WisdomTree Trust

Annual Report

June 30, 2020

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)

U.S. Markets

The U.S. equity market, as measured by the S&P 500^® Index, returned 7.51% for the 12-month fiscal year that ended June 30, 2020 (the “fiscal year”).

U.S. equities began the fiscal year with a modest, but still positive trajectory in the third quarter of 2019 and returned +1.70%, as measured by the S&P 500^® Index. The GDP “advance” estimate for the second quarter of 2019 showed that U.S. economic growth slowed to 2.1% from 3.1% in the first quarter of 2019. Strong consumer spending provided a tailwind for U.S. GDP, while a decline in investment and inventories as well as an increase in the trade deficit depressed economic growth. At the end of July 2019, the Fed cut the benchmark rate by 0.25% for the first time since 2008. Despite easing monetary policy, the U.S. equity market was disappointed that the Fed did not commit to future stimulus measures. A slower pace of job growth, indications of moderating economic activity in the service sector, and the first decline in manufacturing activity since 2009 were negative overhangs on market sentiment. Ultimately, these negative overhangs were more than offset by the positive reaction to further easing in monetary policy in September 2019 when the Fed cut the benchmark rate by an additional 0.25%.

U.S. equities rallied +9.07% in the fourth quarter of 2019, as measured by the S&P 500^® Index. Trade uncertainty between U.S. and China continued to weigh on economic activity and labor market growth continued to trend lower. Falling core producer prices, declining retail sales, and a mild report of 1.9% GDP growth for the third quarter of 2019, according to the “advance” estimate, showed slowing consumer spending. The Fed again took action to ease monetary policy by lowering the benchmark rate by an additional 0.25%, although it signaled a pause in future actions. In mid-December 2019, President Trump announced a limited trade agreement with China including the cancellation of new tariffs and a reduction in existing tariffs. The preliminary trade pact was the major catalyst driving positive U.S. equity performance in the fourth quarter of 2019.

Previous gains in U.S. equities over the preceding six months were rapidly offset during the first quarter of 2020 as the world grappled with the fallout from the spread of the novel coronavirus (“COVID-19”) outbreak. Sentiment was relatively positive early in the first quarter of 2020 as the U.S.-China trade resolution progressed, consumer spending growth remained moderate, the trade deficit contracted, and the Fed left its benchmark interest rate unchanged.

At the end of January 2020, China announced the lock down of select cities due to COVID-19. Over the next month, the global rate of infection accelerated as the virus spread around the world. Large international corporations announced disruptions to operations and forecasted meaningful reductions in financial expectations.

On February 19, 2020, the first case of COVID-19 in the U.S. was reported, marking the peak level for U.S. equities. By February 27, 2020, U.S. equities entered correction territory, marking a 10% decline from their peak. Meanwhile, the Cboe Volatility Index, a benchmark index that measures the market’s expectation of future volatility, rose to the highest level since 2011. On March 3, 2020, the Fed took emergency action to stem the negative economic impact from COVID-19 and cut the benchmark rate by 0.50%. Amidst virus related market volatility, Saudi Arabia and Russia engaged in an oil price war. Following a failed agreement on production cuts, Saudi Arabia sought to increase market share, which drove the largest daily decline in energy stocks within the S&P 500^® Index on record.

On March 15, 2020, the Fed again took unprecedented emergency actions, including a cut to the benchmark rate by 1.00% to a range of 0% to 0.25%. The Fed also instituted quantitative easing measures with the purchase of $700 billion in U.S. government debt, along with other tools to provide stimulus, liquidity, and to promote lending. As the virus continued to spread, local governments began to institute lock downs grinding economic activity to a halt. In the final week of March 2020, U.S. equities rebounded modestly as

Market Environment Overview

(unaudited) (continued)

the Fed announced new lending facilities to support credit markets and as U.S. Congress passed a $2 trillion fiscal stimulus package. Overall, U.S. equities declined -19.60% in the first quarter of 2020, as measured by the S&P 500^® Index.

Following the market lows in March of 2020, the second quarter of 2020 saw a strong resurgence in both performance and a reopening of the global economy. The S&P 500^® Index rallied 20.54% in the second quarter of 2020 due to COVID-19 case counts broadly subsiding, encouraging developments with treatments and vaccines, and businesses and states implementing phased reopening plans. Many growth and technology companies’ (sometimes dubbed the “work from home” businesses) long-term growth initiatives greatly accelerated and were brought to the forefront. This has led to many growth companies, and the growth market as a whole, to ultimately achieve and surpass all-time highs. For example, the NASDAQ Composite Index increased 30.63% in the second quarter of 2020 and had hit an all-time new high. In June of 2020, total nonfarm payroll employment rose by 4.8 million and the unemployment rate declined to 11.1% as reported by the U.S. Bureau of Labor Statistics. Both figures were among the largest “beats” in economic data history when compared to their largely negative expectations, highlighting the improving economy as people are getting back to work.

Fixed Income

Over the fiscal year, the decrease in short-term U.S. interest rates exceeded the decrease in long-term rates, reflecting the negative near-term impact on the U.S. economy from COVID-19. This resulted in a steepening of the U.S. Treasury yield curve. The Fed funds rate decreased from 2.25% to a range of 0% to 0.25%, as the Fed decreased rates to help ease monetary policy and combat the economic effects of COVID-19 on the U.S. economy. The 2-Year U.S. Treasury Note yield decreased from 1.75% to 0.16% and the U.S. 10-Year Treasury Note yield fell from 2.00% to 0.66%. The closely monitored spread between the 2- and 10-year U.S. Treasury Note yields increased from 0.25% at the beginning of the fiscal year to 0.50% at the end of the fiscal year. Corporate spreads for both investment grade and high yield bonds rose dramatically and peaked on March 23, 2020 as a result of the market turbulence. Investment grade spreads saw a high of 4.01% and high yield spreads saw a high of 10.87%, but both have seen significant tightening since then.

Emerging Markets

Emerging market (“EM”) equities, as measured by the MSCI Emerging Markets Index, returned 1.37% in local currency terms and -3.39% in U.S. dollar terms for the fiscal year that ended June 30, 2020. EM currencies broadly weakened versus the U.S. dollar during the fiscal year, primarily driven by strengthening of the U.S. dollar in the first quarter of 2020. The currencies of Argentina and Brazil weakened 30-40% versus the U.S. dollar during the fiscal year. A confluence of factors drove these currencies lower, including the negative economic impact from COVID-19, a rapid decline in oil prices, falling interest rates with little room for further cuts to monetary policy rates, and civil unrest. The Argentine peso was especially hurt as the currency weakened 39.71% versus the U.S. dollar over ongoing concerns about the country’s ability to fulfill its debt obligations.

EM equity returns were negative in the third quarter of 2019, as measured by the MSCI Emerging Markets Index, returning -4.25% in U.S. dollar terms and -2.07% in local currency terms. Slowing growth in major global economies, and U.S. President Trump’s announcement of additional tariffs on Chinese goods negatively impacted EM equities. Signs of economic slowdown in China was a major headwind on EM equity returns. The escalation of the U.S.-China trade dispute in early August 2019 led China’s currency to weaken. Central banks in several other EM countries, including South Korea, Indonesia, South Africa, India, Mexico, Turkey, Brazil, and Thailand, cut their benchmark rates, reflecting weakening global trade and demand. Notably, the Indian government implemented a series of additional measures aimed at stimulating economic growth, including a corporate tax cut. Meanwhile, South Korea was especially negatively impacted

Market Environment Overview

(unaudited) (continued)

by trade disputes on two fronts: 1) U.S.-China trade tensions dampened exports of technology inputs and other components to China, and 2) Japan removed South Korea from its list of preferred trading partners. Argentina experienced notable negative performance driven by the surprise defeat of the incumbent president in a primary election. Falling oil prices were also a drag on EM equity returns as concerns about oversupply were a headwind for oil exporters.

EM equities rebounded 11.84% in U.S. dollar terms and 9.54% in local currency terms in the fourth quarter of 2019, as measured by the MSCI Emerging Markets Index. Key global developments, including a preliminary agreement in U.S.-China trade negotiations as well as a clearer path to the United Kingdom’s exit from the European Union, helped to reduce global uncertainty and improve sentiment in emerging markets. A rebound in oil prices following an announced cut in global production also benefited EM equities in December 2019. Additionally, continued easing of monetary policy by EM central banks supported EM equities during the fourth quarter of 2019.

EM equities experienced a meaningful drawdown alongside global equities in the first quarter of 2020. As measured by the MSCI Emerging Markets Index, EM equities fell -23.60% in U.S. dollar terms and fell -19.05% in local currency terms, driven by the negative impact from COVID-19 and collapsing oil prices. Beginning in early January 2020, news of the spread of COVID-19 in Wuhan, China began to emerge and by the end of January 2020, China announced the lock down of select infected cities. Over time the global rate of infection spread along with the impact on the global economy. Large international corporations announced disruptions to operations and forecasted meaningful reductions in financial expectations — a signal of the heavy economic toll from the spread of the virus and the consequent halt to business activity. In early February 2020, China’s central bank lowered interest rates to support the economy. The first official datapoint after China was impacted by the virus showed a significant contraction in Chinese manufacturing activity. Amidst virus related market volatility, Saudi Arabia and Russia entered an oil price war. Following a failed agreement on production cuts, Saudi Arabia sought to increase market share.

In March 2020, Chinese equity performance began to positively diverge from broader EM and global equity market performance. China reopened portions of its economy while most other nations began to lock down to prevent spread of the virus. During this time, EM nations implemented both fiscal and monetary stimulus measures, including cuts to interest rates and reserve requirements as well as unprecedented spending packages to aid households and businesses.

Following the market lows in March of 2020, the second quarter of 2020 saw a strong resurgence in both performance and a reopening of the global economy. MSCI Emerging Markets Index rallied 18.08% in local currency terms and 16.78% in U.S. dollar terms, due to case counts broadly subsiding, encouraging developments with treatments and vaccines, and businesses and countries implementing phased reopening plans around the world. Many countries and regions around the world have enacted various governmental and fiscal stimulus plans to help combat the economic effects of COVID-19.

International Markets

International equity markets, as measured by the MSCI EAFE Index, a broad measure of equity performance for the developed world outside the U.S. and Canada, returned -5.13% in U.S. dollar terms during the fiscal year. Measured in local currency, the MSCI EAFE Index returned -4.24% over the same period. International currency performance was mixed in the fiscal year, and the largest currency moves occurred during the first quarter of 2020, when financial markets became increasingly volatile due to the COVID-19 outbreak and subsequent economic ramifications. Most international currencies weakened versus the U.S. dollar during the fiscal year. However, the Japanese yen and Swiss franc, which are widely regarded as safe-haven currencies during periods of volatility, strengthened relative to the U.S. dollar.

Market Environment Overview

(unaudited) (continued)

International equity performance was positive, although slightly subdued in the third quarter of 2019. During this period, the MSCI EAFE Index returned +1.75% in local currency terms, but broad strengthening of the U.S. dollar resulted in a -1.07% return in U.S. dollar terms for the same period. In July 2019, Japanese election results confirmed that incumbent Prime Minister Shinzo Abe and the democratic party would remain in power, providing political stability within the nation. Meanwhile, the German manufacturing sector continued to lag, posting its lowest level of activity in seven years, which was slightly offset by services sector expansion. These contracting economic indicators and signals from new leadership at the European Central Bank drove expectations for easing monetary policy in the Eurozone. In the U.K., Boris Johnson was elected as Britain’s Prime Minister, pledging that the U.K. would exit the European Union (known as “Brexit”) by October 31, 2019. Late August 2019 brought a trade resolution between the U.S. and Japan, but escalating tensions between the U.S. and China remained in focus and were largely to blame for a reported contraction in German GDP as well as a sizable drop in Japanese exports. Additionally, Italy narrowly avoided political collapse with the formation of a new governing coalition between the Democratic party and the populist Five Star Movement. European market volatility calmed in September 2019, despite increasing Brexit uncertainty, after the European Central Bank cut the deposit rate to a record low alongside the introduction of a new quantitative easing program.

International equity markets rallied in the fourth quarter of 2019, returning +8.17% in U.S. dollar terms and +5.19% in local currency terms. This period was characterized by a reduction in global uncertainty and accommodative monetary policy. In October 2019, Japan increased the sales tax rate by 2% to 10%, which partially drove slowing economic activity alongside a reduction in exports from U.S.-China trade frictions. In October 2019, the European Union delayed Brexit for the third time to January 2020, beyond U.K. Prime Minister Boris Johnson’s October 31, 2019 goal. Meanwhile, the trend of stagnating economic activity across Europe persisted through November 2019. In early December 2019, Japan announced a substantial stimulus package aimed at boosting the nation’s GDP by 1.4% through March 2022. By mid-December 2019, a preliminary trade agreement between the U.S. and China buoyed international equities. European economic activity began to show signs of bottoming and potential recovery, including modest economic growth in Germany.

At the end of the fourth quarter of 2019, U.K. Prime Minister Boris Johnson’s Conservative Party secured a majority in the House of Commons, providing a clearer path for the U.K. to exit the European Union. The European Central Bank left its monetary policy rate unchanged in response to early signs of an economic recovery.

Positive international equity performance sharply reversed during the first quarter of 2020. The MSCI EAFE Index returned -20.55% in local currency terms and -22.83% in U.S. dollar terms. In early January 2020, news of the spread of COVID-19 emerged. Before the virus spread, Germany and the Eurozone reported that 2019 GDP growth hit a 6-year low of 0.6% and 1.2%, respectively. Additionally, the U.K. formally exited the European Union on January 31, 2020.

At the end of January 2020, China announced the lock down of select cities due to COVID-19. In the ensuing days and weeks, the global rate of COVID-19 infection spread; along with the impact on the global economy. Large international corporations announced disruptions to operations and forecasted meaningful reductions in financial expectations. Amid the virus outbreak, Japan reported a 6.3% contraction in GDP for the fourth quarter of 2019, driven by a sharp decline in household consumption from a higher sales tax rate. At the end of February 2020, many countries within the European Union began reporting COVID-19 infections, with the most significant increase in Northern Italy. An oil price war between Saudi Arabia and Russia added to the market volatility experienced by international equities.

In March 2020, the spread of COVID-19 in Japan was relatively more contained than in other developed nations. The infection rate in Europe worsened, and many nations

Market Environment Overview

(unaudited) (concluded)

began implementing lock down measures, halting economic activity. Notably, Italy became the country with the highest COVID-19 related death rate. The Bank of England announced large cuts in interest rates to a record low and agreed to purchase £200 billion in U.K. government bonds. Similarly, the European Central Bank increased bond purchases under its current program and announced a new €750 billion bond-buying program.

International equity markets began to rally from the late-first quarter volatility to begin the second quarter of 2020, and the final quarter of the fiscal year. During the second quarter of 2020, the MSCI EAFE Index returned 12.60% in local currency terms and 14.88% in U.S. dollar terms. As governments and central banks coordinated their fiscal and monetary policy efforts in order to mitigate the economic impact of the pandemic, equity markets became more optimistic. While the economic data from late first quarter 2020 into the second quarter 2020 was historically abysmal, the economic downturn appeared to be transient, as many local economies quickly began to reopen as new COVID-19 infections and mortality rates began to decline. This resulted in improvements in many readings of economic activity, including Producer Manufacturing Indexes (PMIs), which excited equity markets even further. Though developed markets still had a negative return for the entire fiscal year, three straight months of modest gains in the second quarter of 2020 helped to pare losses. The quarter ended with a feeling of cautious optimism, with markets anticipating that the worst of the global pandemic is already in the past, hopefully leading to improvements in local economic activity. Likewise, the joint presence and coordinated policy efforts of governments and central banks (including the prospect of a €750 billion stimulus package from the European Union) continued to restore confidence in equity markets amid the pandemic.

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 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 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.

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. For the most recent month-end performance information visit www.wisdomtree.com.

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 January 1, 2020 to June 30, 2020. Except where noted, expenses are calculated using each Fund’s annualized expense ratio (after the effect of contractual or voluntary fee waivers, if any), multiplied by the average account value for the period, multiplied by 182/366 (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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

Description of Terms and Indexes (unaudited)

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

The 60% S&P 500^® Index/40% Bloomberg Barclays U.S. Aggregate Index Composite represents a 60% weight to the S&P 500^® Index and a 40% weight to the Bloomberg Barclays U.S. Aggregate Index. The Bloomberg Barclays U.S. Aggregate Index measures the performance of the U.S. investment-grade bond market.

The BVP Nasdaq Emerging Cloud Index is an equally weighted index that is designed to track the performance of emerging public companies primarily involved in providing cloud software and services to their customers.

Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates.

The ICE BofA Merrill Lynch U.S. Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S.

The ICE BofA Merrill Lynch U.S. High Yield Index tracks the performance of U.S. dollar denominated high yield corporate debt securities issued in the U.S.

The ICE BofA Merrill Lynch 1-5 Year U.S. Corporate Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Index including all securities with a remaining term to final maturity less than 5 years.

The ICE BofA Merrill Lynch 1-5 Year U.S. High Yield Constrained Index tracks the performance of short-term U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market.

The MSCI EAFE Extended ESG Focus Index is designed to maximize exposure to positive environmental, social and governance (ESG) factors while exhibiting risk and return characteristics similar to those of the MSCI EAFE Index, its parent index.

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

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

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

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

The MSCI Emerging Markets Extended ESG Focus Index is designed to maximize exposure to positive environmental, social and governance (ESG) factors while exhibiting risk and return characteristics similar to those of the MSCI Emerging Markets Index, its parent index.

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

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

The S&P 500^® Growth Index measures the performance of the large-capitalization growth sector of the U.S. equity market.

The S&P 500^® Information Technology Index comprises companies included in the S&P 500^® Index that are classified as members of the GICS^® information technology sector.

The WisdomTree Dynamic Currency Hedged International Equity Index is a fundamentally weighted index that measures the performance of dividend-paying

Description of Terms and Indexes (unaudited) (continued)

companies in the industrialized world, excluding Canada and the United States. To hedge the impact of changes to the value of foreign currencies relative to the U.S. dollar, a currency hedge ratio (ranging from 0% to 100%) is applied monthly using a rules-based process that combines momentum, value, and interest rate signals.

The WisdomTree Dynamic Currency Hedged International SmallCap Equity Index is a fundamentally weighted index that measures the performance of the small-capitalization segment of the dividend-paying market in the industrialized world, excluding Canada and the United States. To hedge the impact of changes to the value of foreign currencies relative to the U.S. dollar, a currency hedge ratio (ranging from 0% to 100%) is applied monthly using a rules-based process that combines momentum, value, and interest rate signals.

The WisdomTree U.S. Corporate Bond Index is a rule-based alternatively weighted index designed to capture the performance of selected issuers in the U.S. investment grade corporate bond market that are deemed to have attractive fundamental and income characteristics. The Index employs a multi-step process, which screens on fundamentals to identify bonds with favorable characteristics and then tilts to those which offer attractive income characteristics. The Index is comprised of U.S. corporate bonds of public issuers domiciled in the United States. To be eligible for inclusion in the Index, debt securities must have fixed coupons with at least $350 million in par amount outstanding and a remaining maturity of at least one year. Component securities must be rated investment grade.

The WisdomTree U.S. High Yield Corporate Bond Index is a rule-based alternatively weighted index designed to capture the performance of selected issuers in the U.S. high yield corporate bond market that are deemed to have attractive fundamental and income characteristics. The Index employs a multi-step process, which screens on fundamentals to identify bonds with favorable characteristics and then tilts to those which offer attractive income characteristics. The Index is comprised of U.S. corporate bonds of public issuers domiciled in the United States. To be eligible for inclusion in the Index, debt securities must have fixed coupons with at least $500 million in par amount outstanding and a remaining maturity of at least one year. Component securities must be rated non-investment grade by at least one rating agency.

The WisdomTree U.S. Short-Term Corporate Bond Index is a rule-based alternatively weighted index designed to capture the performance of selected issuers in the U.S. investment-grade corporate bond market that are deemed to have attractive fundamental and income characteristics. The Index employs a multi-step process, which screens on fundamentals to identify bonds with favorable characteristics and then tilts to those which offer attractive income characteristics. The Index is comprised of U.S. corporate bonds of public issuers domiciled in the United States. To be eligible for inclusion in the Index, debt securities must have fixed coupons with at least $350 million in par amount outstanding and a remaining maturity of at least one year but not more than five years. Component securities must be rated investment grade.

The WisdomTree U.S. Short-Term High Yield Corporate Bond Index is a rule-based alternatively weighted index designed to capture the performance of selected issuers in the short-term U.S. high yield corporate bond market that are deemed to have attractive fundamental and income characteristics. The Index employs a multi-step process, which screens on fundamentals to identify bonds with favorable characteristics and then tilts to those which offer attractive income characteristics. The Index is comprised of U.S. corporate bonds of public issuers domiciled in the United States. To be eligible for inclusion in the Index, debt securities must have fixed coupons with at least $350 million in par amount outstanding and a remaining maturity of at least one year. Component securities must be rated non-investment grade by at least one rating agency.

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 Investments, Inc. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS

Description of Terms and Indexes (unaudited) (continued)

classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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

THE INFORMATION SET FORTH IN THE BVP NASDAQ EMERGING CLOUD INDEX IS NOT INTENDED TO BE, AND SHALL NOT BE REGARDED OR CONSTRUED AS, A RECOMMENDATION FOR A TRANSACTION OR INVESTMENT OR FINANCIAL, TAX, INVESTMENT OR OTHER ADVICE OF ANY KIND BY BESSEMER VENTURE PARTNERS. BESSEMER VENTURE PARTNERS DOES NOT PROVIDE INVESTMENT ADVICE TO WISDOMTREE OR THE FUND, IS NOT AN INVESTMENT ADVISER TO THE FUND AND IS NOT RESPONSIBLE FOR THE PERFORMANCE OF THE FUND. THE FUND IS NOT ISSUED, SPONSORED, ENDORSED OR PROMOTED BY BESSEMER VENTURE PARTNERS. BESSEMER VENTURE PARTNERS MAKES NO WARRANTY OR REPRESENTATION REGARDING THE QUALITY, ACCURACY OR COMPLETENESS OF THE BVP NASDAQ EMERGING CLOUD INDEX, INDEX VALUES OR ANY INDEX RELATED DATA INCLUDED HEREIN, PROVIDED HEREWITH OR DERIVED THEREFROM AND ASSUMES NO LIABILITY IN CONNECTION WITH ITS USE. BESSEMER VENTURE PARTNERS AND/OR POOLED INVESTMENT VEHICLES WHICH IT MANAGES, AND INDIVIDUALS AND ENTITIES AFFILIATED WITH SUCH VEHICLES, MAY PURCHASE, SELL OR HOLD SECURITIES OF ISSUERS THAT ARE CONSTITUENTS OF THE BVP NASDAQ EMERGING CLOUD INDEX FROM TIME TO TIME AND AT ANY TIME, INCLUDING IN ADVANCE OF OR FOLLOWING AN ISSUER BEING ADDED TO OR REMOVED FROM THE BVP NASDAQ EMERGING CLOUD INDEX.

Nasdaq^® and the BVP Nasdaq Emerging Cloud Index are registered trademarks and service marks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by WisdomTree. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

WisdomTree Investments, 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 Investments is the licensor of certain trademarks, service marks and trade names of the Funds. WisdomTree Investments 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 Investments 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,

Description of Terms and Indexes (unaudited) (concluded)

completeness, or performance of the underlying Indexes or the data included therein and shall have no liability in connection with the underlying Indexes or their calculation.

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

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

See Notes to Financial Statements.