WisdomTree Trust

Annual Report

August 31, 2022

Table of Contents

“WisdomTree” is a registered mark of WisdomTree Investments, Inc. and is licensed for use by the WisdomTree Trust.

Market Environment Overview

(unaudited)

Global equity markets, as measured by the MSCI ACWI Index, returned -15.88% in U.S. dollar terms for the 12-month period ending August 31, 2022. Over the same period, U.S. equities, measured by the S&P 500 Index, returned -11.23%. Internationally, the MSCI EAFE Index, which represents equity markets in the developed world outside the U.S. and Canada, returned -19.80% in U.S. dollar terms. Within the developing world, the MSCI Emerging Markets Index returned -21.80% in U.S. dollar terms.

The Bloomberg U.S. Aggregate Bond Index, a measurement of broad U.S. fixed income, lost 11.52% over the fiscal year. Commodities have been a strong beneficiary of this year’s market volatility, with the Bloomberg Commodity Index, representing global commodity activity, returning 27.72%. Foreign exchange performance over the 12-month period was also mixed, but the U.S. dollar strengthened considerably against most developed and emerging market currencies. Every G10 currency weakened against the U.S. dollar, while only a small handful of emerging market currencies have strengthened against it. The CBOE^® Volatility Index, which measures options market positioning as a proxy for volatility, crept higher over the fiscal year and exhibited brief spikes coinciding with major headline risks.

Equity markets struggled over the 12-month period. As the calendar turned to 2022, markets turned risk-off over concerns of stubbornly high inflation and the expectation that central banks around the world would have to raise interest rates to quell surging price levels. Though most monetary authorities have begun their rate hike campaigns, investors have yet to see them begin to consistently dampen inflation by the end of the fiscal year. Inflationary impulses have been exacerbated by Russia’s war with Ukraine, which began in early 2022 and caused a ripple effect of issues affecting energy supplies and global supply chains. Markets have begun to expect that central banks will have to tighten monetary policy so much that they may tip their economies into a recession just to fight inflation. Meanwhile, bond yields are rising commensurate with interest rate expectations, resulting in a higher (though inverted) yield curve than we’ve encountered in the past few years. These prevailing bearish sentiments had material impacts for the equity, fixed income, commodity, and currency markets.

The remaining four months of 2021 were volatile, although they pale in comparison to the drawdowns experienced so far in 2022. With monetary policy around the world remaining firmly accommodative, investors turned their attention to when central banks may have to finally begin raising rates to prevent the recovering economy from overheating. Coupled with a few temporary COVID-19 surges, markets did not regain their footing until December. Equity markets were mixed, led by U.S. equities, and weighed down by emerging markets by about 6% and -5% respectively, while the remaining indexes mentioned above were roughly flat.

Beginning 2022, investors’ concerns over inflation and the ensuing effect on monetary policy took hold of markets, sending equities and fixed income lower in unison. Record inflation rates, exacerbated by ripple effects from the Russia-Ukraine war, provided a massive tailwind to commodities, however, with the Bloomberg Commodity Index, gaining over 25% in the first quarter of 2022 alone. Meanwhile, the U.S. dollar began its surge as markets forecasted that forthcoming higher interest rates in the U.S. would not immediately be offset by rate hikes in other areas of the world, propelling it to new highs. By the end of Q1 2022, major currencies like the British pound sterling (GBP), euro (EUR) and Japanese yen (JPY) all weakened by about 3-5% versus the U.S. dollar. Overall, the bearish overhang weighed too heavily on most markets, rendering them unable to recover during the quarter.

The second quarter of 2022 provided much of the same sentiment and volatility that characterized the first quarter, but on a greater scale. Inflation remained stubbornly high, and the effects of the ongoing war between Russia and Ukraine left investors with little to be excited about. After a particularly volatile June, the equity indexes fell between 10-15% each. Inflation continued to eat into fixed income returns as well, sending the Bloomberg U.S. Aggregate Bond Index down another 5% as well. Even commodities fell back down to earth after their stellar first quarter, falling about 6%. By the end of the second quarter

Market Environment Overview

(unaudited) (concluded)

of 2022, all G10 currencies were weaker versus the U.S. dollar by anywhere from 3-10%, with the GBP, EUR and JPY continuing their slide.

The final two months of the fiscal year saw a brief reprieve from the first half of 2022’s volatility in July, only for markets to continue falling in August. The narrative has unfortunately been the same: stubbornly high inflation, partially due to higher energy prices, indicates that the U.S. Federal Reserve and other central banks must raise rates even higher to combat it, even if it means tipping economies into recession. That bearish sentiment continues to weigh on equity indexes, and forced them to give up most, if not all, of their brief July gains by the end of the fiscal year in August. U.S. Treasury yields continue to climb, weighing on fixed income more broadly, though the yield curve remains inverted, potentially portending a recession if historical indications hold. Commodities have regained their footing again amid the record inflation readings, while the U.S. dollar continues to strengthen. Existing currency pair relationships have tested levels last seen decades ago, with the JPY hovering near 145 and the EUR near parity with the U.S. dollar. Even the GBP has breached 1.15 per U.S. dollar after trading in the 1.25-1.50 range for much of the past decade.

Each WisdomTree Fund’s performance as set forth in “Management’s Discussion of Funds’ Performance” in the pages that follow should also be viewed in light of the foregoing market environment.

Information about Performance and Shareholder Expense Examples (unaudited)

Performance

The performance tables on the following pages are provided for comparative purposes and represent the period noted. Each Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market price return is based on the market price per share of the Fund. The price used to calculate market price returns is the midpoint of the bid and ask price for Fund shares as of the close of trading on the exchange where Fund shares are listed. NAV and market price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other exchange traded funds (“ETFs”), NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessments of the underlying value of a Fund’s portfolio securities.

Fund shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Fund NAV returns are calculated using a Fund’s daily 4:00 p.m. eastern time NAV. Market price returns reflect the midpoint of the bid and ask price as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Total returns for a period of less than one year are cumulative.

Performance is historical and does not guarantee future results. Current performance may be lower or higher than quoted. Investment returns and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For the most recent month-end performance information visit www.wisdomtree.com.

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 March 1, 2022 to August 31, 2022. 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 184/365 (to reflect the one-half year period). The annualized expense ratio does not include acquired fund fees and expenses (“AFFEs”), which are fees and expenses incurred indirectly by a Fund through its investments in certain underlying investment companies.

Actual expenses

The first line in the shareholder expense example table shown on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes

The second line in the shareholder expense example table shown on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Bloomberg U.S. Dollar Bullish Fund (USDU)

Investment Breakdown†

Top Holdings*

The WisdomTree Bloomberg U.S. Dollar Bullish Fund (the “Fund”) seeks to provide total returns, before fees and expenses, that exceed the performance of the Bloomberg Dollar Total Return Index (the “Index”). The Fund seeks to achieve its investment objective by investing in short-term securities and instruments designed to potentially benefit as the U.S. dollar appreciates in value relative to a basket of global currencies. Although the Fund invests in short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned 12.67% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). The U.S. dollar generally appreciated versus a basket of global currencies. Overall, the Fund’s use of derivatives to gain long exposure to the U.S. dollar measured against a basket of global currencies added to performance during the fiscal year as the U.S. dollar strengthened. Additionally, interest rates in the U.S. Treasury market began to increase as the Federal Reserve sought to combat inflation. Compared to other major central banks, the U.S. increased rates at a faster pace leading to broad-based dollar strength. Additionally, higher rates also increased returns for the Fund due to higher income on Fund collateral invested in U.S. Treasury bills as part of its investment strategy.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Chinese Yuan Strategy Fund (CYB)

Investment Breakdown†

Top Holdings*

The WisdomTree Chinese Yuan Strategy Fund (the “Fund”) seeks to achieve total returns reflective of both money market rates in China available to foreign investors and changes in value of the Chinese yuan relative to the U.S. dollar. The Fund seeks to achieve its investment objective by investing in short-term securities and instruments designed to provide exposure to Chinese currency and money market rates. The Chinese yuan is a developing market currency, which can experience periods of significant volatility. Although the Fund invests in short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned -3.88% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). After depreciating modestly versus the Chinese yuan to start the fiscal year, the U.S. dollar generally appreciated after April 2022. As a result, the Fund’s use of derivatives to gain exposure to the Chinese yuan detracted from Fund performance during the fiscal year as the U.S. dollar strengthened. Aggressive rate hikes by the Federal Reserve to combat inflation led to increased demand for U.S. dollars. Additionally, China’s Zero-Covid policy negatively impacted sentiment and economic activity.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Emerging Currency Strategy Fund (CEW)

Investment Breakdown†

Top Holdings*

The WisdomTree Emerging Currency Strategy Fund (the “Fund”) seeks to achieve total returns reflective of both money market rates in selected emerging market countries available to foreign investors and changes to the value of these currencies relative to the U.S. dollar. The Fund seeks to achieve its investment objective by investing in short-term securities and instruments designed to provide exposure to the currencies and money market rates of selected emerging market countries. Emerging market currencies can experience periods of significant volatility. Although the Fund invests in short-term, investment grade instruments, the Fund is not a “money market” fund and it is not the objective of the Fund to maintain a constant share price.

The Fund returned -9.46% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). The U.S. dollar (“USD”) generally appreciated versus a basket of emerging market currencies. As a result, the Fund’s use of derivatives to gain long exposure to a basket of emerging market currencies measured against USD negatively impacted Fund performance during the fiscal year. The Brazilian real and Mexican peso were the currencies least impacted by USD strength. Many other emerging market currencies depreciated significantly as concerns about global growth weighed on sentiment. Additionally, as the Federal Reserve increased interest rates, the carry advantage in emerging markets diminished leading to decreased Fund performance.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Emerging Markets Corporate Bond Fund (EMCB)

Country Breakdown†

Top Ten Holdings*

The WisdomTree Emerging Markets Corporate Bond Fund (the “Fund”) seeks a high level of total return consisting of both income and capital appreciation. The Fund attempts to achieve its objective through investments in U.S. dollar denominated debt securities issued by corporate entities that are domiciled in, or economically tied to, emerging market countries.

The Fund returned -15.52% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). Interest rates in the U.S. generally rose as the Federal Reserve sought to hike interest rates aggressively. The bonds held by the Fund are denominated in U.S. dollars and trade a spread relative to U.S. Treasuries. This rise in rates was the primary detractor of Fund performance. In February 2022, Russia invaded Ukraine which negatively impacted the price of Russian assets. Additionally, concerns about global growth weighed on sentiment in most emerging markets. The primary driver of relative performance was the Fund’s overweight to Latin America and underweight to Asia. During the fiscal year, the Fund utilized derivatives to manage interest rate risk. The Fund’s use of derivatives to shorten the portfolio’s duration contributed positively to Fund performance.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Emerging Markets Local Debt Fund (ELD)

Country Breakdown†

Top Ten Holdings*

The WisdomTree Emerging Markets Local Debt Fund (the “Fund”) seeks a high level of total return consisting of both income and capital appreciation. The Fund attempts to achieve its objective through investments in fixed income instruments denominated in the local currencies of emerging market countries.

The Fund returned -16.69% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). In February 2022, Russia invaded Ukraine which negatively impacted the price of Russian assets and weighed on investor sentiment. Additionally, broad-based strength in the U.S. dollar also detracted from performance. Finally, interest rates rose in developed and emerging markets which negatively impacted Fund performance. In general, investments in Brazil and Mexico contributed the most to performance whereas investments in Turkey and Thailand largely detracted from Fund performance.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Floating Rate Treasury Fund (USFR)

Investment Breakdown†

Top Holdings*

The WisdomTree Floating Rate Treasury Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the Bloomberg U.S. Treasury Floating Rate Bond Index (the “Index”). In seeking to track the Index, the Fund invests in floating rate public obligations of the U.S. Treasury. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned 0.63% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). As a result of the rising interest rate environment, there was a meaningful increase in the Fund’s overall yield and performance during the fiscal year, particularly over the second half of the fiscal year as interest rates began to rise. At the beginning of the fiscal year toward summer’s end 2021, short-term rates in the U.S. Treasury market were virtually at 0% after the U.S. Federal Reserve (the “Fed”) stepped in earlier in 2020 to ease monetary conditions after the economic disruptions caused by the COVID-19 pandemic. Due to the severe inflation rises thereafter, the Fed began to aggressively hike interest rates starting in March 2022. Since the short-dated yields of the U.S. Treasury market tend to mimic Fed activity, upcoming anticipated interest rate policy moves have continued to be quickly priced into the market and have now approached nearly 3% yields for the first time in over a decade. It is expected that the Fed will continue to raise interest rates to curtail inflation, which will continue to be beneficial for the Fund and the securities it owns.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Interest Rate Hedged High Yield Bond Fund (HYZD)

Investment Breakdown†

Top Ten Holdings*

The WisdomTree Interest Rate Hedged High Yield Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the WisdomTree U.S. High Yield Corporate Bond, Zero Duration Index (the “Index”). In seeking to track the Index, the Fund invests mainly in U.S. non-investment-grade corporate fixed income securities that are deemed to have favorable fundamental and income characteristics and obtains short exposure to U.S. Treasuries such that the Fund’s total portfolio duration approximates zero years. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -3.11% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). During the fiscal year, interest rates steadily climbed from the beginning of the fiscal year to recent highs during the summer of 2022, where the U.S. 10-year Treasury yield topped out at 3.49% after starting the fiscal year at 1.30%. The Fund’s use of short futures contracts on U.S. Treasuries to hedge interest rate risk was particularly additive to Fund performance during the fiscal year due to interest rate rises across the yield curve. Both the U.S. High Yield corporate bond and U.S. Aggregate bond universes experienced largely negative performance over the fiscal year, primarily driven by “risk-on” assets selling off in the wake of market uncertainty and longer duration bonds reeling from rises in interest rates. Historic amounts of fiscal and monetary stimulus, while initially helping the markets and economy recover, have contributed heavily to rising inflation over the fiscal year which has resulted in interest rate hikes from the Federal Reserve. The Fund, given its high yield nature, relatively underperformed the investment grade credit market as the fiscal year was primarily driven by a “risk-off” widespread market selloff during the second half of the fiscal year, but the Fund’s tilt toward higher quality selections within the high yield spectrum (i.e., underweight CCC-rated and lower bonds) proved to be relatively additive to performance. It is expected that the Fed will continue to raise interest rates to curtail inflation, which will continue to be beneficial for the Fund relative to strategies with longer duration.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (AGZD)

Investment Breakdown†

Top Ten Holdings*

The WisdomTree Interest Rate Hedged U.S. Aggregate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the Bloomberg Rate Hedged U.S. Aggregate Bond Index, Zero Duration (the “Index”). In seeking to track the Index, the Fund invests mainly in U.S. investment grade fixed income securities and obtains short exposure to U.S. Treasuries such that the Fund’s total portfolio duration approximates zero years. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -0.39% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). During the fiscal year, interest rates steadily climbed from the beginning of the fiscal year to recent highs during the summer of 2022, where the U.S. 10-year Treasury yield topped out at 3.49% after starting the fiscal year at 1.30%. The Fund’s use of short futures contracts on U.S. Treasuries to hedge interest rate risk was particularly additive to Fund performance during the fiscal year due to interest rate rises across the yield curve. The U.S. Aggregate bond universe experienced largely negative performance over the fiscal year, primarily driven by “risk-on” assets selling off in the wake of market uncertainty and longer duration bonds reeling from rises in interest rates. Historic amounts of fiscal and monetary stimulus, while initially helping the markets and economy recover, have contributed heavily to rising inflation over the fiscal year which has resulted in significant interest rate hikes from the Federal Reserve. It is expected that the Fed will continue to raise interest rates to curtail inflation, which will continue to be beneficial for the Fund relative to strategies with longer duration.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Mortgage Plus Bond Fund (MTGP)

Investment Breakdown†

Top Ten Holdings*

The WisdomTree Mortgage Plus Bond Fund (the “Fund”) seeks income and capital appreciation. The Fund attempts to achieve its objective through investments in mortgage-related debt and other securitized debt.

The Fund returned -9.27% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). Security selection within agency mortgages was not a main source of differentiated relative performance between the Fund and the broader mortgage backed securities (“MBS”) market. Rising inflation and corresponding interest rates however slowed down a relatively robust housing market, resulting in a significant drop in new and existing home loans from recent highs. However, improving employment data and low default rates have supported this market from otherwise worsening conditions. Over the prior fiscal year, particularly year-to-date 2022, nearly all global markets across all asset classes have experienced a “risk-off” environment in the face of rampant inflation and global economic concerns related, but not limited, to, shutdowns, supply chain constraints, and geopolitical events, which in turn have led to widespread drawdowns and losses for nearly all “risk-on” asset classes such as credit and mortgage-back bonds. The Fund’s intermediate level duration served as a headwind to performance as interest rates rose sharply over the fiscal year. The Fund’s net long exposure to futures contracts on U.S. Treasuries detracted from performance during the fiscal year due to rise in interest rates across the yield curve.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Yield Enhanced U.S. Aggregate Bond Fund (AGGY)

Investment Breakdown†

Top Ten Holdings*

The WisdomTree Yield Enhanced U.S. Aggregate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the Bloomberg U.S. Aggregate Enhanced Yield Index (the “Index”). In seeking to track the Index, the Fund invests mainly in U.S. investment grade fixed income securities. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -13.62% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). Rising rates over the fiscal year negatively affected performance due to the Fund’s longer duration relative to the Index. Investment grade spreads consistently widened from the beginning to the end of the fiscal year, detracting from the non-U.S. Treasury exposure within the Fund. The Fund benefited from a significant underweight to longer term U.S. Treasuries as yields rose across the Treasury curve. From a sector perspective, the Fund’s overweight position to Energy sector corporate bonds contributed positively to performance as commodity prices rose over the fiscal year. Historic amounts of fiscal and monetary stimulus, while initially helping the markets and economy recover, have contributed to rising inflation over the fiscal year resulting in significant interest rate increases from the Federal Reserve.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund (SHAG)

Investment Breakdown†

Top Ten Holdings*

The WisdomTree Yield Enhanced U.S. Short-Term Aggregate Bond Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the Bloomberg U.S. Short Aggregate Enhanced Yield Index (the “Index”). In seeking to track the Index, the Fund invests mainly in short-term U.S. investment grade fixed income securities having effective maturities generally shorter than five years. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -6.52% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). Rising rates over the fiscal year negatively affected performance due to the Fund’s slightly longer duration relative to the short-term Index. Investment grade spreads consistently widened from the beginning to the end of the fiscal year, detracting from the non-U.S. Treasury exposure within the Fund. The Fund benefited from a significant underweight to longer term U.S. Treasuries as yields rose across the Treasury curve. From a sector perspective, the Fund’s overweight position to Energy sector corporate bonds contributed positively to performance as commodity prices rose over the fiscal year. Historic amounts of fiscal and monetary stimulus, while initially helping the markets and economy recover, have contributed to rising inflation over the fiscal year resulting in significant interest rate increases from the Federal Reserve. However, because the Fund is investing in a shorter-term maturing universe of bonds, it had positive relative performance when compared to longer duration strategies.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Alternative Income Fund (HYIN)

Investment Breakdown†

Top Ten Holdings*

The WisdomTree Alternative Income Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the Gapstow Liquid Alternative Credit Index (the “Index”), which is designed to provide diversified exposure to alternative credit sectors. Alternative credit is an asset class that includes debt and debt-based investments that have a higher expected risk, return, and yield than traditional investment grade fixed income instruments. In seeking to track the Index, the Fund invests mainly in registered closed-end investment companies (“CEFs”), including CEFs that have elected to be regulated as “business development companies” under the Investment Company Act of 1940, as amended, and real estate investment trusts that are listed and publicly traded on a major U.S. stock exchange. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -13.50% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). Interest rates in the U.S. generally rose as the Federal Reserve sought to hike interest rates aggressively. While the strategy seeks to provide investors with high levels of income, many of these investments declined in net asset value over the fiscal year. The Fund seeks to provide exposure to a wide variety of alternative income strategies. Strategies linked to non-agency real estate debt were the largest detractor to Fund performance whereas commercial real estate lending experienced better relative performance, while also detracting from the Fund’s overall performance.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree CBOE S&P 500 PutWrite Strategy Fund (PUTW)

Investment Breakdown†

Top Holdings*

The WisdomTree CBOE S&P 500 PutWrite Strategy Fund (the “Fund”) seeks to track the price and yield performance, before fees and expenses, of the CBOE S&P 500 PutWrite Index (the “Index”), utilizing a strategy of writing put options on the S&P 500 Index. The strategy is designed to receive a premium from the option buyer by selling (i.e., writing) a sequence of one-month, at-the-money, S&P 500 Index put options. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole.

The Fund returned -3.60% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). With the S&P 500 down 11.23% over the fiscal year, put writing has been beneficial. Volatile markets and higher levels of the CBOE^® Volatility Index have increased the premium the Fund has been able to collect from selling put options. This additional premium income has helped protect performance on the downside during a period where broader equity indexes have suffered much worse. It also has allowed the Fund to retain some ability to participate in market upturns, though there haven’t been many long-lasting rallies over the fiscal year.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) (consolidated)

Country Breakdown†

Top Ten Holdings*

The WisdomTree Efficient Gold Plus Equity Strategy Fund (the “Fund”) is actively managed using a models-based approach seeking total return. The Fund seeks to achieve its investment objective by investing, either directly or through a wholly-owned subsidiary, in a portfolio comprised of (i) U.S.-listed gold futures contracts and (ii) U.S. equity securities. The Fund uses U.S.-listed gold futures contracts to enhance the capital efficiency of the Fund.

The Fund had less than six months of operating history at the end of the reporting period and therefore no comparative performance information is shown in this shareholder report. Comparative performance information for the most recent month-end is available at www.wisdomtree.com.

Shareholder Expense Example (for the period¹ ended August 31, 2022)

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) (consolidated)

Country Breakdown†

Top Ten Holdings*

The WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (the “Fund”) is actively managed using a models-based approach seeking total return. The Fund seeks to achieve its investment objective by investing, either directly or through a wholly-owned subsidiary, in a portfolio comprised of (i) U.S.-listed gold futures contracts and (ii) global equity securities issued by companies that derive at least 50% of their revenue from the gold mining business (“Gold Miners”). The Fund uses U.S.-listed gold futures contracts to enhance the capital efficiency of the Fund.

The Fund returned -22.83% at net asset value (“NAV”) for the fiscal period from December 16, 2021 through August 31, 2022 (for more complete performance information please see the table below). In early 2022, the Fund generated strong total returns. However, in April 2022, the Federal Reserve signaled that it would need to aggressively hike interest rates in the U.S. to combat inflation. This led to a decrease in investor confidence and a general decline in equity markets including companies focused on mining gold. The price of gold also decreased over this period resulting in negative performance for the Fund.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Enhanced Commodity Strategy Fund (GCC) (consolidated)

Investment Breakdown†

Top Holdings*

The WisdomTree Enhanced Commodity Strategy Fund (the “Fund”) seeks to achieve positive total returns in rising and falling markets that are not directly correlated to broad market equity or fixed income returns. The Fund is actively managed and intends to provide broad-based exposure to the following four commodity sectors: Energy, Agriculture, Industrial Metals, and Precious Metals primarily through investments in futures contracts.

The Fund returned 12.81% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). Throughout the fiscal year, many commodity sectors surged higher due to record inflation in the U.S. and the ripple effects from Russia’s war with Ukraine. Energy products, such as crude oil and natural gas, were strong beneficiaries as the conflict resulted in coordinated, global sanctions against Russia, thereby squeezing global markets since many regions depend on Russian energy supplies. Russia also exacerbated these impacts by choking off supplies to dependent countries as retaliation for sanctions imposed upon them. Precious metals, such as gold, silver, and platinum, weighed on performance, as they began to lose favor as a hedge against some of the highest inflation rates on record. Base metals, such as copper and aluminum, struggled as well. These products are closely linked to economic growth and encountered headwinds as investors grew concerned about near-term recession risks. Other agricultural commodities, including coffee, soybeans, wheat, live cattle, and lean hogs, exhibited mixed performance during the fiscal year.

Shareholder Expense Example (for the six-month period ended August 31, 2022)

Performance

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

Management’s Discussion of Funds’ Performance

as of August 31, 2022 (unaudited)

WisdomTree Managed Futures Strategy Fund (WTMF) (consolidated)

Investment Breakdown†

Top Holdings*

The WisdomTree Managed Futures Strategy Fund (the “Fund”) seeks to provide investors with positive total returns in rising or falling markets that are not directly correlated to broad market equity or fixed income returns. The Fund is managed using a quantitative, rules-based strategy and invests in a combination of diversified futures contracts for equities, commodities, currencies and interest rates.

The Fund returned -3.91% at net asset value (“NAV”) for the fiscal year ended August 31, 2022 (for more complete performance information please see the table below). During the fiscal year, the Fund benefitted from the currency and interest rate models that comprise the strategy, while the commodity portion was neutral and the equity component negatively impacted the Fund’s performance. Currency and interest rate markets moved in a steady upward trend during the period, with the dollar exhibiting strength versus other currencies and interest rates steadily moving higher due to the Fed’s actions to reduce inflation. Commodity performance within the Fund was mixed, owing to prevailing volatility and trends within the global commodity markets. Equities weighed on performance due to long and half-hedged exposures suffering in tandem with broader equity markets over the fiscal year. With respect to performance differences between the Fund and its benchmarks, the S&P GSCI Index provides long-only exposure to commodities; and constituents in the SG Trend Index often take more concentrated positions in certain futures markets. The Fund seeks to provide broad-based exposure to trends in equities, interest rates, commodities, and currencies. To the extent that the benchmark holdings and the Fund’s holdings diverge and the areas of concentration in the benchmark indices dramatically outperform the Fund’s securities, performance differences of the sort experienced herein should be expected.

Shareholder Expense Example (for the six-month period ended August 31, 2022)