located in the respective financial derivatives tables in each Fund’s Schedule of Investments.

GAAP provides guidance on tax provisions that prescribe a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Foreign withholding taxes, as applicable, are accrued based on each Fund’s understanding of the tax rules and rates that exist in the foreign markets in which it invests. Foreign withholding taxes are accrued and applied to foreign income, net realized capital gains and net unrealized appreciation, as applicable, as the foreign income is earned or capital gains and unrealized appreciation are recorded. The dollar amount of applicable foreign withholding taxes on foreign income is included net in the Statements of Operations in “Less: Foreign withholding taxes,” the foreign capital gains tax applicable on the disposal of securities is included in the Statements of Operations in “Net realized gain (loss) from transactions” and the dollar amount of deferred foreign capital gains tax applicable on the unrealized appreciation on securities held is included in the Statements of Operations in “Net increase (decrease) in unrealized appreciation/depreciation from investment transactions”. The Funds record a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is “more likely than not” to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Foreign tax reclaims that have been recorded but not yet received are shown on the Statements of Assets and Liabilities in “Receivables: Foreign tax reclaims”.

As a result of several European Court of Justice (“ECJ”) court cases in certain countries across the European Union (“EU”), certain Funds have filed additional tax reclaims for previously withheld taxes on dividends earned in those countries (“ECJ tax reclaims”). These additional filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, if any, for ECJ tax reclaims is reflected as “Other income” in the Statements of Operations and the cost to file these additional ECJ tax reclaims is reflected as “Other fees” in the Statements of Operations. When the ECJ tax reclaim is not “more likely than not” to be sustained assuming examination by tax authorities due to the uncertainty that exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these ECJ tax reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, ECJ tax reclaims received by the Funds, if any, reduce the amounts of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that ECJ tax reclaims received by a Fund during the fiscal year exceed foreign withholding taxes paid, and a Fund previously passed foreign tax credits on to its shareholders, a Fund must either amend historic tax reporting to shareholders or enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the respective Fund’s shareholders. During the fiscal period ended September 30, 2023, the ECJ tax reclaims received by the Funds, if any, did not exceed the foreign withholding taxes of the respective Funds. The Europe Hedged Equity Fund expects to enter into a closing agreement with the Internal Revenue Service on ECJ tax reclaims received in the prior fiscal year that exceeded foreign withholding taxes paid and has recognized estimated closing agreement fees of $4,318,457 which are shown on the Statements of Assets and Liabilities in “Payables: Other”.

7. SUBSEQUENT EVENT

At the recommendation of WTAM, the investment adviser of WisdomTree Germany Hedged Equity Fund (the “Affected Fund”), after continued review of the product lineup and anticipated limited future prospect of investor demand for the Affected Fund, among other considerations, the Board of Trustees determined to close and liquidate the Affected Fund. After the close of business

 

WisdomTree Trust      59  


Notes to Financial Statements (unaudited) (continued)

 

on October 20, 2023, the Affected Fund no longer accepted creation orders. The last day of secondary market trading of the Affected Fund’s shares was also October 20, 2023. Shareholders were able to sell Affected Fund shares through a broker in the standard manner through this date. Customary brokerage charges may have applied to such transactions. When the Affected Fund commenced liquidation of its portfolio, which occurred on or around October 23, 2023, but may have occurred before October 23, 2023, the liquidation process resulted in the Affected Fund increasing its cash holdings and deviating from the investment objective and strategies stated in its prospectus. It is anticipated that shareholders remaining in the Affected Fund after the last day of trading will have their shares redeemed automatically on or around October 30, 2023, and will receive cash through their broker or other applicable financial intermediary thereafter in an amount equal to the net asset value of their shares as calculated on or about October 27, 2023. This amount is expected to include any accrued capital gains and dividends. Shareholders remaining in the Affected Fund and that receive cash will not be charged any transaction fees by the Affected Fund. Whether shareholders sell their shares or are automatically redeemed as described above, shareholders will generally recognize a capital gain (or loss) equal to the amount received for their shares (or below) the adjusted cost basis in such shares.

8. ADDITIONAL INFORMATION

The Board authorized a two-for-one share split for Europe Hedged Equity Fund and Japan Hedged SmallCap Equity Fund, effective after the close of trading on August 9, 2023, for the shareholders of record on August 7, 2023. The share split increased the number of shares outstanding and decreased the net asset value per share by a factor of two. The share split did not change the total value of a shareholder’s investment. The shares outstanding, NAV per share and other per share information have been updated in the accompanying financial statements and financial highlights to reflect the effect of the share split.

*  *  *  *  *

Russia’s military invasion of Ukraine initiated in February 2022 and the economic and diplomatic responses by the United States and other countries have led to increased volatility and uncertainty in the financial markets and could continue to adversely affect regional and global economies for the foreseeable future. In response to Russia’s actions, the governments of the United States, the European Union, the United Kingdom, and many other countries collectively imposed heavy and broad-ranging economic sanctions on certain Russian individuals, corporate and banking entities, and other industries and businesses. The sanctions restrict companies from doing business with Russia and Russian companies, prohibit transactions with the Russian central bank and other key Russian financial institutions and entities, ban Russian airlines and ships from using many other countries’ airspace and ports, respectively, and place a freeze on certain Russian assets. The sanctions also removed some Russian banks from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the electronic network that connects banks globally to facilitate cross-border payments. In addition, the United States has banned oil and other energy imports from Russia, as well as other popular Russian exports, such as diamonds, seafood and vodka. The European Union, the United Kingdom and other countries have also placed restrictions on certain oil, energy and luxury goods imports from Russia.

These sanctions, as well as other economic consequences related to the invasion, such as additional sanctions, boycotts, changes in consumer or purchaser preferences, or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities as well as securities of issuers in other countries that are subject to or otherwise adversely affected by economic sanctions related to Russia’s invasion of Ukraine, including Russian counter measures. To the extent a Fund has exposure to Russian investments or investments in countries affected by the invasion or the sanctions, the Fund’s ability to price, buy, sell, receive or deliver, or receive dividends and interest payments on such investments may be impaired. In certain circumstances, such as when there is no market for a security or other means of valuing or disposing of a security, a Fund may determine to value the affected security at zero. In addition, any exposure a Fund may have to counterparties in Russia or in countries affected by the invasion could negatively affect the Fund’s portfolio. The extent and duration of Russia’s military actions and the repercussions of such actions are impossible to predict, but could result in continued significant market disruptions, including in the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth. Further an escalation of the military conflict beyond Ukraine’s borders could result in significant, long-lasting damage to the economies of Eastern and Western Europe as well as the global economy. These and any related events could significantly and adversely affect a Fund’s performance and the value of an investment in the Fund, even in the absence of direct exposure to Russian issuers or issuers in other countries affected by the invasion.

*  *  *  *  *  *

Financial markets around the world may experience extreme volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil resulting from major cybersecurity events, geopolitical events (including wars, such as Russia’s invasion of Ukraine, terror attacks, and disruptions to foreign economic and trade relationships), public health emergencies, such as the COVID-19 pandemic, measures to address budget deficits, downgrading of sovereign debt, and public sentiment, among other events. Resulting market volatility, dramatic changes to interest rates, and otherwise unfavorable economic conditions may negatively impact Fund performance or impair a Fund’s ability to achieve its investment objective.

 

60   WisdomTree Trust


Notes to Financial Statements (unaudited) (concluded)

 

In March 2023, the financial distress of certain financial institutions raised economic concerns over disruption in the U.S. banking system and regarding the solvency of certain financial services firms. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system.

*  *  *  *  *  *

Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. On August 1, 2023, Fitch Ratings, Inc. downgraded its U.S. debt rating from the highest AAA rating to AA+, citing “a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.” The impacts, if any, of the downgrade on financial markets are unknown at this time. The downgrade has potential market impacts, including but not limited to, steep stock market declines and rising bond yields.

 

WisdomTree Trust      61  


Approval of Investment Advisory and Sub-Advisory Agreements (unaudited)

 

Consideration of the Approval and Renewal of Investment Advisory and Sub-Advisory Agreements

At a meeting of the Board of Trustees (the “Board” or the “Trustees”) of the WisdomTree Trust (the “Trust”) held on September 18-19, 2023 (the “Meeting”), the Trustees, including those Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), considered the renewal of (i) the investment advisory agreements between WisdomTree Asset Management, Inc. (“WTAM”) and the Trust, on behalf of its applicable series (each, a “Fund,” and, collectively, the “Funds”), pursuant to which WTAM provides the Funds with investment advisory services (the “Advisory Agreements”), and (ii) the sub-advisory agreement between WTAM and Mellon Investments Corporation (“Mellon” or the “Sub-Adviser”), pursuant to which Mellon coordinates the investment and reinvestment of the assets of the applicable Funds (“Sub-Advisory Agreements” and, together with the Advisory Agreements, the “Agreements”).

The Trustees requested, and WTAM provided, such information as the Trustees, with advice from counsel to the Trust and independent legal counsel, deemed reasonably necessary to evaluate the Agreements. At a meeting of a committee of Independent Trustees (the “Contracts Review Committee”) held on August 18, 2023, representatives from WTAM presented detailed information to the Trustees relating to the continuance of the Agreements, and the Trustees, including the Independent Trustees, reviewed and discussed such information. Further information was presented at the Board’s request at the Meeting.

The Independent Trustees were assisted in their review by independent legal counsel and met with counsel in executive session separate from WTAM representatives and the Sub-Adviser. In considering the approval and renewal of the Agreements, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Trustee may have attributed different weights to the factors considered. Each Fund was considered separately.

Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to them at the Meeting and in previous presentations throughout the year from WTAM representatives regarding the nature, extent, and quality of the services provided to the Funds, recognizing WTAM’s and the Sub-Adviser’s operational capabilities and resources. The Board also discussed the role of WisdomTree, Inc. (“WT”), the parent of WTAM, as index provider to certain Funds, which comprise the substantial majority of assets in the WisdomTree fund complex. The Board noted that the strategies represented by those Funds tracking affiliated WT indexes are unique, based on WT’s intellectual property and are only available for use by applicable Funds through WTAM. The Board noted WTAM’s belief that shareholders have invested in such Funds on the strength of WT’s intellectual property and WTAM’s industry standing and reputation and with the expectation that WTAM will have a continuing role in providing advisory services to the Funds based on the WT indexes. The Board also noted the extensive responsibilities that WTAM has as investment adviser to the Funds, including: the selection of, and supervisory responsibilities and activities over, the Sub-Adviser, including oversight of the Sub-Adviser’s adherence to each Fund’s investment strategy and restrictions, monitoring of the Sub-Adviser’s buying and selling of securities and derivatives transactions, review of the Sub-Adviser’s performance, review of proxies voted by the Sub-Adviser and oversight of, and the provision of consultation to, the Sub-Adviser with respect to the creation of custom creation or redemption baskets for authorized participants; oversight of the daily valuation of the Funds’ portfolio holdings; oversight of general Fund compliance with federal and state laws; and implementation of Board directives as they relate to the Funds. The Board also considered research support available to, and management capabilities of, the Funds’ management personnel and that WTAM provides oversight of day-to-day Fund operations, including fund accounting, tax matters, administration, compliance and legal assistance in meeting disclosure and regulatory requirements. Based on management’s representations, the Board expected that there would be no reduction in the scope of services required by or provided by WTAM and the Sub-Adviser under the relevant Agreements. The Board noted that WTAM has continued to commit significant resources toward the fund complex and has made substantial investments to improve the services offered by WTAM, which benefit Fund shareholders.

Based on review of this information and the other factors considered at the Meeting, the Board concluded that the nature, extent and quality of services provided by WTAM and the Sub-Adviser under the Advisory Agreements and Sub-Advisory Agreements, respectively, are adequate and appropriate and supported the Board’s approval of the approval and renewal of the Agreements.

Comparative Analysis of the Funds’ Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information (1) measuring each index Fund’s performance by how well it tracked the relevant benchmark index, (2) comparing each Fund’s performance with the performance of a group of comparable funds (the “Performance Group”) for various periods ended May 31, 2023, and (3) comparing each Fund’s actual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and, with respect to total expenses, with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Contracts Review Committee and the Independent Trustees previously had reviewed and discussed the methodology Broadridge used to select the Performance Groups, Expense Groups and Expense Universes. The Board noted that the Performance Groups, Expense Groups and Expense Universes included only pure-index and index-based exchange traded funds (“ETFs”) as comparison funds. The Board also noted that due to the special characteristics of certain Funds, there are limitations in providing comparable funds in the Performance Groups, Expense Groups and Expense Universes, and the information in the Broadridge reports may or may not provide meaningful direct comparisons to the Funds.

 

62   WisdomTree Trust


Approval of Investment Advisory and Sub-Advisory Agreements (unaudited) (continued)

 

The Board discussed the index Funds’ performance, noting that the substantial majority of index Funds seek to track their own WisdomTree benchmark index. During the prior year, the Board received periodic reports on the Funds’ performance in comparison to their relevant benchmark indexes.

The Board also reviewed the range of actual management fees and total expenses of the Expense Group funds and, with respect to total expenses, Expense Universe funds, and discussed the results of the comparisons. With respect to comparisons of actual management fees, the Board noted the Funds’ unitary fee structure and that the Expense Groups and Expense Universes generally included both ETFs with and without a unitary fee structure. The Board also noted that certain comparison funds in certain Expense Groups and Expense Universes benefited from waivers of all or a portion of their management fees and reimbursement of certain operating expenses. The Board noted that the total expenses of many of the Funds were within five basis points of the median or average total expenses of the funds in the Funds’ respective Expense Groups. In those specific instances where a Fund’s total expenses departed more significantly from comparative funds, the Independent Trustees sought explanations from WTAM, which generally attributed the disparities to the limitations within peer data and/or the unique attributes of a Fund.

The Board considered the fees to the Sub-Adviser in relation to the fees paid to WTAM by the Funds and the respective services provided by the Sub-Adviser and WTAM. The Board also noted that the Sub-Adviser’s fees are paid by WTAM (out of its fee paid by the relevant Funds) and not the Funds. The Board considered the meaningful differences in the services that WTAM provides to the Funds as compared to the Sub-Adviser, including that the role of the Sub-Adviser in making investment recommendations with respect to a Fund tracking an index is a rules-based function, with oversight by WTAM in seeking to ensure compliance with such rules. The Board also considered the entrepreneurial and expense risk borne by WTAM that is associated with Funds’ unitary fee structure, which frequently includes minimum fees (such as those to the Sub-Adviser), regardless of whether the asset size of a Fund has grown to a sufficient size.

Based on this review and the other factors considered at the Meeting, the Board concluded that, with respect to each Fund, the Fund’s performance, the fees paid to WTAM and the Sub-Adviser and the Fund’s total expenses supported the Board’s approval and renewal of the relevant Agreements.

Analysis of Profitability and Economies of Scale. WTAM representatives reviewed the expenses allocated and profit received by WTAM and the resulting profitability percentage for managing each Fund and the aggregate profitability percentage to WTAM for managing the WisdomTree fund complex, and the method used to determine the expenses and profit.

The Board considered the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements bear a reasonable relationship to the mix of services provided by WTAM and the Sub-Adviser, including the nature, extent and quality of such services, and (2) in light of the relevant circumstances for each Fund and the extent to which economies of scale would be realized if the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund shareholders. WTAM representatives noted that a discussion of economies of scale is predicated on a Fund having achieved a substantial size and that, if a Fund’s assets had been decreasing, the possibility that WTAM may have realized material economies of scale would be less. WTAM representatives also noted that, as a result of shared and allocated costs among the WisdomTree funds, the extent of economies of scale could depend substantially on the level of assets in the fund complex as a whole and the relative size and asset size changes among the Funds. The Board noted that, in the past, certain Funds had grown rapidly over a relatively short period of time after longer periods of slow or no growth, during which there were years of losses for WTAM in managing such Funds that had only recently turned profitable and years of substantial cumulative losses to WTAM in managing the fund complex as a whole. WTAM representatives stated that there has been significant volatility in the assets of individual Funds and in the fund complex as a whole over time (including volatility in profitability) and that it was not clear that current asset levels will be maintained. WTAM representatives noted that assets in certain Funds have diminished at times at a rapid rate (including during the last year) and could continue to do so. WTAM representatives also noted that economies of scale currently are shared with the Funds by way of the unitary fee structure of the Trust, as well as through additional investment in the WisdomTree business. The Board noted that the Contracts Review Committee had focused on the issue of economies of scale during its meetings. The Board also noted that it would continue to monitor the sharing of economies of scale, focusing in particular on Funds that have experienced significant asset growth, to determine the appropriateness of adding breakpoints in the future. The Board also considered potential benefits to WTAM and the Sub-Adviser from acting as investment adviser and sub-adviser, respectively, and noted that there were no soft dollar arrangements in effect for trading the Funds’ investments. Based on this review, the Board concluded that the profitability results were consistent with the services rendered and service levels provided by WTAM and the entrepreneurial risk WTAM has undertaken over time.

*    *    *    *    *    *

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the approval to renew the Agreements. In evaluating the Agreements, the Board considered the

 

WisdomTree Trust      63  


Approval of Investment Advisory and Sub-Advisory Agreements (unaudited) (concluded)

 

conclusions and determinations discussed above and also relied on its previous knowledge, gained through meetings and other interactions with WTAM and the Sub-Adviser, of the Funds and the services provided to the Funds by WTAM and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the Funds and the investment advisory and other services provided under the Agreements. In light of the foregoing, the Board, including a majority of the Independent Trustees, determined to approve the renewal of the Agreements.

 

64   WisdomTree Trust


General Information (unaudited)

 

Proxy Voting Policies, Procedures and Record

A complete copy of the Proxy Voting Policy may be obtained upon request, at no charge, by calling 1-866-909-WISE (9473) or writing to: WisdomTree Trust, c/o Foreside Fund Services, LLC, Three Canal Plaza Suite 100, Portland, ME, 04101.

The Trust is required to disclose annually the Funds’ complete proxy voting record on Form N-PX covering the most recent 12-month period ended June 30 and to file Form N-PX with the SEC no later than August 31 of each year. The current Form N-PX for the Funds is available at no charge upon request by calling 1-866-909-WISE (9473) or through the SEC’s website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Funds file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters as an exhibit to their reports on Form N-PORT. Copies of the filings are available, without charge, on the SEC’s website at www.sec.gov and are also available by calling the Trust at 1-866-909-WISE (9473). Copies of the filings may also be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: [email protected].

Information about each Fund’s portfolio holdings is available daily, without charge, at www.wisdomtree.com/investments.

The Statement of Additional Information (“SAI”) has additional information about the Funds’ Trustees and Officers and is available without charge upon request. Contact your financial representative for a free prospectus or SAI.

Frequency Distribution of Discounts & Premiums

Information about differences between the per share net asset value of each Fund and the market trading price of shares of each Fund are available, without charge, at www.wisdomtree.com/investments.

 

WisdomTree Trust      65  


The WisdomTree Funds are exchange traded funds (“ETFs”) registered with the United States Securities and Exchange Commission as separate series (“Funds”) of WisdomTree Trust (“Trust”). WisdomTree Asset Management, Inc., a wholly owned subsidiary of WisdomTree, Inc., serves as the investment adviser to the Trust. None of the WisdomTree entities are affiliated with Foreside Fund Services, LLC, the Funds’ distributor. WisdomTree, Inc., its affiliates and their independent providers are not liable for any informational errors, incompleteness, delays, or for any actions taken in reliance on information contained herein.

There are risks associated with investing including possible loss of principal. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in real estate involve additional special risks, such as credit risk, interest rate fluctuations and the effect of varied economic conditions. Funds that focus their investments in one country or region may be significantly impacted by events and developments associated with the region which can adversely affect performance. Funds focusing on a single sector and/or smaller companies generally experience greater price volatility. Dividends are not guaranteed, and a company currently paying dividends may cease paying dividends at any time. Investments in emerging, offshore or frontier markets are generally less liquid and less efficient than investments in developed markets and are subject to additional risks, such as risks of adverse governmental regulation and intervention or political developments. Investments in currency involve additional special risks, such as credit risk and interest rate fluctuations. Derivative investments can be volatile and these investments may be less liquid than other securities, and more sensitive to the effect of varied economic conditions. As these Funds can have a high concentration in some issuers the Funds can be adversely impacted by changes affecting such issuers. Due to the investment strategy of certain Funds they may make higher capital gain distributions than other ETFs. Please read the Fund’s prospectus for specific details regarding the Fund’s risk profile.

Indexes are unmanaged and you cannot invest directly in an index.

Transactions in Fund shares will result in brokerage commissions and will generate tax consequences. Shares may be sold through brokerage accounts, but may be redeemed from the Funds by Authorized Participants in large creation unit sizes of shares.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.


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